One of the biggest auction houses in the world, Sotheby’s is best known for its NFT auctions. They have worked with leading artists to launch NFTs, with one of the most memorable sales being a digital art piece by Beeple, an anonymous digital artist for $68 million. The uniqueness of NFTs, which exist as tokenized versions of assets, secured by the blockchain, have made them popular with art buyers. The Year of NFTs; 2021 As 2021 comes to a close, it can be declared as THE year of NFTs. Various stars have released their own NFTs, which they have sold to their fans. However, some believe that NFTs may be a fad, which will soon go bust. One reason for this misconception is that many people believe NFTs can only be used to create digital art. However, that is not the case. NFTs are opening up a whole new revenue stream that could lead to the rise of innovative digital products. Various industries are looking into the use of NFTs to tokenize assets such as music albums, iconic moments, and sports memorabilia. Some of the use cases for NFTs that currently exist are: Fashion Luxury brands, such as Gucci and Dolce and Gabbana, are entering the NFT space with limited collections. The use of NFTs helps safeguard the ownership of fashion items, while also ensuring easy verification of authenticity. It is an especially effective solution to counterfeiting. Patents Another use case for NFTs is securing patents and intellectual right...
