Co-founder at Upperkey. Passionate about property, tech and driving international business growth.
So far, the majority of NFTs appear to be fun works of art and fashionable alternatives to cryptocurrency investments. But as we understand more about how they work and what they can do, NFTs are beginning to infiltrate other facets of life too; even major brands are registering products on the blockchain and applying functions and special features in order to give buyers more bang for their buck.
So, just how does a digital piece of artwork or song do all that? Well, you can program your NFT—whatever it represents—to carry out automated functions through an inbuilt smart contract.
Okay, but nobody’s going to buy a house like that, are they? In a handful of successful transactions, they already have. The first real estate NFT was sold in 2017 and was recently re-auctioned