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In 2021, NFTs were the “talk of the town” and had gained a lot of attention. Beyond the hype of NFT in the art sector, use cases across various sectors, including the financial industry, are emerging as NFT increases in maturity. NFT stands for non-fungible token and is often described as a blockchain-based asset that can be used to represent ownership of unique items. As such, it presents the same intrinsic characteristics of blockchain technology (immutable, decentralized, traceable, transparent, and near real-time). But, NFT brings also its own set of characteristics, such as non-fungibility, uniqueness, scarcity, verifiability, and programmability. Currently, the NFT ecosystem is mostly dominated by emerging technology players and had a total market capitalization estimated at $2B USD as of August 2022, which is still relatively small compared to the total crypto market capitalization ($1,118B USD). However, as the technology continues to evolve, a growing number of non-crypto, “traditional players” in the financial sector (and beyond!) have shown interest, with some being directly involved and experimenting with NFTs. Learn more in this comprehensive, insightful and state-of-the-art document !
In an era of heightened digitalization and decreasing use of cash, NFTs can transform both how the financial industry operates and what it does and offers.
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Three key points of the report
1. NFTs are rapidly expanding
Currently, the most popular types of NFTs are those related to art. However, as the technology evolves, new types of products are emerging, including as a way to issue bonds, distribute dividends, creating real estate products,and for enabling the DeFi ecosystem.
2. Some prominent Use Cases
The number of NFT use cases explored to help address these pain points is growing, with the potential to improve this industry through verification of asset ownership, real- time transactions, fraud detection optimization and more. NFTs further have the potential to democratize certain classes of assets, products, or services.
3. Next Steps for Sound and Widespread Adoptions
While most of the NFT use cases are still in exploration, according to a new report from KPMG and HSBC, NFT is the most prominent industry sub-sector, with 25% of emerging giants in Asia Pacific identifying themselves as part of this sub-sector category.
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