invezz.com
NFTs are penetrating every sector as an increasing population uncovers multiple use cases. While sporting organisations use NFTs as loyalty tokens, hospitality businesses use them for priority reservations and bookings.
The most recent addition to this list is the launch of “Club FOMO” in Phoenix, Arizona. Club Fomo seeks to promote NFT artists by exhibiting their NFT collections.
These collections will include Bored Ape Yacht Club (BAYC), OnChainMonkey, and other highly sought-after NFTs held by the company’s founder, George Gebran, and his crew.
In addition, the club will hold monthly events where international and local VIPs, artists, influencers, the general public, and community members can buy and sell NFTs. In addition, the team intends to build a Virtual Club FOMO in the metaverse soon.
Robbi Firestone, a globally known physical and NFT artist and Creative Director of Club FOMO, designed the space.
Several prominent celebrities, including Cordell Broadus, Snoop Dog’s son, and others, attended the inaugural event.
Future of NFTs: Do they have real life utility?
NFTs have already seen many use cases outside the conventional NFT use, which is mostly the exchange of artworks and in-game resources.
Regarding the actual-world use of NFTs, the real estate market is one of the most NFT-ready industries. In real estate, NFTs can be used to streamline and accelerate transactions by allowing smart contracts for verification and transaction automation.
Additionally, NFTs can assist healthcare providers. Healthcare practitioners’ issuing NFT birth certificates to babies is one example.
NFTs can also have a significant impact on the music industry. Thanks to smart contract technology, musicians can assign the rights to their works to NFTs. Consequently, they instantly earn royalties when their music is played and can get fair compensation for their efforts.
Art NFTs are not only a craze among a subset of the population.
Rather, this new technology challenges established concepts of art and lower barriers for anyone who wants to create or acquire artwork.
To make these claims a reality, however, the industry must continue to welcome new participants, train artists and collectors on how to get started, and make the technology more user-friendly.