NFTs or Irreplaceable tokens have become a new attraction in cryptocurrency and Metaverse industry. People are already excited about it. It has the potential for a good return for early investors. But other than its value, people are confused by its actual use and implementation. Therefore, in this article we will help you understand some potential cases of NFT use and show some examples where they are already used.
Use cases for NFT
1. NFT identification cards and documents
We all carry IDs every day. There are applications for storing documents and IDs, but there is always a security issue. WITH NFTs, your documents will be stored in a blockchain where no one but you can access them. And it’s almost impossible for anyone else to change or steal your data. It will also help reduce fake and counterfeit IDs.
This system is starting to gain momentum. For example, on December 28, 2021, our Prime Minister launched Blockchain-based digital diplomas at the ceremony of the 54th convocation of the IIT Kanpur. These diplomas are verified globally and issued on an internal 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 vaccinated.
2. Collectibles and sports items for games of chance
Gaming has a huge market for NFT. We know you can buy skins and masks in games. But imagine how fun it would be if you could transfer those skins to other games you play? Or when you could rent your skins to someone for 30 days and even sell them? This is the future in which NFT can help.
One of the biggest blockchain-based games Axie Infinity lets you buy NFT creatures and objects 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 high-value items are kept or sold at high margins. NFTs can be used as digital tokens to sell game highlights and cult moments. You can own the NFT winning climax of the match. And the value of such items increases over time depending on the fan base.
It’s been a while the art of winning cricketer Dinesh Karthik in the India-Bangladesh match it was sold at auction as NFT. NFT had the voice of the player himself. The auction was held on rarible.com, and the winner also won an autographed jersey.
The NBA and WNBA are for sale Tokens Top Shot Moments. These are digital collector tokens of popular highlights in the game like a video of a player giving a winning hit. These NFTs are sold on the NBA Top Shot platform.
3. NFT domain name
With standard domain names, there are always concerns about renewal fees, censorship, and security. NFT domains are unique one-time items. They are customizable and can be easily sold or traded. You have full ownership of it and do not have to pay any fees to renew your domain name. You can add it to your crypto wallet address and access it on any web 3.0 website or service.
NFT, ensure that only you have access to that unique domain name and do not pass it on to someone else. Unstoppable domain is a platform where you can buy customizable domain names and extensions like NFT.
Related article: Unstoppable Domains: Purchase an NFT domain and features
4. Digital artwork
NFT-based works of art already have a wide appeal. They are unique and help provide exposure to digital artists to sell their artwork to potential buyers. Many digital art projects have experienced a monumental rise since they were launched as NFT. These works of art have proof of ownership related to their current owner and can be easily traded or sold in a blockchain.
People doubt the exact logic of buying digital artwork like NFT. You can just click Save and own them, right? As the blockchain system progresses, we will see the benefits of owning NFT instead of copying it more and more.
The greatest example of art like NFT is the Beeple Library of Artists. His the artwork sold for $ 69 million. Several art projects are also taking place NFT markets like OpenSea.
5. NFT posts and tweets
We talked about the fact that NFT can be used to token collectibles. So why not tweets and posts. Twitter and Facebook have become a central stage for people to announce, share, and communicate with their audiences, so NFT Tweets are just the next step in turning those tweets into collectibles. Celebrity tweets, brand announcements 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 of $ 69 million to a Malaysian entrepreneur and then donated the amount. v.cent.co is a platform where you can buy or sell tweets like NFT.
These were some of the best cases of using NFT at the moment. We will see more options and uses as the adoption of the blockchain system grows. This was our list of 5 cases of NFT use and we hope we were able to clear up the confusion around them. See some of the examples mentioned in this article if you are interested in any of them.
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