How to Buy NFT's: The Ultimate Guide

The NFT market is a new trend that has caught the eye of many investors.

However, what most people don't know yet, NFTs have applications far beyond gaming and digital art.

There's no denying, CryptosPunks are being sold for millions of dollars, and Fidzenas are quickly becoming timeless classics that collectors hold dear. 

Also, we have Axie Infinity, which provides full-time employment to people in underdeveloped nations.

That's through play-to-earn systems that highly compensate the players even more than the game developers. 

Although that's quite lucrative, NFTs and their applications have a much brighter future than art and gaming.

NFTs could serve as proof of ownership, social status, exclusive access, license management, and certificate of authenticity.

That said, in this section, we will discuss some use cases for NFTs that will largely influence the future, but people don't talk about enough. 

• NFTs Will Manage Licensing for Photography 

One of the few applications of NFTs I'm most excited about is in the photography sector.

The current photography industry is experiencing so many problems.

While our photographers do quite an excellent job of uploading their work on iStockphoto and Shutterstock, users on these websites often use the photos in ways that violate the licensing and copyright of the photos. 

Another major problem that plagues the photography industry is sharing photos with a second party.

A user may purchase a photo license, but now when they share that photo with another person, it's challenging to prove the second copy is unlicensed and infringes copyright. 

But all hope is not lost for this industry. NFTs can solve this problem.

But how will they do that?

In the near future, for every particular photo, the photographers will be able to mint a new NFT to license it.

Users will be able to prove they own the license by signing a transaction using their wallets. 

If a user wishes, they can even transfer their license to another individual but as long as they agree not to use the photo themselves.

Without NFTs, this type of license transferability would necessitate substantial consumer tracking through a centralized database.

That concept is expensive, and it is likely to be unpopular with people. 

However, with NFTs, license transfers may be tracked entirely on the blockchain, lowering the amount of time a photography website needs to maintain the operational function.

• NFTs Will Manage Royalties and Licensing for Music

The other lucrative but untapped NFTs application is the management and licensing of digital music through NFTs.

Over a decade ago, users bought music on CDs and owned them permanently. And if they no longer needed the CD, they could just resell it to another person.

In that era, CDs were regarded as valuable collectibles whose value went beyond the music in them. 

The CDs came with images and liner notes that the owner would lose even if they were to try and copy the music somewhere.

The digital era is here, and with the rise of YouTube music, Apple Music, and Spotify, we now have subscription-driven services.

For that reason, it has reduced the sentimental appeal of the album collection. 

The good thing is that all is not lost, NFTs are bringing back that emotional collectability to the music industry.

Record companies and artists can issue an NFT for each copy of an album a user buys.

The NFT, in turn, will help the user stream the particular album as many times as they'd wish. In addition, the album would also contain lyrics, images, and other media not available on subscription-based platforms.

That will significantly increase the value of ownership. 

What's more, specific albums and songs could be tied to artists' fan clubs, concerts, meet and greets, or even grant owners exclusive rights to the songs.

To that end, music NFTs will also give fans some level of social status and exclusive access to their favorite performers.

But that's not all; NFTs will go beyond the songs and albums. They will transform fan loyalty to a whole new level. 

• NFTs Will Facilitate Transfer of Ownership in Real Estate 

The other sector where NFTs will shine brightest is in real estate.

Today, if you want to transfer the ownership of a particular property, the process can be costly and highly complicated. But NFTs will change all that.

The property owner can issue an NFT that represents their property. And to complete the sale of that property, the NFT can be transferred to the buyer. 

The best part is that the owner can even use the NFT in the future DeFi apps to unlock equity on their homes.

This process is so much easier and cheaper than using a bank. And now, let's get to the holy grail! NFTs will make it possible for people to own fractions of properties they wouldn't usually afford.

You can own a piece of a home, and if it appreciates in value, you can gain from that as well. You will also have a digital record of the percentage you own on the blockchain. 

• NFTs Will Facilitate Transfer of Ownership of Literary Works

In the future, textbooks will also be made into NFTs.

Today, most students have a preference over paper textbooks, and for a good reason.

That's because paper textbooks can always be resold after a course ends, unlike digital ones.

Also, despite publishes spending more money on print papers, digital ones still cost more. 

However, this problem could easily be fixed by NFTs. Publishers can print an NFT for each copy of a digital textbook.

That way, any user who would still like to keep their book after a course ends or after reading can do so.

On the other hand, users who would like to get rid of the book and probably get some cash off it can sell their NFT tokens and transfer their ownership rights to the new owner. 

The Possibilities are Limitless with NFTs...

NFTs have only exploded over the last year. But the whole concept of using them to store digital artwork on the blockchain is already five years old.

We take many things for granted in the modern world, like certifying authenticity, proof of ownership, property rights, and licensing.

That's all because we have a robust traditional legal government system to protect us. 

Relying on the government, though, means trusting a central figure.

When we unlock an individual's rights to physical or intellectual property through NFTs, it does the same thing Bitcoin does to traditional fiat currencies.

In essence, NFTs allow you to be a steward of your own ownership, just like Bitcoin allows you to be your own 'banker.' 

That said, NFT brings a crucial value proposition to the world, especially to the 2 billion unbanked and underbanked people all over the world.

That's because people in such places can't reasonably rely on a robust legal system to protect their ownership rights.

For that reason, the future of NFTs goes beyond memes, social status, and multi-million-dollar artworks. This right here is just the beginning of a revolution.