NFTs Have a lot More Potential than Most People Think

TL;DR

• NFTs also known as non-fungible tokens are a type of digital assets available on blockchains.
• Being on blockchains allows each NFT to be completely unique and have a distinct, uncopiable, and immutable digital address.
• The non-fungible and immutable nature of NFTs make them an excellent way to trade the rights for real world assets.
• Right now, NFT Plus is a pioneering project that aims to make many different types of real world financial assets accessible and tradable through NFTs.

NFTs or non-fungible tokens were originally created in the blockchain space as an alternative to the more commonly found tokens in this space. During the last bull run NFTs gained immense hype especially in the mainstream media and market. During the immense hype the most popular NFT ever, beeple, even sold for $69 million USD.

The reason NFTs gained so much hype and popularity was due to the unique nature of these digital assets. Every NFT available on a blockchain is extremely unique because they all have a distinct, uncopiable, and immutable digital address. Many people believe that the uniquely fungible and immutable nature of NFTs makes them a great way to trade digital art, but a new project DeFine has created a product called NFT Plus. NFT Plus has the ability to allow NFTs to do a lot more than just be a marketplace for digital art. NFT Plus intends on using NFTs to trade property rights for financial, experiential, and physical assets.

Overview NFTs

NFTs are nothing like any traditional asset that people are familiar with. In fact, NFTs are a fairly nascent asset class even in the emerging world of blockchain technology. The highly fungible nature of NFTs combined with the fact that they are built on a blockchain gives them a lot of versatility.

Being built on a blockchain allows NFTs to have a transparent, easily traceable, and immutable digital footprint. The transparency of blockchain technology allows people to easily prove that a certain NFT belongs to a particular address on the blockchain. The digital record to track an NFT is really easily accessible on blockchains because most blockchains offer a public ledger, which makes it easy to trace an NFT, and its movements. Lastly, the immutable nature allows everyone to rest assured that no one can change the digital address of the NFT, which means the NFT, and its transaction record cannot be altered or corrupted.

The non-fungible nature of NFTs is what makes them truly unique though. Being non-fungible allows every NFT to be its very own unique entity, and no other digital entity will ever quite be like it. This is due to the fact that each NFT has its own unique digital address on a blockchain, and no other asset on a blockchain can copy that address.

NFT Plus & Versatile NFTs

The thing about NFTs is that they are still such a new type of asset that we have only just begun to scratch the surface of everything they can possibly do. NFT Plus is a new product being pioneered by DeFine in the blockchain space, and it intends on utilizing NFTs for more than just digital art. However, it's important to remember that even the art aspect of NFTs has rapidly grown into a large industry that went from just $13 million USD to $2.5 billion USD in just one year.

NFT Plus plans on anchoring real value to NFTs by having real world assets linked to the NFTs.
As of now NFT Plus is aiming to target financial products such as pre-emptive rights for high-quality products, or pre-determined price locks for aforementioned products. NFT Plus also plans on having experiential and physical assets linked to NFTs in the future as well.

Utilizing NFTs to represent real world products allows people to easily and seamlessly trade & transfer ownership of these real world products over to other people. The ability of NFTs to make trading property rights of real world assets so much easier is perhaps their biggest point of value.

NFT Pioneers

With the astronomic rise in popularity for NFTs, a lot of new projects in the blockchain space are beginning to pioneer new use cases for NFTs. Most projects that are operating in the NFT space such as DeFine, OpenSea and Bounce offer a marketplace for NFTs, which are mostly digital art oriented.

DeFine, however, is one of the few projects in the space that has stepped beyond just providing a marketplace for NFTs, and is planning on adding a lot more new use cases to them. For example, DeFine has created an NFT focused social media, and now they are working on NFT Plus as well. The DeFine NFT based social media allows people to get NFT badges to accessorize their social profile, these badges highlight their contribution to the community.

Future of NFTs

Contrary to what many mainstream naysayers might say, the future of NFTs is potentially extremely bright. The primary reason for the extremely bright future for NFTs is that they are perhaps the most versatile asset class on the planet, and the art aspect is just a surface level look at them.

NFTs have a lot of potential especially when linked to real world assets, and many major publications have already hypothesized that NFTs will play a major role in the future real estate markets. NFT Plus’s aim of allowing NFTs to back real world assets such as financial, experiential, and physical assets has the ability to help the NFT space to transition into its next big phase.