The NFT market is growing exponentially. It has a total trading volume of $200 million as of 2020. And by the first quarter of 2022, the number had grown to more than $12 billion. The industry has redefined the way we define and value art.
The NFT sales from Beeple (Michael Joseph Winkelmann) and Pak (Julian Assange) have sold for a lot more than works of art like Pablo Picasso's "Les femmes d'Alger (version 'F')" (1955) and Gerhard Richter's "Abstraktes Bild (649-2)" (1987), which sold for $29.2 million and $27.6 million respectively. This has made many people interested in getting involved in the NFT space, but before doing so, it is important to understand a few things.
What is an NFT Collection?
An NFT collection is an assortment of digital assets released by artists, communities, or DAOs that contains a limited number of individual NFTs. Most NFT collections consist of numerous NFTs with the same artistic style but with slight variations. On OmniFlix, you can find a wide range of NFTs from a diverse set of creators.
Utilities of NFTs
It’s understandable for beginners to be curious about the utilities of NFT collections. Below are some of the most prominent use cases for NFTs.
- Digital Art
NFTs allow for digital artwork to be created and sold as a one-of-a-kind asset. This allows the artist to receive payment for their work without having to worry about copies or counterfeits being made.
OmniFlix is home to several digital artists with collections like Spring Goddesses standing out.
- Gaming Items
NFTs can be used to create in-game items such as weapons, armor, or other virtual goods that can be bought and sold between players within a video game. This gives players an incentive to complete hard tasks in order to obtain rare items that may be valuable in the online marketplace.
With the digital identification model of NFTs, players can use it to verify their earnings. Furthermore, since NFT collections have varying degrees of rarity, it simplifies trading in games and raises their value.
The Interchain Poker Club leverages this NFT utility in its card based collectible game and has gained popularity in the community.
- Tokenization
Another everyday use of NFT collections is the digital representation of real-world items. You can find the NFT collection used in the real estate listing smart contracts and musical albums, which help manage the real world. This technology is the next logical step in a world that is becoming more and more digital.
An illustration of this is the Fashion 3 and OmniFlix partnership to launch a wearable digital collection.
- Digital Identities
Decentralized identifiers, or DIDs, are another everyday use of NFT collections. Entities, organizations, and even individuals can use NFT DID to solidify their unique identities in all their dealings on the Web3. Digital identifications are at the heart of the future, and blockchain-enabled NFTs are the best way to do it.
- Certificates & Documents
Companies can use NFTs to store certificates, such as diplomas or birth certificates, on the blockchain so they are easily verifiable without relying on physical documentation or third-party authentication services.
A good example of this are #In the studio proof of participation NFTs. #InTheStudio is a Twitter Space held every Friday at 2pm UTC on @OmniFlixNetwork. These soul-bound NFT POAPs are dropped to all the attendees in the session.
Conclusion
NFTs have had tremendous adoption in Web 3 in such a short time, showing the industry's potential. As more advancements are coming to the industry, the best time to enter the NFT industry is now and there's no better place to get started than OmniFlix
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