Non-fungible tokens (NFTs) may be referred to as ‘the queen’ of the digital world. This is because they have taken control of the digital and art world. The development of the NFTs is considered a new revolution in the tech world, especially in art. Some may ask why. The answer is simple. The non-fungible tokens disturb the artwork around the world due to the authentication of the original work they provide. Henceforth, this rapidly affects how artists show their art throughout exhibitions and galleries.
The NFTs bloom happened when the artist Mike Winkelmann managed to sell a digital art piece for $69.3 million at a Christie’s Online Auction. Similarly, so did Yuga Labs’ Bored Ape Yacht Club (BAYC). It sold more than $1 billion in total sales thanks to its collection of 10,000 Bored Apes.
The key drivers of these large NFT sales have been the utility and community supported by blockchain technology. The massive adoption of NFTs by the community affects people’s current lifestyle and the way they interact. As a result, this market could experience tremendous growth soon, resulting in a transformation of reality on a global scale.
Furthermore, the market is now ready for the large companies in the hotel industry to join in as well. An NFT drop named Last Hopium, including hotels like Ritz, Hilton, and Waldorf will deliver real-world incentives to their holders (HODLers).
The Massive Utilization of NFTs by Celebrities
Recently, many famous artists have joined the NFT space by launching their NFT collections. Worth mentioning are the cases of NBA Top Shot, which sold $500 million of NBA history chronicles, followed by Elon Musk, who purchased $1 million for his NFT song. Moreover, some of the brands joining NFTs are Formula One, which sells digital collectible vehicle components, and Taco Bell. All these examples have really driven the growth of the NFT space.
In depth-analysis, the influence of celebrities is a crucial role that impacts the rise of NFT sales. As we can see, because Elon Musk is a celebrity, he acquired $1 million. Likewise, the basketball video would be less worth it if the NBA was not the official sponsor of it. Although scarcity had a role, the missing element was utility. Nobody purchased these NFTs with a particular use in mind. Furthermore, these NFTs did not fulfill substantial use cases that would be of significant advantage to purchasers.
Despite this, the growth trend of digital art may now be used in several ways. In addition to scarcity and collectability, NFTs are being given the element of utility. Correspondingly, many teams are currently working to create useful NFTs with a wide range of practical applications. Last Hopium NFT by Habtoor is one of them. Initially, this was a collection of 10,000 NFTs. Each piece has real-world applications and works towards rewarding the NFT holders. As per the record, Habtoor hotels throughout the globe provide discounts and exclusive offers to Last Hopium NFT holders.
NFTs In The Hospitality Area
In simple words, NFTs are more than just JPEGs and digital art. Each day, NFTs have more utility in the real world. For example, projects like Last Hopium offer NFTs that provide investors direct and exclusive access to hotels like the Ritz, Hilton, and Waldorf.
Big brands and corporations are clearly growing more convenient with crypto and NFT. Lately, NFTs have been getting the attention they deserve. With additional crypto breakthroughs and improvements, we will see numerous utilities powered by NFT technology. Different ideas and initiatives are likely to arise in the future, resulting in more potential NFTs entering our lives.