Feb 21, 2024

CoinDesk's Jennifer Sanasie discusses a potential comeback for NFTs (non-fungible token) in 2024 and different use cases for the tokens such as dynamic NFTs, NFTs that offer direct value creation, and NFTs for event tickets.

Video transcript

Will NFTS make a comeback in 2024. You're watching this special NFT edition of Coin Desk Daily. I'm your host, Jen Sasi. Analysts and market watchers say NFTS aren't dead. But the next wave of successful NFT products will likely look different than what's been deemed successful in the past. Here are three use cases to watch. In 2024. Dynamic NFTS are described as an iteration of NFTS as we know them today, except these NFTS react to external data and systems and evolve. When something happens, chain link gives an example in an article about dynamic NFTS, imagine having a limited edition digital soccer card. Then when that soccer player scores a hat trick, your NFT upgrades to feature the latest player stats. Next NFTS that offer direct value creation rather than speculation. We've already seen experiments with mass market nfts as digital collectibles from the likes of Nike Reddit and Starbucks. If these are any indication of how brands might incorporate nfts into their strategies in the future, we can expect NFTS to be mass produced affordable and targeted at a broad consumer market. In many cases, consumers might not even know about the underlying crypto rails and NFTS for event tickets, Ticketmaster has experimented with NFTS tied to tickets on the flow Blockchain. Nfts could start to solve challenges in ticketing like scams or predatory secondary sales. As ticket authenticity is verifiable on blockchains. NFTS could also serve as an alternative method of fan engagement and loyalty by allowing NFT holders access to perks, rewards and future events. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.

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