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Although Blockchain technology has been around for decades, it wasn't until 2020 that things really started to heat up in the world of NFTs. The rise to mainstream influence has been nothing short of meteoric, and the impact they have on global industries has surpassed expectations.
Let's look at how NFTs have disrupted- and continue to reshape- various major industries and platforms, including casino 777bet and the online gaming world.
NFT stands for Non-Fungible Token. In other words, it means a unique token that cannot be faked or copied. Each token has a unique digital signature built and based on Blockchain technology- similar to the process used to create cryptocurrencies such as Bitcoin and Ether.
They come in many forms- from short videos to trading cards- but all share the fact that they are 100% unique.
There is a lot of skepticism surrounding NFTs, but not enough to stop them from becoming a multi-billion-dollar industry that has changed many industries.
To be precise, the NFT industry is now worth over $61 billion. How did that happen? Well, the allure of NFTs has a lot to do with the rarity and collectability they carry. However, it is their practical uses that have pushed them over the edge recently.
People enjoy owning things they know nobody else has- especially when they relate to pop culture, as many NFTs do. Some have sold for tens of millions of dollars.
What is so remarkable about NFTs is how many different industries they have had an impact on. The disruption the introduction of this technology has caused is pretty impressive. Here is a quick look at a handful of leading examples.
Probably the most obviously disrupted industry is the arts and music world. At first, NFTs were almost all digital art. Digital creatives would create a piece of art and then upload it to the Blockchain to give it its unique signature. These days, NFT art is wildly versatile.
Musicians have also adopted NFTs to complement releases. They create short sound clip NFTs and sell them directly to fans. Some release limited edition NFTs that come with real-life prizes and benefits- such as backstage concert passes, front-row seats, and exclusive signed memorabilia.
In both examples, NFTs create opportunities for artists to engage their audience and cut out the middlemen in their sales.
NFTs are even in Hollywood now. The film industry uses NFTs to streamline revenue, movie rights, and investments. People can now buy NFTs that represent shares in a film- and will generate returns through that NFT once the movie becomes profitable.
Movie rights can also now be sold in NFT form. Since they are non-fungible, whoever owns the NFT has undisputed rights to a movie script or asset.
Consumerism as a whole has been disrupted by the introduction of NFTs. From Coca-Cola to Cartier, all kinds of brands have jumped on the NFT bandwagon to stir up interest and engagement with their customers.
Brands create and sell NFTs that connect somehow to products, and may even come with other benefits. The luxury goods industry is full of examples. Lamborghini and Ferrari are among the car brands that have introduced NFTs, and many top fashion designers have also added these tokens to their list of must-have accessories.
The biggest impact NFTs have had on the sports world is as collectibles. Traditional trading cards have been replaced by NFT cards, which are more or less the same, except they (usually) don’t exist in physical form. Some NFT trading cards come with a physical counterpart, but most don’t.
It is all about fan engagement and generating income for clubs. Teams and individuals have more control over how they connect with supporters and bring money into their operations.
Online casino gaming is another industry experiencing changes thanks to NFT technology. They help improve security and authenticity for players and platforms alike and open up new potential payment avenues.
On some sites, players buy NFTs as tickets to exclusive casino events. There are also examples of NFTs being exchanged for currency to use on platforms. Another impact is the use of NFTs as identification for players. They use their unique token (that only they have access to) to verify their identity. This improves site security and can speed up transfer and withdrawal times.
777bet is a leading global online casino gaming and sports betting platform. Learn more about how we stay ahead of the curve and improve player experience through the use of NFTs and other revolutionary technologies.
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