I was reading my @Snacks 🍿 newsletter and saw this section about how NFTs are missing out on the current crypto rally. Here’s my thesis on why I believe that NFTs can still do a 10x this cycle and what role they will play in future industry. A thread

NFTs are an amazing aspect of blockchain technology whose true potential is only starting to be recognized. They offer the ability to create 1-of-1 digital assets that can’t be replicated, edited, or manipulated. It’s even in the name: Non-Fungible Tokens (NFTs).

While the majority application has been limited to collections such as BAYC or CryptoPunks, even these NFTs offer real life value. If you own a Bored Ape, you are a part of an exclusive club that only those who own one can access. Now imagine that within business.

Many artists/venues are starting to give out NFTs as tickets where you can keep it not only acts as the ID method to get you in but also lets you keep it as a collectible after the event. You can store all your NFT tickets in a wallet as memorabilia and show them off.

Now imagine NFTs as a corporate ID system. Each employee has their own NFT with all their info tied to it. Anytime admin needs to view info about an employee, they can pull that NFT and all its associated data. New employee = new NFT minted, and employee leaving = NFT burned.

Let’s take it another step further: NFTs as credential verifiers. Imagine you’re a lawyer and someone says “show me your proof you graduated law school”. You open your digital wallet and show them the NFT certificate that immutably proves your degree is real.

How will NFTs reach this level of value during this cycle? With the new administration being significantly more pro-crypto, expect to see blockchain businesses blossom. As innovation comes pouring back into the US, NFTs will find their niche and reach new heights.

If you want to learn more about how NFTs work from a more technical perspective, check out my free course at http://dcft.site where I dive into how this technology works from the backend and how it’s so effective. Happy reading! #BlockchainForGood #blockchain #web3 #NFT #business