The value of NFTs has grown to the point that it’s undeniable. Even kids have made millions of dollars minting and selling virtual artworks. However, the value of NFTs isn’t necessarily in the underlying art they represent, but in the utility of that art.
Real estate companies are minting NFTs to incentivise sales, chess tournament companies are minting them as trophies and memorabilia, and owners of these digital artworks are making money by renting them out for short-term access to exclusive content and events.
The fact is that while the underlying art associated with the NFT community is pleasing to the eye and valuable in and of itself, as the uses of NFTs continue to grow, the value of these uniquely identifiable tokens will grow as well.
Democrats Mint NFTs as Political Memorabilia
One of the most interesting articles I’ve read on the topic of NFTs discussed the fact that these aren’t just artworks, they’re a store of history, as is the case with any other art. However, traditional art painted on canvases, burnt into wood, or carved from stone, is relatively easy to destroy.
So, these traditional stories of history become more and more rare as time passes, with the few that are left from hundreds, or even thousands of years ago, being hard to come by.
NFTs help to solve that problem. These digital tokens can’t be damaged by fire, tornadoes, or even a hammer. Living as a digital asset, these pieces of art are indestructible for the most part, which makes them incredibly valuable when it comes to the storage of culture and history.
Recently a group of Democratic operatives made it clear that they see significant benefits in storing history through these digital tokens.
The group of Dems has decided to turn political memorabilia and photos into NFTs with the goal of raising money by minting and selling them.
News broke that a new group known as Front Row will be launching a political NFT marketplace with a caveat. Only Democratic campaigns will be allowed with the first NFTs for sale being digital collectibles from the Texas Democratic Party.
Why the News Is Important
For the most part, NFTs have been used in three key industries. Those include art, gaming, and entertainment. However, as I tend to say quite a bit, as the utility of this technology continues to grow, so too will its value.
And this is huge when it comes to utility.
Importantly, the facts below are simply facts about the NFTs and value of them. This is not a political post. I don’t care if you vote blue or red, as long as you vote and take part in the social construct this beautiful land represents!
With that said, Biden and his democratic cohorts have robust, expensive plans when it comes to the expansion of equality and opportunity. As a result, there’s tons of spending on both sides of the political coin taking part, and Democrats seem to be vying for economic superiority through the use of this new technology.
Not only can this be used on both sides of the aisle, it can be used in many other areas. The exciting news here isn’t that the Democratic party is raising funds with NFTs, it’s the fact that funds are being raised with NFTs for a cause in the first place.
Think of the implications:
- Charity. Imagine St. Jude Medical Center publishing NFTs of the children they help save and provide unique NFTs to their highest donors? Imagine the amount of children the non-profit would be able to help through the technology. The same goes for any non-profit organization; unique NFTs can be a major source of funding.
- Corporate Funding. Imagine you have an idea for the best technology known to man, but don’t have the money it takes to bring it to market. That problem can now be solved without the red tape of listing a research-stage company as a publicly traded company that sells stocks. NFTs can come with incentives that give investors a reason to dive in!
- Medical Innovation. Medical science has resulted in incredible therapeutics over the past few decades. This innovation will continue, but is expensive. Exclusive NFTs can be created to help alleviate some of that expense. Think about a company working on a cure for breast cancer. Breast cancer awareness NFTs could be used to provide the funding that the company needs to move forward.
- Education Funding. Young children that weren’t dealt the best economic hand now have the ability to create NFTs that could help fund their education.
The Bottom Line
The bottom line here is simple. The utility of NFTs is an untapped space. Every day, new uses for these unique digital tokens are coming to light, and with each one comes opportunity for early adopters and crypto enthusiasts.