by Bilal Ahmed Mir, 29th September 2021
In the next 12 months, Arabian Bourse forsees significant evolution in the current tangible utility of NFTs. Presently, NFTs are traded mostly on the OpenSea platform and are predominantly Digital Art forms. You may have seen digitally rendered art works selling for $ millions of dollars on OpenSea.
Within the metaverse, there are significant developments underway to evolve NFT technology into areas such as Music, Fashion, Automobiles & Real Estate. Whereby, an NFT investor could purchase fractional or total ownership of a physical world asset & receive royalty payments via blockchain in the digital world whenever they are used, licensed or sold.
For example, if one owned the NFT of a song, each time this song was streamed on Spotify, used in a TV commercial or played on radio, the NFT owner would receive a royalty payment via blockchain to their online wallet. Another example would be owning an NFT of an apartment, each time the apartment was booked on AirBnb, payment would be sent to the NFT holder via blockchain. Apartments could be fractionally owned & traded much more efficiently, quickly & with reduced fees when compared to traditional real estate sales.
In the next 12 months, Arabian Bourse foresees fast-pace proliferation of NFT technology & adoption throughout real world application, which we are predicting will bring considerable advantages to many industries.