How are NFTs emerging as a future tech?
The Non-Fungible Tokens we use right now are the primary stage which is getting updates on their features one by one. Many new NFT minting standards are coming out, and top NFT marketplace platforms are working on adopting them as well. With this, there are also other updates that are making NFTs powerful, bringing a lot of new features. Today NFT rentals, an update on primary NFTs, are in use on various NFT gaming marketplaces. What are the other features that will make the future of NFTs better and help this digital world advance one step closer to the future? Here is a short insight on the future of Non-Fungible Tokens.
NFT 2.0- the future NFTs
NFT standards like ERC 4907 and ERC 2615 are the Rental and Mortgage standards. NFT minted on these standards are open for rentals and mortgages. That is, the owners can rent them out for a while or leverage them for money. The agreement will be set for a particular time period, and once the period expires, the NFTs will go back to the owners automatically. From buy or sell NFTs to mortgaging or renting NFTs, NFTs are moving one step forward to the future.
Another important update that will reach the market soon will be Soul Bound Tokens. Unlike NFTs, SBTs will give definite ownership of a digital file that can never be traded to anyone.
Fugiblity for Non-Fungible Tokens is also made possible. That is nothing but the co-ownership of an NFT. The concept of Dynamic or living NFTs is also surfacing and making the headlines in the market.
Unlike static NFTs we have today, dynamic or living NFTs can change their features or metadata characteristics. This will happen over time and based on the real-time data collected. NFTs can be interlinked and nested, and they can even interact with other NFTs.
Outlook
NFTs are getting better every day. With lots of innovations coming around and lots of popular brands trying to build their own NFT trading platforms, NFTs will be the future. The end of 2022 will bring a lot of changes in the blockchain and NFT market we’ll have to wait to see how well these updates will function.
