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NFT Uses For Business Settings

  • 5 days ago

Let's face it, NFTs in many respects don't have the best reputation. In fact, I like to jokingly call them the three-letter bad word. I find that there are multiple reasons for this misconception.

For some people, it is a simple lack of education. They have no clue what NFTs are, but they believe the negative headlines. For others, a very limited NFT education gives way to “right-clicker mentality,” referring to the ability of anyone to technically right click and save an NFT image, as well as a lack of technological confidence. Novelty is hard to trust, especially in the world of finance. But in reality, NFTs are so much more than just JPEGs with a price tag thrown on them. There are countless business applications for them outside of trading in speculative bubble markets. Many just don’t know it yet.

Background On NFTs

NFTs are now a market that is projected to be worth $231 billion by 2030. Still, many people have no idea what they are. The reason for this is simple: NFTs are new. Relatively new, that is. When the internet was first burgeoning, people thought it was a fad as well. It took time for people to open up to it.

Just like the internet once was, I believe NFTs are a novel technology. This is by no means a way to say that NFTs will have an internet-sized impact on the world. It is, however, a way to describe the current phase of NFT adoption. I believe more business leaders need to learn what they are and how to utilize them.

While NFTs can be defined as "unique cryptographic tokens that exist on a blockchain and cannot be replicated," I find there is an easier way to describe them. Ethereum defines them as "tokens that we can use to represent ownership of unique items.”

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