NFTs can be used to issue non-duplicable in-game objects allowing game enthusiasts to have an unprecedented form of ownership.
Curated Marketplaces: KO, Super Rare, Foundation, CoinbaseNFT, Nifty Gateway.Traditional Auction House: Christie’s Encrypted Sotheby’s Metaverse.Open Marketplaces: OpenSea, Rarible, Makersplace, LooksRare.However, only a tiny share of the proceeds of art NFTs have ended up with the galleries, while on the other hand, the auction houses traditionally take a larger percentage of the artwork market profits. This trend prompted Christie’s and Sotheby’s to host their own NFT auctions, driving contemporary artwork income to an all-time high. Sales of NFTs in the first half of 2021 rose by more than $2bn (£1.47bn). Many celebrities have pioneered at selling digital art, including Snoop Dogg, Lindsay Lohan, and John Cleese. Furthermore, NFTs enable artists to get a cut on the secondary sale of their virtual art as royalties can be programmed into the NFT smart contract, supplying a percentage of the sale, back to the original artist. This level of rarity and uniqueness of a digital record is possible thanks to blockchain’s immutability. In this blog post, we will explore all the known use cases of NFTs, whether successful or not and provide you with real-life examples, highlighting the importance of NFTs in allowing for proof of ownership in the real world, the principle of scarcity being applied in the digital world and the value for brands!ĭeliberating that digital files are easy to copy, an artist can mint an NFT representing a piece of art, thereby giving the customer sufficient evidence that the NFT based art file is the most effective one which exists. It comes as no surprise that we have been swamped with requests and questions relating to how NFTs can be used for brand marketing purposes.
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