What Are The Industries Disrupted By NFTs?

Every superior Tech Intervention should have its own impact in major industrial sectors and NFT is not an exception here. Let's have a look at the industries impacted by NFT.

Top 5 Industries Disrupted By NFT 

Collectibles

Collectibles are the prominent industrial sector using NFT. The first ever collectible NFT is Cryptopunks which was launched in the year 2017 on Ethereum and was developed prior to ERC-721 then CryptoKitties, has launched and reached a huge volume of 38 million USD. Later, the tokenization moves toward celebrities and athletes, so that fans can collect their favorite tokens. Cryptokitties creators Dapper Labs along with NBA have launched the token exclusively for fans And the  Caty Tedman stated that "the product is meant to give fans a piece of ownership over the action that happens on the court."

Gaming

The gaming Industry is one of the perfect targets for NFTs as this is the booming sector for NFTs. In the gaming industry, it is designed in a way to tokenize the things in the game such as points, credits, etc, The NFT tokens in the gaming industry are easily exchangeable. it offers true ownership of the player's digital asset in a particular game.

Popular Blockchain games that offer NFT are Axie Infinity, Gods Unchained, and My Crypto Heroes. Axie Infinity is built on the Ethereum blockchain. Unchained is a digital card game, where cards are available in the form of NFTs and holders can trade the cards the same as the physical cards. My Crypto Heroes is a kind of battle game that provides game items in NFTs on the Ethereum blockchain.

Fashion Industry

Blockchain technology has already impacted the Fashion world by benefiting supply chain participants. The end-users can verify the information regarding the ownership of all the items & accessories which reduces the risks of fraud. Consumers can scan QR codes on the price tags of the purchased apparel & accessories in the form of NFTs.

With the combination of Blockchain & NFTs in the fashion industry consumers can know about the purchased assets, ownership and where it has been created, and so on. This entry of NFTs in fashion reduces carbon dioxide emissions.
 
Art Industry

One of the most notable use cases of nonfungible token (NFT) is programmable art, which is a combination of creativity and technology. Currently there are only limited editions of artworks in circulation which allows flexibility in modification and programmability.The presence of smart contracts & oracles can enable artist to develop images responding for all pricing of blockchain based assets.With Blockchain & IoT, people can collect the entire history of the artwork including ownerships and previous prices & more.

Virtual Worlds

Some virtual reality places like Decentraland, The Sandbox,and crypto voxels let users own NFT items. Decentraland provides entire control to the user creations and assets. 

Get more insights at : How NFTs Are Disrupting Various Industries?