NFTs are useful for a wide range of everyday payment/transaction purposes — but first, there needs to be more decentralization.
The rise of the nonfungible token (NFT) has been a sight to behold, with the market seemingly garnering an increased amount of mainstream traction with each passing day. To put things into perspective as to how big this space has actually become, conservative estimates suggest that the amount of money that has entered into this fast-evolving sector currently totals above $500 million.
Another way to gauge the impact that NFTs have had on the global economy is by looking at the diverse range of artists, celebrities, musicians — basically just about anyone, at this point — that have adopted this technology. For example, thrash metal pioneers Megadeth recently became one of the latest adopters of NFTs, allowing supporters to purchase unique collectibles that are officially endorsed by the band. This just goes to show how widespread the reach of this technology has become almost overnight.
Additionally, what makes NFTs so unique is the fact that they cannot be swapped for other tokens in a mutually interchangeable fashion. This is contrary to both how most fiat assets work — i.e., a U.S. dollar can be swapped for a variety of goods — as well as how most cryptocurrencies, like Bitcoin (BTC) and Ether (ETH), function.
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