The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
Are Non-Fungible Tokens (NFTs) just a bubble, or do they have real utility? It’s a question that’s been on many people’s minds since it took the world by storm.
Many may debate that NFTs are still in the early stages of development and yet have to gain mainstream adoption due to their complexity and lack of widespread knowledge. Still, they have seen a huge spike in popularity over the recent years as new and innovative use cases of them are being explored and brought into the limelight consistently.
These tokens have the potential to offer a range of valuable services and become mainstream as some significant industries now look to capitalize on this technology.
From big banks to entertainment companies, businesses to influencers and celebrities in prominent industries are introducing NFTs in their respective spaces and expanding their reach to the global market. As the potential of NFTs is realized, we can identify three key industries that can bring mass adoption of NFTs – Gaming, Music, and Fashion. Zeeve uses its proprietary architecture to deploy Celo nodes with military-grade security, providing highly secure endpoints to connect with the Celo network.
In the blog below, we will look at how NFTs in these industries are creating new possibilities and also how the masses can adopt them.
Why the buzz around the NFTs?
Before diving into these 3 key main industries which have been primarily the most important use cases of NFTs, let’s understand why NFTs are so much valuable and how it is worth all the hype that it is getting currently.
In simple terms, NFTs are just digital assets, so what makes them such a huge craze?
Every NFT is a unique digital asset like digital artwork, essays or articles, videos, domains of companies, old and vintage tickets, coupons, fashion items, celebrity things, or any other.
Some of the popular NFTs are:
Beeple Everyday: the first 5000 Days (most expensive – $69.3 million)
CryptoPunk #5822 ($23.7 million)
Dmitri Cherniak Ringers ($7.1 million)
XCOPY ($6.2 million)
Beeple Ocean Front ($6 million)
NFTs are responsible for providing good opportunities in the market, like enhancing the product value, retailer and consumer behavior towards development and growth, opening gates for new markets or different business ideas, and allowing small businesses to start engaging more with these revolving patterns.
NFT also helps in eliminating third-party work or middleman expenses as now businesses or consumers can directly connect with each other.
NFTs: The Technology Revolutionising Multiple Industries
NFTs have penetrated multiple areas, creating value in digital possessions. VMR, a consulting and global research firm, predicts the NFT market to reach $231 billion by 2030. Currently, as per the report the market stands at $11.3 billion and is expected to rise at the rate of 33%.
This growth is largely driven by the increasing demand for digital art, collectibles, and gaming assets, indicating that games, music, and fashion may soon cause mainstream adoption of NFTs.
NFTs have already unlocked a vast array of possibilities, from verifying origins and tracking supply chains to preventing counterfeiting, tokenizing ticketing, creating digital economies, driving revenue in gaming, music and entertainment, and granting voting and governance rights.
As the sector continues to develop, more applications are sure to be uncovered. Let’s dig deeper into how the introduction of NFTs in 3 prominent sectors – gaming, music and fashion industries have allowed the end-users to enjoy a whole new level of innovation, creativity, and efficiency in their operations.
NFTs in Gaming: Creating new possibilities
Video games, online games, and PlayStations are always the thing that makes people enjoy their life fully without stressing over other things. People enjoy these things in their free time, collaborate with others, do parties for their winning and many more.
The gaming industry came a long way, and we love how it is evolving. But as more and more people join this, the centralized way to structure the platform is not much beneficial. As there is a lot of collection of user data, logistics information, transfer of money and game assets.
The revolutionary work that NFT do is to provide all the players with an equal value of ownership that shows a high level of transparency. Many gaming sectors choose NFT for its better functionality and we can’t deny that it works smoothly and profitably for them.
Benefits of NFT in Gaming Industry
Ownership: one of the biggest benefits we get as a player is to have full ownership of all the assets we purchase with NFTs. While purchasing them independently, we get the rights to sell or up-stock them in the marketplaces.
A player can also show their asset on their social profiles, these improve their reputation as a gamer and also they can become the elite collector of unique game assets.
Transparency: NFTs and blockchains come as a blessing for any true gamer, as they provide more information and proof regarding a particular data or number for the validity of an asset.
The high level of transparency builds user trust and also improves the credibility of that game in the market space.
Improvement in Play and Earn Model Games: users always stay behind when money comes as a middle ground but with NFTs where a player gets appropriate ownership and transparency, games also gain a reputation and trust that by winning they can earn money truly.
Having appropriate knowledge can easily make a player digitally rich and popular in a short span of time.
Example of NFTs in Gaming Industry
Sorare
The Walking Dead: Empires
Gods Unchained
Axie Infinity
Star Atlas
The Sandbox
NFTs in Music: Revolutionise the Experience
Music is another fun thing that people love to listen for all their moods and emotions. There is no single emotion that can’t be represented by music.
In 2021, when Kings of Leon band releases its album and makes an NFT, the world releases the power of music that combines with digital art incredibly. NFT support different forms of artwork and music, and now it’s evolving the whole industry more powerfully.
Benefits of NFT in Music Industry
Singers get Equally Compensated: music is a large and popular industry but the problem is only top singles get a high pay range, except that people who are moderate in their industry didn’t get much income as all taken away by entertainer companies or distributors. Even Spotify’s top artists didn’t get much revenge.
