License, Deed, Marriage, Passes Will Also Be NFT

MetaversePlanet May 2, 2022Last Updated: May 13, 2024

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Blockchain and cryptocurrency expert Ugur Guzel has emphasized that while Non-Fungible Tokens (NFTs) are commonly associated with art, especially amid the pandemic, various fields will encounter NFT integration in the near future.

Guzel stated, “Our licenses, deeds, certificates, and diplomas from the courses we attend will become NFTs.” During an episode of the “So Many Things to Discover – Technology” podcast series on Metaverseplanet titled “What is NFT, the new investment tool of digital art?,” Guzel delved into the long-term impacts of NFTs, a popular investment tool in the art and technology sectors, on the economy.

Guzel noted that cryptocurrencies have a global volume of 2.5-3 trillion dollars, with a daily trading volume of 3 billion dollars worldwide. He highlighted the significant growth of OpenSea, a major player in the NFT market, which generated 60 million dollars in revenue in 2020 and exceeded 14 billion dollars in 2021 after just one year.

Discussing the evolving nature of collecting with NFTs, Guzel explained, “With NFT, a collector’s world that we can call the ‘Shared Wonders Company’ began to emerge. For example, it is possible to divide the Mona Lisa painting into 1 million pixels and purchase one of these pixels for 1 dollar. Even if you don’t have 1 million dollars, you can own a portion of that original artwork with just 1 dollar.”

License, Deed, Marriage, Passes Will Also Be NFT

Guzel predicted that NFTs would become prominent in areas focusing on functionality rather than art in Turkey in the near future. In response to the question, “What could be an NFT?” Guzel stated, “We can digitize and turn into NFT anything that is impossible, intangible, and can be recorded on the blockchain.”

He highlighted the transformative role of NFTs in the art sector, especially during the pandemic, and envisioned a future where digital identities, licenses, and even marriage certificates could be managed through NFTs, emphasizing the potential for blockchain technology to revolutionize various aspects of daily life.