Futuristic Use-Cases of NFTs That Can Revolutionize The Web 3.0 Era
By the beginning of 2021, demand for cryptocurrency surged and the market cap of the whole industry rose to $2 Trillion. After that, a digital asset class was created alongside, known as NFT (Non-Fungible Tokens), which recorded a $3.4B transaction volume on Ethereum in August.
They have proven to be a powerful technology that enables users to create a digital identity without any central authority. Like cryptocurrency, they also rely on Blockchain Technology. While there are many cryptocurrencies such as Ethereum, Bitcoin, and NFT is a unique entities.
Thus they are also a certificate of authenticity which are primarily used for digital artworks. Still, on another side, their use-cases are rapidly evolving because ownership and authenticity are required in each sector. Hence, given below are some alternative applications of NFT.
Alternative Use-cases of NFTs
Restaurants Based NFTs
Nfts can come in handy for restaurants, for instance, Gary Vaynerchuk is making it possible for tastebuds to further participate. He is working on building a restaurant where ownership of NFT will be required. The NFT will allow access to the restaurant and to a private lounge as well.
Location-Based NFTs
Location-based NFTs have proven to be a lucrative benefit for both the attendees and the location. Recently, at Los Angeles-based NFT gallery visitors were given access to mint a CryptoVenetian NFT and perks such as exclusive benefits and access to drops.
Real Estate
Other than virtual real estate, physical real estate can also be collaborated via Nfts and encourage a new frontier for property ownership. In conventional real estate, property transfer is an intensive task. However, connecting NFT with physical real estate can make the process more efficient.
Sports
Sports-based NFTs such as NBA Top Shots, which is a platform where users can get NFTs of officially high licensed video highlights. For instance, the most expensive Top Shot was a clip of a LeBron James highlight where he emulates a famous Kobe Bryant dunk. Similarly, users also get the functionality to collect NFT-based autographs of their favorite players.
Clothing
Nfts-based clothing has also made entry into the apparel space. For example, Uniswap Socks are NFTs on the Ethereum Blockchain that can be traded and collected like normal NFts and can also be redeemed as an exchange for a real pair.
Final Thoughts
To conclude, NFTs have a lot of potential and in this article, we have concluded that there are a lot of use-cases for NFTs apart from digital artwork.
