While some have appointed themselves the harbinger of doom where non-fungible tokens (NFTs) are concerned, the truth is that NFTs aren’t going away anytime soon. And neither is the evolving convention known as the metaverse in which NFTs live.
Not to mention, there are some not-so-obvious ways to cash in on their recent popularity while also reaping the reward of building relationships along the way.
NFTs are non-fungible tokens recorded onto the blockchain that may be mined, bought, and sold. They can include any number of items like art, music, video, and in-game items. And they can require increasingly less time to create while netting a significant profit.
According to NFTMAY, a crypto digital agency, an art piece that took approximately 40 minutes to make can sell for upwards of 1 ether (ETH
) or about $3,446.47 depending on the current exchange or market rate.
And that’s just for the NFTs that have been hyped or publicized. But there is an untapped wealth of less obvious NFTs just waiting to be leveraged. NFTs may be digitally based, but they have aided in bolstering the human connection through a more human-centered approach to buying and selling.
Now more than ever, industries are using NFTs to represent physical goods, making the transfer of commodities that much more straightforward. With less paperwork and a smoother process, the benefits outweigh the challenges of cryptocurrency and blockchain technologies.
The NFT landscape is vast, and only a fraction of what is possible has been optimized.
The Real Estate Game Embraces NFTs
Real estate agents and brokers are capitalizing on the efficiency of NFTs to speed up transactions, enable smart contracts, and decentralize home rental services. A process that would typically take hours or even days now requires only a few minutes. Enhanced digital security and data integrity is also a plus. Closed real estate deals recorded as NFT bridge the metaverse with real life.
The commercial real estate landscape is undergoing major changes. Because of NFTs, it’s never been easier to move assets around seamlessly. The latest trend is selling part of a property to a small group of investors that collect a rental fee from the owner, thus splitting the capital appreciation and any profit once the property is sold.
Buying and selling fractional ownership in rental properties could also help those looking for housing or needing additional income by eliminating the middleman or rental agent. Borrowing in terms of a mortgage could also soon be available through NFTs.
NFTs are for Nonprofit Organizations Too
Charities benefit from the ease of …….