From gaming to fashion, NFTs are finding uses in various fields. Non-fungible tokens are becoming normalized as celebrities and big brands like Nike and Louis Vuitton get involved. So how will NFTs benefit different industries in 2022? We look at some of the industries that may adopt this new technology.

2021: The first year of NFTs?

non-fungible token 2021 is in the limelight, making big bucks despite being widely criticized for its negative impact on the environment. Many estimate that sales of NFTs will exceed $27 billion in 2021 as more companies invest in the technology.

A non-fungible token is a unique cryptoasset, which means that each one is different from the next. They often represent digital collectibles that can be owned and traded just like traditional physical collectibles. Like cryptocurrencies, NFTs are created using blockchain technology, which allows each token to be uniquely tracked.

However, NFTs are not limited to digital collectibles. Any tangible or intangible asset can be turned into a digital token. For example, movies, songs and even real estate can be tokenized. Due to their flexible programmability, NFTs can be used in numerous industries to enable trustless digital ownership.

Sports Betting Industry

The gaming industry is estimated to be worth more than $516 billion, and many see it as an efficient and profitable way to grow the NFT market.Although gambling Cryptocurrencies in sports betting This is not new, we have not seen the integration of NFTs until recently.

However, after sportsbook operator DraftKings launched its Marketplace NFT trading service in partnership with former NFL player Tom Brady’s Autograph platform, many other sportsbooks are expected to follow suit and find new ways to use the technology.

For example, NFT marketplaces could design gambling programs specifically for fans. These can be in the form of actual game tickets as wagering prizes. NBA teams like the Dallas Mavericks are already planning to create tokenized passes for their games, so the idea could be a viable option for online bookmakers.

Luxury brand

NFTs could solve the problem of counterfeiting that costs luxury brands an estimated $98 billion a year. Many brands are already trying to solve this problem with blockchain projects such as VeChain and Omisego that provide identity verification services on the blockchain. However, NFTs can solve this problem more efficiently. For example, when a customer buys an original item, they can simply acquire an NFT that will prove the authenticity of the item if the owner decides to sell it in the future.

entertainment industry

This industry is full of possibilities for the NFT industry. They can be sold as event tickets (described above), passes to certain venues, or even experience tokens. Since NFTs can be turned into experiential products, more and more people are likely to opt for community-run productized experiences that can be verified and showcased through this technology.

real estate industry

While cryptocurrency prices have led people to explore real estate investing, few people know about Metaverse. This decentralized platform lets you create and manage your own digital assets and identities. You can then sell these digital lands on NFT platforms like OpenSea, Rarible, etc.

This digital real estate is a location in a virtual world that captures the attention of users of that world who use the space to collaborate and socialize. Currently, Decentraland, CryptoVoxels, and Sandbox seem to be the three most popular virtual worlds. Land in key locations can be sold on these platforms for hundreds of thousands of dollars.

Marketing

Famous influencers, sports stars and sports teams are using their influence to create NFTs to expose their brands to new audiences. NBA Topshots used this technology to sell basketball highlights for big bucks to draw attention to their brand. These headline deals help expose the sport to new audiences. Likewise, top athletes have announced that they will be paid in Bitcoin, bringing more “kred” to the cryptocurrency, and of course, athletes and sports teams are already in the NFT world and metaverse.