NFTs for the Metaverse and Web3: More than Just Digital Art

NFTs for the Metaverse and Web3: More than Just Digital Art

This IDC Perspective examines the rising use of NFTs, both as individual pieces of art, but beyond that as well — as secure, immutable, tradeable stores of data — and unique digital identifiers of real-world tangible assets. NFTs will also play a role in the development of the metaverse, Web3, commerce, and payments."Non-fungible tokens (NFTs) will be to blockchain what the World Wide Web was to the internet," says Phillip Silitschanu, research director, Worldwide Blockchain, Cryptocurrency, and NFT Strategies at IDC. "NFTs allow not only physical goods to be unquestionably authenticated and owned by their legitimate owner, but they will allow intangible property and intellectual property to be owned. While some may scoff at the idea of a piece of digital art (on an NFT) being valued (and often bought) at millions of dollars, an easy-to-understand analogy is: How much is the domain name of a large global corporation worth?"

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