According to Cryptocurrency, NFT is a technology to find new applications

Other NFT-related applications

Hai sees a fascinating NFT application in the real estate industry, rather than in the virtual world. NFT offers better "efficiency" in terms of time and accuracy in property and conveyancing, which provides "a lot of value". One technique for using NFT with attributes is to convert each building into an NFT. if the real estate network operated on the blockchain, houses, apartments and land could be bought and sold in minutes rather than months. In addition, ownership certification would be completely transparent and easy to regulate. However, Hai sees obstacles to achieving adoption of common crypto issues in real estate: regulation and traditional adoption. Hai says the main concern is "what might happen to the traditional industry" if NFT takes over the real estate market.

The traditional industry's rejection of technology is not a new concept. This is especially true in industries where the proportion of young talent in decision-making positions is low. Only 12 percent of partners in UK law firms are under the age of 35. The desire to adopt technology is not the only obstacle. Regulation is one of the key themes for 2022, and a number of presentations on the subject were held at PBWS last week. However, Hay believes that more communication, rather than legislation, is the key to progress in the NFT and blockchain world. According to her.

"Regulation is a one-way street, and it's not what we need. What we need is better communication, which is a two-way street. You make a rule that you don't understand, and then you start regulating. If you don't communicate, that will never work."