In what areas is NFT used? NFT allows users to buy or sell | Exilon

In what areas is NFT used?

NFT allows users to buy or sell almost anything - memes, NBA Top Shot cards, their songs , virtual houses and even tweets. And the value of such lots on platforms can reach millions of dollars . For example, in March 2021, a JPG file with five thousand Beeple paintings stitched together went at auction for $69.3 million in ETH. That same month, a collector of digital NBA Top Shot basketball cards from Dapper Labs refused to sell his token for a million dollars, having originally purchased the token for $100,000. For his part, Tesla CEO Elon Musk published a Twitter post on March 15 with a song about NFT: the entrepreneur said he wanted to create a token for the post and sell it, but then he changed his mind.

According to Anton Kravchenko, CEO of Xena Financial Systems, NFT technology can fundamentally change the situation of copyright control. Thus, thanks to tokens it will be easier for radio stations to buy the right to broadcast music tracks, and for streaming services - to buy the right to show movies and TV series.

"Right now the market for showing and broadcasting rights is not very efficient, there is some amount of friction, costs in transferring rights, resale is most often not possible at all. All this can be changed with NFT, but it could take about a decade to develop," Kravchenko said in a commentary for RBC.
Denis Voskvitsov, head of fintech company Exantech, noted that operations with tokens and NFT tokens can optimize the copyright market - working with tokens is cheaper, easier and faster if compared to buying and selling physical objects. Meanwhile, Denis Voskvitsov emphasized that the platforms for creating and selling NFT-tokens have just begun to develop.

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