NFTs & Digital Art - Match Made In Heaven
NFT stands for Non-Fungible Token. Fungible Tokens like Bitcoin or Ethereum can be exchanged with equal units of Bitcoin or Ethereum. NFTs on the other hand cannot be exchanged with each other since they are unique and one NFT can belong to one address on the blockchain. For example, NFTs can represent digital or real-life assets like artwork, collectible cards, and domain names.
There has been a growing interest in NFTs, especially in the Digital Art Sector. The NFT Art boom is so loud, one might wonder - is it really worth it? We know Art is subjective and not everyone has an appetite for buying or owning pixeled images of a random character with 2 or 3 colors. But still, is it really worth it?
Some people have been making a shit ton of money by selling and buying and reselling NFTs. So it's worth something and I am sure many underrated artists are getting the recognition and the rewards they deserve. They can earn a decent amount of Passive income via Royalties which means every time someone buys the NFT, the original artist gets a pre-decided %age cut. Isn't it cool and totally worth it? In this blog, I am going one step ahead and present 7 use cases of NFTs beyond Digital Art.
Use Cases of NFTs Beyond Art
Obviously, there's more to NFTs beyond art. They can be used in business and day-to-day activities. Let's find out:
- Play-2-Earn Gaming: This one is so obvious because Blockchain gaming is so hot right now. Even though gaming is closely related to art, we can call it a source of entertainment and income at the same time. Games like Axie Infinity and Splinterlands are helping players buy or earn Digital assets which have utility inside the game or they can be traded on the marketplaces for
- Licenses and Certifications: There is a huge ongoing problem of Fake Licenses and Certifications especially in developing countries. NFTs can solve that problem since they provide provides the ownership details stored on the blockchain. No need to waste time on verification or managing the physical copies which can be stolen or damaged easily.
- Sports: Do you remember collecting trading cards of your favorite sports personalities? I used to collect cards of all of my favorite crickets. Thanks to NFTs, it has become much easier now. Just imagine, match tickets being sold as an NFT which you can keep with yourself forever as a souvenir. It will also resolve the issue of counterfeiting of the tickets. NFTs have also given an extra source of income to sports celebrities and fans can now support their favorite ones by buying or trading the collectibles.
- Supply Chain: With NFTs, we can easily track products (origin & destination), provide proof of their authenticity & quality. It will be impossible for anyone to tamper with the data stored on the blockchain associated with a particular NFT. This can help solve the problem of counterfeiting of various products across the supply chain.
- Real Estate: Real Estate documents like ownership deed and other agreements can be turned into NFTs to avoid confusion and conflicts without the need of a middleman. Physical land can also be represented by a single or more NFTS. In the case of fractional ownership of a property, NFTs can come in handy for both the buyer and the seller.
- Domain Names: NFTs can also represent domain names. For example, Unstoppable domains and Ethereum name service provide crypto-related domain names which can be used as the wallet address. Since all addresses are unique, there can be only one owner of a particular NFT. Just imagine if you own a domain name NFT that is rare and popular. You can sell it for a fortune!
- Music Industry: With NFTs, musicians can not only sell their music but can also share the rights with other people who would like to use the music in their videos or ad or any other project. The original creator would not lose the copyright to their music & they can provide usage rights to others.
As the technology develops, we will see more use-cases of NFTs since there is still so much room for innovation. I hope you guys liked this list. If you know about any other use-case that is not mentioned above, please feel free to comment below!
Not financial advice. For infotainment purposes only.
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