NFTs Aren’t Just For Art: As Technology Advances, New Applications Will Arise

Some argue that the buzz surrounding million-dollar NFT art and digital collectibles is justified, predicting that new applications will arise.

Autographs and signed memorabilia were highly sought after by collectors until the age of smartphones allowed the average person on the street to take a selfie with their favourite celebrity. The importance of these real-world, genuine, and unique keepsakes has always been high, and it continues to be so today.

Digital collectibles, on the other hand, are becoming the modern-day autograph or one-of-a-kind, priceless piece of art, due to the use of Blockchain technology. People just need to look at the now-famous “Everyday: The First 5000 Days,” a digital collage created by digital artist Mike Winkelmann, better known as Beeple, which sold for $69 million at auction.

The digital art piece, which included 5,000 pieces of digital art created by Winkelmann, was the most expensive NFT ever sold at auction by Christie’s, the world’s most prestigious auction house. A piece of crypto art not only shook the world of digital collectibles but also took NFTs into mass consciousness with one swift stroke of the auctioneer’s gavel.

The art world isn’t the only industry benefiting from the success of NFTs. various sports figures, brands, and teams have joined the fray by issuing trading cards and digital memorabilia, which have fetched million-dollar bids from NFT collectors.

After his recent auction of a limited edition series of trading cards commemorating his four successful NFT campaigns, NFL veteran Rob Gronkowski raised the bar for the sport NFT room. Each popular NFT title was portrayed by an NFT trading card with 87 digital versions, with a fifth, one-of-a-kind “Career Highlight Refractor Card” created as a tribute to those four campaigns.

Gronk sold 349 trading cards at auction, including the one-of-a-kind Career Highlight card, to 95 different individuals. The auction’s overall trading volume was 1,014 Ether (ETH) worth $1.8 million, with the one-off Career Highlight NFT fetching 229 ETH worth around $435,000.

As NFTs, digitally signed tweets are becoming increasingly important. For $2.9 million, Twitter CEO and co-founder Jack Dorsey sold a tokenized version of his and the platform’s very first tweet. The proceeds of the sale were donated to an African charity that is assisting in the fight against the on-going COVID-19 pandemic across the continent.

Gronk sold 349 trading cards at auction, including the one-time Career Highlight card, to 95 different people. The auction produced a total trading value of 1,014 Ether (ETH) worth $1.8 million, with the one-off Career Highlight NFT fetching 229 ETH worth about $435,000.

As NFTs, digitally signed tweets are gaining in popularity. For $2.9 million, Twitter co-founder and CEO Jack Dorsey sold a tokenized version of his and the platform’s first-ever tweet. The proceeds of the sale went to an African foundation that is helping to fight the on-going COVID-19 pandemic across the continent.

As the astronomical prices charged for various NFTs continue to astound onlookers, it begs the question of whether the prices paid for digital collectibles are causing excitement that diverts attention away from other, potentially more beneficial uses of the NFT area.