What’s in store for the future of NFTs? The technology can take us far beyond digital art and Binance is planning to be at the forefront of any future developments. Find out where we see the NFT space going and what we are doing to prepare 👇
The future of NFTs will depend on the integration of the existing technology with other systems and expanding its utility across industries.
In a sense, we’re already experiencing the future now. The pace at which non-fungible tokens developed has been rapid. It’s easy to forget that NFTs are still in their nascency, and we have much more to look forward to regarding NFT innovation and use cases. What will drive NFTs’ future success? We need to look at the infrastructure. We need to uphold security standards and protect users. We also need to educate people and create innovative use cases. There’s no secret recipe, as all components are fairly well known. We can all achieve it together with a joint effort, from Web2 companies to digital asset exchanges, users, and builders.Before we start future-gazing too much, let’s take a look at where we are now.
By enabling multi-chain functionality, we eliminate the need for our users to swap networks manually as they would have to do with a decentralized solution. No more fiddly RPC nodes to copy in or native tokens to buy to pay gas fees! Upgraded metrics and data visualization for NFT collections and individual NFT pages to enhance price analysis.Such integrations allow us to provide users with access to a broader range of collections, accurate information, and lower fees. This, to us, looks like the future that the NFT world should be moving towards.Keeping user assets SAFU isn’t just a top priority for Binance.
We’re proud to say that the coverage by Binance’s SAFU fund, worth $1 billion, extends to the users of our NFT platform. NFTs deposited in the Binance NFT Marketplace can be covered by the SAFU fund for any losses incurred due to a hack. This helps bring even more peace of mind to NFT users in our ecosystem.
Great work is already underway in the entertainment, staking, ticketing, and DeFi sectors. Digital identities represented by personal NFTs also look promising. Let’s briefly look at some of the possibilities on offer now and where they can lead us in the future.For some time, once you had your NFT, you could only do a limited number of things with it. You could trade it, perhaps. Use it in a game. It could also gather digital dust sitting in your wallet to be sold later.
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