NFTs are here to stay, because the possibilities and the opportunities of NFTs are boundless and go beyond collectibles and celebrities’ tweets or photos. The future of NFTs lies in business and economic applications.
Whatever we do in our everyday life is transaction-based. To facilitate any transaction and the transfer of ownership, authentication is key. A transfer of ownership will not occur without authenticating the assets being transferred and persons (or entities) who are engaging in the transaction.
This is the true power of NFTs, providing authentication and facilitating the transfer of ownership. An NFT can authenticate a physical asset, like a $200,000 bottle of single-malt scotch, or a virtual parcel of land on the virtual real estate platform, Decentraland.
This post originally appeared at Nasdaq.