NFTs started primarily for digital assets, but are quickly expanding to ALL assets. and valuables. In many ways, NFTs are better suited for what we refer to as “real assets” like physical items, intellectual property, services and rights because both are unique or finite. Whereas digital assets like a picture or a song file can be copied infinitely, a house, a car, a membership, a guitar lesson or a unit of your time can’t.
Making an NFT for your assets and valuables open up the possible things you can do with them, which instantly increases their value. Gold, for example, has value in and of itself but having additional usage in manufacturing makes it even more valuable. Also, NFTs can open up the realm of things that can be valued.
Instead of replacing anything that you can currently do with your asset, think of an NFT as enabling everything you can do with only some assets to all your assets. You can get the price history of your home, but not your car. You get a title for your car but not your lawnmower. You get a receipt when you bought your lawnmower from a store but not from a friend. You can rent a lawnmower but not a trophy. You can auction off a trophy but not characters in a book you wrote. You can make royalties from those characters but not the house you built.
When you create an NFT for any asset, you enable all of these functions, instantly! We’re not talking about unlocking the potential in some distant future. The infrastructure that exists for NFTs right now (i.e. the standards, smart contracts, blockchains and marketplaces) allow you to enable these things for any asset in the next 15 minutes if you really wanted (go here for details).