Chapter 14: NFTs Leading the Future

For a long time, the perception behind blockchain technology has been closely related to payment networks and financial use cases. However, NFTs have changed that. We can confidently say that blockchain is now akin to a large decentralized development platform, containing a multitude of different assets and dApps, filled with identities, cultures, and communities that provide financial and intangible social value.

NFTs also represent a new way of digitizing physical assets and how we handle native digital assets. As the world moves towards digitization, the demand for technology that can securely verify digital assets will only continue to grow. NFTs fill this gap and have great potential to change the way we operate as a society.

There are many NFT use cases across various fields, from art to gaming. Verifying provenance is a common use case, but we are still just scratching the surface.

Any product or service that acts as or relies on an intermediary can be tokenized through NFTs. A mature and clear case of "NFTing" is important documents such as legal contracts, property deeds, insurance, and licenses. Just as property rights have fueled growth in the traditional economy, NFTs will do the same for the digital economy.

Even if companies and governments do not participate in decentralized networks, the technology behind NFTs cannot be ignored. At the very least, they must consider how NFTs can effectively reduce the impact of bureaucratic processes.

But beyond the more obvious uses, the act of tokenization allows NFTs to break down abstract social structures into dollars and cents. For a long time, humans have assigned value to various things, but with NFTs, we can even tokenize memes. This opens up a range of exciting opportunities for developing decentralized brands and communities.

NFTs not only redefine how we perceive value but also how humans traditionally interact. Looking at how the Loot NFT project has evolved, you can see how NFTs and decentralization are impacting the producer and creator economy. In fact, we have already seen tokens permeate communities, cultures, and even ourselves.

Whether we like it or not, the digital world is coming, and NFTs are the gateway to digital ownership. Some may argue that we are approaching a digital dystopia, but at CoinGecko, we have long believed that everything will ultimately be tokenized, and it can be said to be an unstoppable trend. We can only prepare for what is to come.

So, are you ready, number one player?

Conclusion

Congratulations on making it this far! From the birth of NFTs to various applications in music, sports, and gaming, this book's journey through NFTs is coming to an end. However, this is just the beginning, as more practical applications quietly take root, and the future of NFTs will undoubtedly be bright and brilliant.

Dear readers, by now, you should have a deeper understanding of what NFTs are and how to apply them in various ways. Due to the ongoing rapid development in the cryptocurrency and NFT space, we may not keep up with the latest developments in NFTs, which is unavoidable. Therefore, some information may already be outdated by the time we publish this book!

Nevertheless, we sincerely hope that this "How to NFT" will serve as the perfect guide for you to explore the vast world of NFTs. May it continue to provide you with guidance as you embark on your journey to discover the diverse world of NFTs.