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If a picture is said to be worth a thousand words, is a digital picture with animation and audio capabilities worth a million words? Non-fungible tokens (NFTs) are digital entities that exist on a blockchain network (most are found on the Ethereum blockchain) and are best known right now for their uses in digital art, and some of them are indeed being sold for more than a million dollars.
NFTs have technically been around since 2015, but have only very recently caught on in a big way. When a new technology is invented and first utilized, it often takes some time to see real practical use cases and adoption take place even if there is significant expectation and hype in the market. NFTs have had an exponentially explosive increase in the amount of mainstream press coverage and talk as of late, but were already groundbreaking and huge talking points in the communities surrounding cryptocurrencies and blockchain. Additionally, while the market for individual pieces of art or NFTs may go up or down, the technology itself and the market for it might be just getting started.
The Rise of the Blockchain
Cryptocurrency has been booming the last few years, but NFTs have shown the promise and practical power of blockchain technology for even more uses. Blockchain allows users around the globe to simultaneously keep untraceable and public records for virtually any kind of transaction - when an artist mints an NFT themself, there can be no possibility of forgery of that piece theoretically forever.
The recent boom in NFTs may also point to a broader and more profound change in perceptions and preferences regarding digital ownership of goods and services. Many video games have made money from only digital purchases and ownership up to this point, but overall adoption in the market has been more muted until recently.
Combining the Digital With the Physical
One example of a company that is taking the questions and problems around NFTs and digital ownership and bringing in their own powerful tech to bolster it is NexTech AR Solutions. NexTech AR is already at the bleeding edge of augmented reality technology for some of the top companies in the world, including Bell Canada (NYSE: BCE), Dell Technologies (NYSE: DELL), Johnson & Johnson (NYSE: JNJ) just to name a few is rapidly expanding into consumer-focused areas including NFTs. Specifically in the creation and innovation of unique and highly advanced user experiences around human hologram NFTs. Imagine a micro-concert viewed through your cell phone camera with Lady Gaga as a human hologram on a virtual 3D stage in your living room being auctioned off as an NFT! Nextech AR Solutions has pioneered this AR human hologram technology within its AR tech stack and now is aiming to bring it to the NFT market.
These types of human hologram experiences that work on everyone’s cell phone with no special glasses needed might end up being the NBT (next big thing) of NFTs and in the broader market. The adoption and acceptance of real value attached to intangible digital goods are on the rise. There is now a growing focus on building experiences of digital goods outside of just the digital wallet, and companies like NexTech AR are showing that things are just getting started.
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