Panel Discussion at TMRW Conference Dubai: NFT in 2023 should be about utility and not (only) collectability

In the upcoming year of 2023, non-fungible tokens (NFTs) will likely experience a transformation in focus from solely collectability to utility. Although NFTs have recently become popular as a means of owning unique digital assets, their potential applications extend far beyond collecting and trading.

The utilization of NFTs could revolutionize numerous industries by providing authentication of ownership, authenticity, and scarcity for digital assets. For instance, in the gaming industry, NFTs could be used to represent in-game assets such as weapons, skins, and characters. In the art industry, NFTs could be used to certify the ownership of digital artwork and ensure its authenticity.

Furthermore, NFTs can be employed for digital identity, allowing individuals to prove their identity and ownership of personal data without depending on centralized authorities. NFTs can also be employed for digital contracts, providing secure and immutable records of agreements.

As a result, NFTs have the potential to facilitate new business models and generate fresh opportunities in multiple sectors. By shifting the focus to utility, the complete potential of NFTs will be realized beyond their present usage as collectible digital assets.