A lot of incidents have been noticed from the beginning of the last bull season and some new crazes have been experienced by the users of cryptocurrencies. Among them, web3 and Nonfungible tokens (NFTs) are the emerging sectors of this space with a lot of potential and use cases. Even in this crypto winter, the NFT's market capitalization is around $442 Billion according to the Coinmarketcap with the topper ones have around a million ETH market cap with a floor price of 85.7 ETH which is really insane!

And 2023 is going to be a sparking year for the NFTs as the evolution of the technology is now faster than ever. And to ignite a great start the long waited for the NFT of the popular series GAME OF THRONES (Game of Thrones Is About to Have an NFT Realm) have been sold out within 7 hours which shows the clear surging sector of the NFT era. The NFT marketplace of Nifty where the collection was released has sold out in less than 7 hours. This collection is titled-Build Your Realm as series 1 is released in two stages: the Hero Box featuring 3,450 NFTs for pre-sale and 1,500 for public sale. Each of these NFTs have been minted on the Palm blockchain that represents various characters of Game of Thrones, places, and weapons that will let users create their own realms and empower by 7using their NFTs.

And in the pipeline Binance will feature the football star Cristiano Ronaldo (CR7) in their new NFT series titled: Cristiano Ronaldo: The NFT Collection on 18 January in their platform. And it will also see massive success as being the largest cryptocurrency exchange and CR7 has more than half a billion Instagram followers, which makes sense of the success in this NFT edition!

The image is snipped from Coinmarketcap.

How efficient are the NFTs?

NFT is can be said as a cryptocurrency that stores the data of the digital certificate of ownership of that NFT. And this ownership can be of anything in the real world or even in the digital world. An NFT can be proof of the license as the owner of a house, marital status, and a university degree holder in the real world and can be used as the copyright of any videos, audio, and any digital things like blog photos and posts. As these NFT certificates are stored blockchain they are more secure and can be accessed in a faster way than the paper copies stored in the real world which are very time-consuming to find. The verifying process is also very simple and they are traceable and trackable as the records in the blockchain can not be manipulated or destroyed! Thus genuine companies can sell their shares as NFT in a trustworthy way and Artists can sell their collectibles on many platform platforms and earn hassle-free royalties without the fear of copyright issues.

NFTs can be so useful and can be used in every sector where the concern of security for the asset is needed. The following points can give a idea how the NFT can be used in daily life-

• Trading and transaction of physical assets through NFT is very convenient which will reduce a ton of paper works. And these physical assets can be the house, cars, plots and paintings, songs anything that has an intrinsic value!

• Monitoring the attendance pass or the entrance without tickets in theaters, or concerts can be used as some very sensitive passing cases as the NFT can not be copied or faked in the blockchain. This can revolutionize the existing system.

• The stocks, bonds, and other economic shares can have a digital form as the NFT as every NFT is unique and has a number f minting, the owners and the dividends distribution complexities can be solved very easily.

• All the records are written in the blockchain which can not be deleted or destroyed which can assure the anti-theft facilities as the NFT can be traced and tracked in the blockchain.

• Physical records can be destroyed through intentional and natural calamities but the transaction in Blockchain is very safer for keeping the record which can make NFT a great way to add an extra security level to store data and records!

• Many technological analysts are describing 2023 as the year of artificial intelligence (AI) and NFT can be used for multi-level collaboration purposes to improve the AI system.

In conclusion, NFT is going to reshape 2023 and the only concerning thing is to make aware of the scamming entities and the maintaining the security for their own digital assets. Mass educating steps about digital fraudulent and the governmental relaxing regulation can make the space more effective in the future.

What is your thought on NFT? Let us know in the comments. Thanks a lot for your time and attention in reading my food post. If you have queries regarding the post please feel free to let me know in the comment section, I will try to answer as much as I can. I will catch you at the next.
Have a nice day!