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Published on: http://cryptonews.com/

While non-fungible tokens, mostly encountered as NFTs, are by nature a revolutionizing concept, it’s the year 2021 that felt the most substantial impact from their debut. These digital representations of everything, ranging from music to drawings to real estate properties, ballooned to a $41BN market, inclining towards the dimensions of the worldwide luxury art sector. The explosion of NFTs occurred at a time when Ethereum, the essential technology of NFTs offering their underlying structure to be built and transitioned, was also doing remarkably well. In part, this was powered by the many individuals looking to buy Ethereum thanks to its promising price performances.

Fast forward, and the NFT marketplace rose to accommodate over 11 million users. According to Statista findings, the active wallets trading non-fungible tokens experienced a downturn between the second and third quarters of last year. Nevertheless, as Ethereum’s prospects have become increasingly better and the asset’s

The worldwide runner-up in the crypto ring gives way to some unique NFT cases that make our lives easier (and more exciting). Let’s unearth the most unique ones that are shaking up everyone’s lives as they know it!

Unconstrained blogging

Daydreaming about a day when flat-out, unbridled blogs are a possibility, forgetting about geo-constraints and publishing things as you wish for everyone to leverage? You can forget about the waiting. Non-fungible tokens have already sorted these things out for you and for supporters of unsuppressed blogging, having already created fortunes for some sellers.

The global NFT market is projected to reach a jaw-dropping $217 billion by 2032, and publishers contribute heavily to this spike in numbers. Publishing entities relocating to the digital realm may employ non-fungible tokens when they want to create content, publicize it, and share it with their audiences restriction-free—a possibility that conventional publishing contracts thwart.

With over 250K subscribers, Bankless bills itself as the go-to guide for cryptocurrency enthusiasts, aiming to help the masses build knowledge in this area. It is an example of a famous crypto news platform that’s been developed and has an NFT collection named “Bankless Badge,” counting the number of their digital possessions and allowing users access to superior content and events automatically.

NFTs also help content creators and customers conduct transactions directly, bypassing traditional publishing businesses and saving each other some bucks. Among the most exciting news stories is that of an NYT journalist who gained over $500K for a column depicted as NFT, but possibilities did not stop there.

Record-keeping

Blockchain’s role in the healthcare and medical industry is unparalleled, which is also why this industry has a lot at stake with this technology. Whether you’re in your physician’s office or a hospital room, you shouldn’t be surprised if your health-related data is registered on the blockchain. Non-fungible tokens may improve the safety, transparency, and accessibility of your health records, eliminating cumbersome handwriting, draining paperwork, and the stress of managing files.

Consumers needing access to old records may not receive them that straightforwardly. Maybe that physician has relocated, or the patient has changed a few providers. This isn’t a problem if blockchain is used, for it addresses many of these modern-day challenges regarding identity management.

MedRec stands out as one of the most unique solution creators, having built a system where non-fungible tokens are employed to store patients’ data, boosting accessibility and accuracy. So, what’s the extent of the potential of NFTs in healthcare? It’s never-ending.

Architectural developments

Three years ago, metaverse editor at Vogue Singapore and contemporary artist Krista Kim received a whopping 288ETH on the SuperRare platform for “Mars House”, the first digital house worldwide. Right now, it would be up to half a million dollars, anything but a breeze to raise these days. Would you like to visit the out-of-this-world home? It would be best to reconsider your aspiration, for it is not real, palpable, or habitable. It’s an atypical home in the form of an NFT, which dominated the news streams for some time.

Like the now-commissioned innovative artist, boundless architectural companies are testing the waters of the NFT sea, employing them to recreate digital variants of their palpable designs. A Danish firm set a positive example by introducing plans to list the digital variants of their architectural creations as non-fungible tokens, which has expedited their transaction speeds considerably and ultimately boosted security in design transactions. So, what can blockchain do for architectural firms? Unimaginable things, from digital block creation to block selling.

Music tickets

If you’re a fan of Kings of Leon, you’ve likely foreseen what we’re about to share. The future-oriented rock band has raised over half a million dollars in 2021 in an attempt to raise money for a charity while proving that decentralized finance and technology can step in and help tremendously. The star-studded quadruple released “golden tickets”, representing a system that unblocks real-life concert tickets to combat fraud and ease the ticket transfer process, among other benefits. The event marked the first time NFTs were involved in such a big-scale project, igniting ideas in other entrepreneurs.

Now, owning exclusive memorabilia and digital items from your beloved events is no longer a dream but a digital reality in the form of NFTs. This is how blockchain disrupts everything that ticket sales mean, benefiting every participant involved.

Fashion brands

Numerous fashion brands have leaped into the NFT space, creating new lineups through avant-garde technology. Non-fungible tokens are reducing the time and effort that traditional inventory management usually requires, streamlining numerous supply chain operations through asset digitization.

Nike, for instance, patented footwear-related NFTs named “CryptoKicks” in 2021, building a system that offered digital representations of the shoes a customer would buy – sort of a “two for one” type of offer. Moving on, but not exceeding 2021, Dolce & Gabbana sold some couture and a nine-piece collection of non-fungible tokens for over 5 million dollars. Easy money, or not?

This practice creates a secondary market for possessors and collectors looking to trade garments, footwear, and other pieces represented digitally. Big luxury brands are setting an example that smaller fashion entities can follow to remain relevant in the business world.

Endnote

From medical record management to digital asset ownership, non-fungible tokens are choreographing a new digital realm. Stay close to see what other inventions are being carved out that can transform your most futuristic aspirations into reality!