Vijay P. Maharajan held an illuminating session for a spellbound audience at the Digital Success Summit V3.0, where he expounded on NFTs and what lies behind all the hype and excitement surrounding them today.
He talked about how Web3.0 is a community where NFTs or cryptocurrencies are used as rewards, with the system being held by corporates currently.
He also talked of how the mega corporations owning data may lose the same (as Instagram or WhatsApp outages have shown in the past) with users being unable to do anything about the same.
While floppy disks, CDs and pen drives were the storage norm earlier, it has now evolved to the cloud, although it is not fully safe, necessitating the transition to the Web3.0 space.
Where are NFTs purchased? They are forms of investment that can be checked out at Solano, Ethereum, Polygon and other blockchains, along with markets like opensea.
The basic concept/potential behind even cartoon pictures (some of the earliest NFTs) selling for massive amounts is the development of a community.
People use C/C++ even today but these are primitive language structures. It provides exclusivity above all else.
The value of an NFT and its exclusivity/brand determines purchases according to him. That is what gets tagged to successful NFTs, and people are trying to mimic the same, which has led to sizable hype as well.
Many are struggling to maintain momentum since they are not adding utilities for people. Some which are successful are offering intellectual property (IP), merchandise, meetings with celebrities/brand ambassadors, business opportunities, and more.
This is why people may invest in things like Bored Ape NFTs, as surprising as it may seem.
He added how Tiffany & Co will soon launch an NFT that will have an 18-carat pendant with the same Bored Ape, which will sell for a whopping amount. With this pendant, buyers can get lifetime membership and visit any Tiffany & Co store worldwide.
Suppose there is an opportunity to meet MS Dhoni just because you own an NFT? This would be scratching only the surface. It could also involve iconic or rare merchandise and other utilities. These are several use cases or utilities that NFTs may thus provide.
There are many options like Adidas NFTs and they enable visits to any global showroom while getting hefty discounts at the same time.
NFTs ensure exclusivity for their holders. Countries like Germany have already adopted NFTs as investment options, while they are being fractionalized as well.
He opined that NFTs are here to stay and within another 5-6 years, will become mainstream options with added security layers as well.