What are some of the use cases for NFT?

NFT Use Cases

1. Gaming

One of the main application scenarios of NFT is gaming. Based on blockchain technology, NFT is able to record players' in-game status and achievements, and keep a list of in-game acquired items, such as weapons, power-ups, vehicles, characters, etc. NFT is able to ensure the seamless transfer of records that are not subject to tampering, and guarantees the verification of ownership and authenticity of game items. Also, game items can be engineered for cross-game use or made to have some exchange value! The problem with traditional games is that they do not allow these items to be transferred, and very few games allow trading or selling of collected items.NFT provides a solution to this problem. Allow in-game assets to be transferred to other games.

Use cases: Cryptopunks, CryptoKitties, Gods Unchained, Axie Infinity, My Crypto Heroes, Ethermon, Blockchain Cuties, Cryptopick

CryptopunksCryptoKittiesGods UnchainedCryptopickAxie Infinity

2. Art/Digital Art

Another use case for NFT that is growing in popularity is art/digital art. In this form, artists can own the copyright to their artwork, and buyers can ensure that the artwork they are buying is authentic and authoritative, and not pirated and faked. Blockchain can solve the problem of proof of ownership. Artists no longer have to rely on a third party to get protection for their work, eliminating the medium of a middleman and ensuring more revenue for the artist. Tokenization of digital art gains new momentum: it becomes easier to create, trade, and receive royalties from NFT.

Use cases: NFTCN, opensea

NFTCN

3. Music

The NFT market promises to open up the world of virtual collectibles to music fans. In K-pop, many fans have already embraced NFT collectibles as a format - with independently released albums highly sought after. Musicians can create digital merchandise for sale without the need for large platforms like Fortnite. Musicians can decide how many versions of their work they want to make available in perpetuity before it hits the market, and the NFT platform not only generates sales volume for musicians, but also better revenue than music platforms like Spotify and iTunes.

Casting NFT music in Mintbase

Use cases: Rocki, Rarible, Mintbase

4. Virtual assets/virtual worlds

Another use case for NFT is the creation of virtual worlds.Decentraland, The Sandbox, Decentralized virtual reality platforms such as Cryptovoxels allow users to create, own, and tokenize virtual lands and other in-game NFT items. the LAND in Decentraland is owned by the community in perpetuity and gives players complete control over their creations and virtual assets.

Use Cases: The Sandbox, Somnium Space, Decentraland, Upland, Cryptovoxels, Axie Infinity

The Sandbox

Somnium Space

Decentraland

5. Domain Names

NFT is the real missing link in the process of connecting online and offline objects, and in the future, NFT will not only change art, but also business, finance, society and culture. For both art and intellectual property, uncensored NFT is an invaluable asset and a platform for growth. As Jehan Chu says, "From decentralized NFT galleries to branded NFT subdomains that can be rented or sold (such as art.nft and crypto.nft, etc.), the possibilities for NFT domain names are endless."

Use Case: Ethereum Name Service, Unstoppable Domains

6. Personal Time/Skills

Another use case for NFT is to monetize a person's time or skills as compensation for engaging in a task as well as for giving their time, and the platform allows them to issue tokenized proof of ownership. For example, users can issue NFTs in a variety of forms, including freelance work, podcasts, events big and small, videos, newsletters, artwork, charity, and more.

Use Case: The Microsponsors Marketplace

7. Event Tickets

Currently, ticket counterfeiting and mass hoarding is a major problem that needs to be addressed. the immutability of NFT's records on a distributed ledger allows tickets to be independently verified and authenticated on the blockchain, avoiding cheating methods. methods. Additionally, to prevent mass hoarding, ticket purchases can be tied to specific blockchain-based identities to enable sales restrictions.

Use cases: Mintbase, DigiTix

8. Sports

The sports industry is in dire need of a solution for counterfeit tickets and merchandise, and blockchain is providing the solution. The immutability of blockchain technology prevents counterfeit tickets and imitation collectibles, and tokenized sporting events issued and offered on the blockchain are a perfect use case for NFT.

Use cases: Sorare, NFT Top Shot, F1 Delta Time

Sorare

9. Fashion

NFTs related to the fashion industry can also be put to use in launching projects on the ethereum blockchain network. More and more NFT projects are now working with fashion designers around the world to provide them with intellectual property protection. Artists receive more royalties every time someone buys one of their products, and NFT projects also organize product auctions to engage users. More and more tools and technologies will be available to allow designers and developers to collaborate on virtual clothing materials, patterns and interoperable games and VR fashion assets.

Use Case: DIGITALAX

10. Entertainment Industry

Piracy, copyright infringement, and plagiarism are major challenges for the media and entertainment industry, and NFT can leverage blockchain technology to prevent fraud and eliminate plagiarism of ideas and creative works.

Use Case: Blockchain App Factory

11. Real Assets and Documentation

NFT can tokenize real-world assets such as real estate, stocks, or documents such as qualifications, licenses, medical records, birth and death certificates. Take real estate, for example. The traditional real estate industry is cumbersome in recording all the paperwork for land ownership and property registration. And NFT can digitize the entire process. Real estate can be tokenized on the blockchain network into tradable tokens that can be easily exchanged in the secondary market. This eliminates the need for middlemen such as brokers, banks, agents and lawyers, and NFT prevents disputes between buyers and sellers over ownership of the property. As in the virtual marketplace Decentraland, NFTs can represent parcels of land in various regions. Users can monetize real estate by renting it out to other co-players or through advertising.

Use cases: Crypto Stamps, Blockchain App Factory

12. Authentication

NFTs can be used for authentication, enabling a complete record of a user's information while enhancing network privacy. Non-homogenized tokens contain identity information recorded in their smart contracts. Smart contracts are contracts written in computer code on cryptocurrency platforms such as Ether. When certain conditions are met, the contract performs a series of tasks required by the contract.NFTs can also interact with other smart contracts without human intervention. Thanks to this, driver's licenses, passports, birth certificates, etc. could all have a provable NFT. NFTs could allow us to ultimately own both digital and physical goods, give artists more control over their creations, reduce the amount of control companies have over their users, and increase the amount of control users have over their own identities.

Use cases: Decentraland, CryptoKitties, Blockchain App Factory

13. Insurance

Benefiting from the boom in DeFi, insurance policies can also be tokenized in the form of NFTs and traded on the NFT trading platform. Tokenized policies act as a unique NFT that can be transferred, bought and sold, and in some cases, gained. Compared to the mountains of red tape in traditional insurance, today it is much more efficient for users to simply fill in the items and amounts of crypto assets they need to cover to obtain a policy.

Use cases: yInsure, iearnfinance

The future of NFT

The possibilities and potential of NFT are limitless, and record sales are helping to push the technology even further.NFT opens up a whole new avenue for blockchain technology. By recreating physical assets in the digital world, NFT has the potential to become an important part of the blockchain ecosystem and the broader economy, with a wide range of use cases and many developers working tirelessly to deliver exciting new projects.