Most people know NFTs for how they entail various works of art and other collectible pieces. These NFTs can come in many forms and will feature multiple values of note. But NFTs could also be utilized for many other purposes.
NFT and real estate investing expert Ryan Dean Hoggan answered a few of our questions surrounding how NFTs can change.
Is there a way how you can use NFTs to invest in physical items?
You could invest in a plot of land or a precious diamond, or any other physical item with an NFT. Many developers and owners can prepare NFTs that includes a share of whatever is open.
It is exciting to see what is open on the market. You might be surprised over how NFTs will work, especially when it comes to different solutions that work for many needs.
How can NFTs be used to ensure the quality of physical goods for sale?
NFTs can link to individual shipments of goods. A shipment can be traced on the blockchain when an NFT is assigned to that asset.
The effort ensures all goods being shipped are authentic and have not been tampered with at any point. The effort is necessary for many items, particularly ones that are often subject to counterfeit issues.
Can NFTs prevent fraud for some purchases? It could make buying some physical items easier.
NFTs operate on a blockchain network that is immutable and transparent. NFTs could be used as tickets to special events, or they could be agreements to purchase or use some product or service at some future point.
You could prevent fraud and other illegal actions from happening when you use NFTs for these transactions.
What types of brands do you expect to see participate in NFTs?
I expect various real estate firms to get into the mix, as it would be cheaper for them to process agreements and contracts with NFTs. It would also be easier for people to ensure real estate transactions can go forward well without risking any problems.
I also feel more fashion brands will move forward with NFTs, especially if they have products that are easy to counterfeit. Nike has a patent for an NFT it will use soon, and I expect Nike won’t be the only group that offers NFTs. You can expect many groups to go forward with NFTs as they become more visible and great for many business plans and operating various functions.
If NFTs become available beyond digital assets, does that mean the values of the existing digital assets that use NFTs will increase?
You can expect the values of NFTs to continue to grow as they become more commonplace and the demand for them expands. I still expect NFTs to be affordable, mainly since you can acquire NFTs in more forms. These NFTs on OpenSea for example, were going to keep growing in value even if there were no changes to the market.