What’s The Next Evolution of NFT?
Digital Collectibles or “NFTs” are going mainstream over this past year. Other articles reported the success of NFT that are sold at an astronomical rate, most notably Beeple that is sold for 69 million, and Cryptopunk #7804 for 7.5 million.
Currently, we are seeing experiments regarding the NFT space. All kinds of items are being minted into NFTs, such as Memes, Tweets, Celebrity pics, sound clips, etc. But once their novelty wears off, what’s next?
NFT Exclusive Intrinsic Value
Some content creators have thought about giving more value through the NFT they minted by giving the owner exclusive access to their content. The most notable example of this is VeeFriends by Gary Vee in which the NFT card can be redeemed for a ticket to enter VeeConference for the next 3 years, and some of the rare NFTs can be redeemed for exclusive 1-on-1 meeting with Gary Vee himself!
Gary Vee is not the only content creator experimenting with adding intrinsic value to the NFTs they minted. Justin Kan gives Zoom access to people who own his video NFT, RageCustom is minting an NFT that can be redeemed for an actual product in real-life, a landscape photographer invites the owner of the NFT to join her photographing trip, and many other NFT use cases that are being experimented by the content creator.
Evolution of NFT
The Initial application of NFTs is leaning more towards the proof of digital art collection and assets ownership, but we believe in the long-term, much more types of activities will occur through NFTs, as we can see with the experimentation that some content creators are doing. As NFTs are still in a relatively early stage, there are still lots of room to improve the use case of NFT, especially in the fans engagement space.
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