The World Intellectual Property Organization (WIPO) and European Union are exploring a new idea around using NFTs to protect intellectual rights and prevent counterfeiting.
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Although valuations in the NFT market have fallen, it seems that it has given way to an exploration of other use cases.
'Flatlining' may not be the order of the day, but there are certainly some significant developments in the NFT market.
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Most NFTs function right now as digital collectibles, traded on marketplaces like the ever-popular OpenSea.
The site saw $3.4 billion in trading volume in August, 10 times the trade volume in July.
As August comes to a close, Metaplex, a Solana NFT platform, announced it surpassed $1 billion in direct NFT sales after one year.
Quadrata launched Web3 passports on the ethereum network, handing out non-transferable NFTs after AML checks.
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BAYC has 10% of the total market cap of NFTs, this project has been at the center of the conversations about copycats.
One of the world's biggest payment processors, Visa made a clear statement: like credit cards and online banking before, NFTs and blockchain are the waves of the future.