The euphoria of 2021 for NFTs brings forth undeniable growth that even celebrities and institutions have begun adopting the technology.
Image Source: “Most NFT sales Q2 2021. DappRadar.com.”
Before, traditional arts were just for its collectability. However, considering the significant innovation in our technology — businesses are now positioning themselves and putting a huge amount of money into the creation of their own NFTs which can speak for their brands.
Based on the word “Non-Fungible”, which means they are not interchangeable because of their unique properties — NFTs value comes from its flexibility in having a surprising amount of possible utilities like digital identity & more of which we’re gonna talk about now!
“We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world.” — said in a Twitter post by Navdeep Singh, Meta’s Product Manager.
Meta, a social media giant also known as “Facebook” has been very vocal in public about their position & perspective in NFTs and metaverse — with this move, it is most likely that they will create a similar marketplace just like Opensea on their own platform too.
Obviously, PFP which means “picture for proof” or “profile pic” is really applicable and one of the most popular use-case for NFTs. Because of its unique property, you are confident that no one can duplicate your profile pic — and it can create a sense of pride if ever the NFT came from a popular community which can cast you up some followers too.
The best example here is Axie Infinity, the unanimous life-changing NFT game for many Filipinos. With over $600M value of assets stock-still on their contract address — it might not be the perfect one when it comes to game tokenomics. However, earning items or tokens in-game that can be exchanged with real money is compelling.
Preceding the era where games are for entertainment purposes only. Axie really stood out of its time and changed the new “meta” for games where it lets players earn valuable items in-game, in exchange for their time.
Currently, the reward system for NFT games is still in the experimental phase as some are arguing that “Play-and-earn” is much better than “Play-to-earn.”
Real estate market history can be traced back to the late 19th century and is the cornerstone of every country’s economy. Being able to bridge NFTs innovative functionalities can pave the way for new opportunities to emerge.
We can highlight here — Likha, a subsidiary of BayaniChain in its collaboration with Nesttree Properties, a boutique developer based in Manila who specializes in bespoke developments in the Philippines which introduces the first-ever NFT farm village in the world. The project’s initial target is Zambales and is soon to develop in Bali and Thailand.
According to Nesttree’s statement, “[NFTs] can serve as an ideal instrument for enabling the sale and purchase of stake in a real estate company.”
The ability to buy & sell real estate and become a part-owner of an investment that needs a huge amount of money is in fact, a game-changer. We also know how illiquid real estate properties are, and this can indeed solve the issue every property owner had in the past.
Just so you know — Nesttree NFTs will be available on Likha sometime at the end of July 2022. Owners will have real farmland membership access and a stake in the business.
“The utility of this project is what can make a difference in the marketplace and aims to link real-world assets in the decentralized blockchain. It will be exciting to see where this new adaptation goes and hopefully it will take the old real estate industry, which is known to be resistant to change, to the next level.” — Nesttree added.