The use of NFTs is accelerating at a breakneck pace. NFTs earned more than $2.5 billion in sales in the first half of 2021. “NFT sales volume increased to $10.7 billion in the third quarter of 2021, up more than eightfold from the previous quarter,” according to market tracker DappRadar. Top industries that are benefiting from NFTs.
Carbon Offsets.
The BCT (Base Carbon Tonne), a carbon offset index token, is a Klima DAO’s reserve asset. It includes an interesting mechanism for rewarding and collecting the value of carbon offsets.
One can use the Toucan Carbon Bridge to bring TCO2 carbon offsets on-chain. And each offset equates to one tonne of CO2 emissions reduced from the atmosphere by certified initiatives throughout the world. TCO2 tokens can represent carbon offsets from various initiatives, such as a forestry project in Brazil or a soil carbon project in the United States.
During the conversion of carbon offsets into TCO2, the NFT captures its key properties. These include Project Name, Serial Number, Project Type (renewable energy, forest carbon project, blue carbon, etc.), Vintage Year, and Verification Standard.
Real Estate
Real Estates such as Propy and The Crypto Realty Group are attempting to save time and money on transactions by establishing NFTs for property rights. With the growth of the Metaverse, real estate has arisen as an interesting and unexpectedly profitable industry.
With a base built on blockchain technology, users invest substantial sums of money in real estate. Such as “land” or buildings that exist solely in digital space. The worth of the real estate is difficult to demonstrate. Necessitating a well-developed Metaverse with its coinage and a significant number of consistent users to ensure demand.
Events
Utilizing its NFT-based ticket infrastructure, the Ticket Fairy can solve the second market challenge when combined with the stringent KYC (Know Your Customer) and protection of prominent crypto wallets.
One can authenticate and trace NFT tickets back to their original originator to assure validity. Furthermore, NFT tickets act as evidence of attendance for virtual and metaverse events. Event promoters are keeping a careful eye on how ticketing platforms use this new paradigm to tackle the second market’s numerous challenges.
Luxury Goods
NFTs are being launched by consumer packaged goods (CPG) businesses like Ben Jerry’s and Stella Artois. One can purchase or trade expensive whiskeys on BlockBar. Luxury collectible automobile and boat businesses are also tokenizing their items.
You can now design and tokenize your own digital McLaren Formula One automobile. “In 2019, an unidentified bidder paid $110,000 for the NFT representing the first digital Formula One car created for the blockchain-related game F1 Delta Time.”
While the NFT mania looks to many to be a reckless gold rush, prominent companies appear to have settled the discussion about the value and usability of nft development. As is customary, the advertising business is salivating in expectation of a new frontier of advertising.
