The gradual foray into the mainstream crypto world has accelerated rapidly this year. As interest in non-fungible tokens (NFTs) increased, so did the visibility of the rest of the space.
Right now, the two most important NFT use cases are collectible pods and NFT art. Due to these more stagnant use cases, NFTs are greeted with skepticism by some. In fact, a report even emerged of a journalist’s “nightmarish” process to obtain TVNs. Not to mention the exorbitant gas prices that some face during NFT transactions.
Nonetheless, the reviews do not seem to hinder more and more declines in NFT and the NFT-ization of different areas of people’s lives. As more practical use cases become visible and applicable to the general public, the point raised by skeptics becomes less relevant.
As we explore the myriad of use cases for NFTs, it’s important to understand why they’re valuable.
Before their development, it was difficult to create digital value for assets or things. The reason is that it is easy for anyone, even someone who has little knowledge of technology, to duplicate digital art, objects, music, etc. Copy, paste, download.
Enter NFTs and Change of Ownership Authentication.
The art world and the NFT
There is no better place to start than the art world. NFTs have created new ways of auctioning pieces, giving space to emerging creators and, in many cases, empowering artists in terms of copyright infringements.
The main area of ââsupport that NFTs provide to the art world is the authentication of the scarcity and ownership of digital works of art. Anyone can see or even copy authenticated works of art. However, when something has been NFT it is proven not to be an original.
At the start of the year, the reported net profits of NFT artwork stood at over $ 9 million for a single month.
Emerging artists and those with significant recognition have jumped on the NFT bandwagon. This includes Beeple artwork that sold for $ 69 million and Rick and Morty NFT artwork, which has garnered hundreds of thousands.
The NFT art craze has also encouraged some of the world’s most prominent galleries and auction houses to join the space. Recently, Sotheby’s announced its first NFT auction, which was even paid for in crypto.
This is a great example of how art, while not a practical use case, is still a bridge between the crypto space and mainstream consumers.
NFT for gamers
It’s no surprise that NFTs have a practical use case in the gaming world. Ever since the crypto space started to gain recognition, gaming has always been a way to observe its various use cases.
When it comes to NFTs, gamers are already familiar with digital assets and the value placed on things that aren’t always tangible. Additionally, gamers are pros at performing digital microtransactions in the given world they participate in.
In blockchain-based games, with the implementation of NFTs, players can actually own the digital items they own in the game.
It might still be a bit of a mind trip for those unfamiliar with owning digital assets in games, but it’s revolutionary for gamers and game developers.
Major partnerships have been formed to bridge the gap between crypto and the traditional gaming space, like the one between Atari and Enjin. They plan to create digital collectibles that players will have in their NFT vault as real possessions beyond the game. Minecraft, a popular digital universe game, has also adopted NFTs for the game. digital land ownership.
NFTs are shaking up the world of sport
The world of sports is another sector that has suffered the impact of the NFT wave. This industry is full of fans who are ready to jump on collectibles i.e. collecting and trading baseball cards as a hobby. NFTs can be seen as a new version of this in some cases.
One example is the NBA team, the Golden State Warriors, releasing NFT collectibles from their championship ring and ticket stubs. Red Bull and blockchain partner Tezos also intend to use NFTs to create an immersive experience for customers at the upcoming 2021 Grand Prix.
Beyond collectibles, a Mexican soccer team turned a 1% team stake into NFT. This example shows how NFTs can provide ownership benefits while overriding future obligations in which traditional owners participate.
Another facet of life that NFTs improve is ticket sales. This is essential in any field, be it sport, art or music. According to a CNBC report, at least 12% of people get ripped off when buying tickets of any kind.
NFTs are a great solution to ensure that this is no longer possible. Upcoming platforms like Carbon intend to use NFTs as tickets to their exclusive events and discussions for users in their ecosystem. It will be nearly impossible for those who do not hold Carbon’s native token to hold said passes.
This is very applicable to the aforementioned sports world. In fact, the Ukrainian football team Kiev Dynamo is planning to sell match tickets in the form of NFT for the coming season.
Music industry makes noise about NFTs
The music industry is yet another space, which has already seen the benefits of implementing NFT. Not only do NFTs solve concert ticketing issues, as in the examples mentioned earlier, but they also help prevent copyright and copyright violations that otherwise plague the industry.
Record label CEO Antz has created a platform where NFTs are fraud-resistant concert tickets, artist listings, and concert highlights. Independent artists such as the Kings of Leon plan to drop a the whole album to come as TVN. A popular thrash metal band, Megadeath has also created a token to control their product sales and connect with fans.
In addition, applications such as S! NG are looking for ways to use NFTs to help artists ensure the security of intellectual property. This app allows artists to immediately upload all thoughts, melodies, melodies, lyrics to the blockchain as NFT. Thus creating an immutable record for future copyright claims.
NFT IRL Assets
While so much NFT talk takes place in the digital space, there are examples of real and lesser-known use cases.
Real estate is a great example of how DTV can change the way we interact with real estate ownership. Recently, Michael Arrington, the founder of TechCrunch, put his property up for sale as NFT.
The Arrington company used for the sale, Propy, is a supporter of blockchain and crypto-based real estate efforts and commented on the NFT transaction:
ââ¦ This first proof of concept can absolutely change the paradigm of home ownership. And right now, we’re creating a new way to sell homes in the United States. “
In addition to the real estate space, physical objects such as luxury jewelry have also been symbolized by NFTs. An Indonesia-based company has created a token, In Bitcoin We Trust (IBWT), which entitles the owner to a physical diamond ring that can be redeemed through their platform.
Diamond sales as a whole have the potential to benefit from this technology. Authenticating ownership of such a valuable physical asset will make fraudulent resale difficult. Along with the attachment to physical objects, owning the NFT might be considered even more important to prove authenticatable property.
A bright future for the NFT
As the Internet of Things continues to expand, as our reality and virtual spaces become more accessible than physical spaces, the use cases for NFTs will multiply. The ways in which they are implemented in people’s lives now will be tiny compared to their future capabilities.
NFTs are phenomenal, both in their capabilities and in their invaluable role in making decentralized space a reality for the masses. The limit to their use seems to be limited only by the imagination of the creators.
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