Before the talk yesterday, I really thought that NFTs were just pieces of art that were sold on the internet and served little to no practical purpose. Now I understand the bigger picture and the concept of NFTs as a currency and driving factor for a crypto economy. As a marketing major, the concept of NFTs is super intriguing as a lot of companies and brands are using them in order to drive up sales and brand awareness. Specifically with the trend where only people who own a specific NFT can get early access to a new product release or exclusive access to something. The sense of urgency to interact with and purchase these NFTs is wildly increased, and the second hand resale market also increases in activity driving up the worth and sales for the brand. The economic cycle is rapidly churning as new NFTs are released by popular brands. Their involvement is also helping expand crypto and this land of new technology.
In terms of taking over society, I think that our scale of value on things is going to change, but not so much the way that government, society, etc. works. I think that material goods will not represent status as much as they do now; like the example used in the talk about Supreme and how those products are only available to a select few. It is a concept and declaration of status to own a Supreme sweatshirt. Now, owning a certain NFT will be a representation of how well off someone is and used as "bragging rights." I think we will reach this point in the next 5 years.
