NFTs or non-replaceable tokens have become the new attraction in the cryptocurrency and Metaverse industry. People are already excited about it. It has the potential for good returns for early investors. But beyond its value, people are confused about its real uses and implementations. So in this article we will help you understand some possible use cases for NFT and show some examples of where they are already being used.Use scenarios for NFT1. NFT identification cards and documents
We all carry ID cards with us every day. There are apps for storing documents and IDs, but there is always a security issue. With NFTs, your documents are stored in the blockchain that no one but you can access. And it’s nearly impossible for anyone else to manipulate or steal your data. It will also help reduce false and fake IDs.
This system is starting to gain momentum. For example, on December 28, 2021. Our Prime Minister launched blockchain-based Digital Degrees at the 54th Convocation Ceremony of IIT Kanpur. These degrees are verified and issued globally on an in-house blockchain-based system that is part of the National Blockchain project.
Another good application is NFT based vaccine passports issued by the Republic of San Marino for those who have been vaccinated.2. Game and Sports Collectibles
Gaming has a huge market for NFTs. We know you can buy skins and camos in games. But imagine how nice it would be if you could take those skins with you to other games you play? Or if you could rent out your skins to someone for 30 days and even sell them? This is the future NFTs can help achieve.
One of the largest blockchain based games Axie Infinity allows you to buy NFT creatures and items to use in the game or sell these creatures in exchange for cryptocurrency.
The sports industry is a huge market. Sports collectibles such as tickets, hats, balls and other valuable items are kept or sold at huge margins. NFTs can be used as digital tokens to sell game highlights and iconic moments. You can own the NFT of the winning highlight of a match. And the value of such items increases over time depending on the fan base.
Recently, the art of Cricketer Dinesh Karthik’s victory in the India vs Bangladesh match was sold at auction as an NFT. The NFT had a voice-over from the player himself. The auction was held on rarible.com and the winning bidder also won a signed jersey.
NBA and WNBA are selling Top Shot Moments tokens. These are digital collectible tokens of popular highlights in the game, such as a video of a player taking a winning trick. These NFTs are sold on the NBA Top Shot platform.3. Domain name NFT
With standard domain names, there is always a concern about renewal fees, censorship and security. NFT domains are unique one-time purchase items. There are customizable and can be easily sold or traded. You own it completely and do not have to pay any costs for the renewal of the domain name. You can add it to your crypto wallet address and access any Web 3.0 website or service with it.
NFTs, make sure that only you have access to that unique domain name and that it is not transferred to anyone else. Unstoppable Domain is a platform where you can buy customizable domain names and extensions like NFT.
Related Article: Unstoppable Domains: Buying Domain NFT and Features4. Digital Artwork
NFT-based artworks already have wide appeal. They are unique and help provide exposure for digital artists to sell their artworks to potential clients. Many digital art projects have seen a monumental rise since their launch as NFTs. These works of art have a title deed associated with their current owner and they can be easily traded or sold on the blockchain.
People question the exact logic behind buying digital artworks as NFTs. You can just hit save and own them, right? As the blockchain system progresses, we will see the benefits of owning an NFT rather than copying it more and more.
The greatest example of art like NFT is artist Beeple’s library. His artworks sold for $69 million. There are also several art projects hosted on NFT marketplaces such as OpenSea.
Also read: How to Make and Sell Your Own NFT in 3 Easy Steps5. NFT Messages and Tweets
We discussed that NFT can be used to symbolize collectibles. So why not tweets and posts. Twitter and Facebook have become the hub for people to announce, share and interact with their audiences, so NFT Tweets is just the next step in turning those tweets into collectibles. Tweets from celebrities, announcements from brands or world leaders have the same meaning in the digital world as a physical collector’s item.
Jack Dorsey, the founder of Twitter, sold his first tweet $69 million to a Malaysian businessman and then donated the amount. v.cent.co is a platform where you can buy or sell tweets as NFT.To block
These were some of the best use cases of NFT to date. We will see more options and applications as blockchain systems adoption grows. This was our list of 5 use cases of NFT and we hope we were able to clear up the confusion surrounding it. Check out some of the examples mentioned in this article if any of them interest you.
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