But with NFT they have the potential to mix their music with digital artwork and get the best out of it.
Collaboration but with a new form: collaboration is not a new term in the music industry, people came, collaborate on a large scale, and provide the best of themselves, and public love them.
Pop style, traditional music, modern music all of them are listened to and loved across the globe and NFT provides a new and lasted way for these collaborations. Recently DJ Steve Aoki and Maciej Kuciara collaborated together and released their NFT collection.
NFT provides new-age artists a space to follow their passion and incredibly gets good revenue too.
Creating an Independent Environment: the music world is always mixed with different distributors, entertainment companies, lawyers and presenters. But with NFT artists get a chance to showcase their music without adding any business to it. For an artist, music remains music not a combination of several business properties.
Example of NFTs in Music Industry
Deadmau5
Shawn Mendes
IAMSOUND x Zora
LAU Ultraviolet album
Kings of Leon band music
NFTs in fashion: Unlock New Opportunities
When Miuccia Prada said “What you wear is how you present yourself to the world, especially today, when human contact are so quick. Fashion is instant language”
Yes, fashion is an instant language and we love to follow and try new things in this industry. The industry that’s growing for the past several years and it is going to be non-stop with NFTs.
How NFTs related to the Fashion Industry?
Fashion NFT means the virtual garments and clothes that people can wear in the digital world. It’s a new term but such a demanding one, when stores shut down during the pandemic, this becomes the only way to showcase the fashion.
Virtual fashion is growing with the passing time, as better designs are found and creative minds are added to the industry. Now not only can famous and big brands come across and showcase their trendy and new collection but anyone can do that. I know it’s just WOW!!
Benefits of NFTs in Fashion Industry
Exclusive and trendy fashion content: Fashion is an ever-evolving industry where there is no such thing as a “one-size-fits-all” approach. What one person may consider trash, another may find marvellous. Everyone has their own unique tastes and preferences when it comes to fashion. It’s always a trial-and-error phase of life. But still, no one can deny that fashion is one of the top industries over the globe.
With NFT, a consumer has more collective trends that are unique and likable by them. Recently many big brands like Gucci and Adidas embarked on the products from the NFT digital art.
Explore the virtual Stores: virtual stores are likable real stores where people can check and buy clothes as per their choice. Many big brands choose not to waste time and exclaimed their stores on virtual landmarks also.
No Overproduction in Fashion: if fashion is one of the biggest industries around the globe, it is also one of the reasons why global warming is increasing. Every year worth $90 million fashion products are burned because they are undesirable. Million dollars got wasted and global warming also gets affected.
With NFTs, these things can get solved. It’s a beneficial way to save those undesirable productions that are of no use in the end. Also save the cost of material, logistics, marketing and other important resources.
With digital production, this industry can move ahead in a more sustainable pattern and still in the consumption there is no loss.
Example of NFTs in Fashion Industry
Gucci
Louis Vuitton
Dolce & Gabbana
H&M Looop Island
AurosBoros
Conclusion: Taking NFTs to the Next Level
NFTs are changing the way we think about asset value and ownership. By allowing users to securely store, trade, and monetize digital assets, NFTs have the potential to create a vibrant digital economy.
As gaming, music and fashion are popular industries in the world, NFT showcases them the larger potential worth million more dollars.
In the gaming sector, NFTs can be used to create a new breed of games where players can use and trade digital assets. Similarly, in the music industry, NFTs can be used to create virtual concert tickets, exclusive music releases, and limited-edition merchandise. In the fashion industry, NFTs can be used to create digital clothing collections, limited-edition accessories and unique designer pieces. All of these use cases are just the tip of the iceberg.
These industries and their consumers are going to experience something unbelievable and more unique than before.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
Zeeve is an enterprise-grade Blockchain Infrastructure Automation Platform. Join the growing list of clients that trust us with their Blockchain initiatives
Let's begin this blog with an impressive quote from Dave Waters he said, 'The future of collaboration is the metaverse'. The incidents happening around us are making this quote true in many aspects. Tech giant Mark Zuckerberg rebranded his…
Having access to specific and adequate amounts of data is vital for game application development. Data makes a game more functional, improves its design, identifies difficulties, and ultimately increases the user base. Subgraphs, powered by the…
Leveling blockchains as the next big technology revolution with the innate capability of adding trust, transparency and security for enterprise applications wouldn’t be an understatement. But to make this possible, we may need to come out of…
CDK validium is currently the most interesting and highly feasible upgrade on the Polygon ecosystem. Validium is designed to enhance the existing scalability, security, and privacy capabilities of Polygon CDK. However, as a new concept, there’s a…
Scalability has always been a big concern for blockchain protocols. However, a range of powerful solutions have emerged to tackle the scalability issues of blockchain protocols. Layer-2 solutions and Avalanche Subnets are the widely popular…
Zero Knowledge Proofs (ZKPs) are gaining traction in today’s tech landscape, particularly in blockchain and Web3 sectors. The rise of Zero Knowledge-based public chains, zkRollups and zk based dApps are notable, but it’s important to remember…
