New ways of using NFT technology, the developing infrastructure of this sector will lay stronger foundations when this market, which has fallen this year, starts to recover, says JD Salbego, a veteran of the blockchain industry, who will be visiting Vilnius this week.
NFT, translated into Lithuanian as a non-fungible token, is simply a digital signature used in blockchain technology projects. So far, the most popular such use, which has received a lot of attention, has been the simplest online pictures marked with such an NFT signature and intended to prove the uniqueness of the illustration.
However, JD Salbego, who has been working in the blockchain sector for more than eight years and is known for various NFT projects, points to seven trends in this market that will shape its further development.
Among such trends, the expert attributes the following:
- So-called utility NFTs are becoming more popular, which give their owners access to exclusive content, experiences or other benefits;
- New NFT marketplaces and platforms are developing;
- NFTs are increasingly being used in video games and the meta-universe;
- The ability to own a portion of tokenized traditional asset classes [eg artwork, real estate, securities, etc.] is becoming popular;
- Use of NFTs in digital identity solutions;
- Use of NFTs for ticketing and event management;
- Use of NFTs in loyalty programs.
"As the NFT market grows, you can expect to see even more innovative new projects and use cases," adds JD Salbego, who is now focusing on the next-generation, decentralized Internet of Things Web3 and runs his own Web3 services platform, Moonstax.
He also advises NFT market participants to keep an eye on various regulatory trends. For example, in the areas related to securities regulation, change taxes, money laundering prevention, and intellectual property.
“However, there are other trends in individual jurisdictions. For example, the EU plans to specify the regulation of NFTs," he says.
Meet JD Salbeg live and hear even more of his insights on digital assets and the tokenization of traditional asset classes on November 9th. At the Web3 conference in Vilnius, organized by the "Crypto Economy Organization".
