TOP 5 NFT Utilities in 2022 (Check If You Know Them All)

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Ari10

6 min readOct 9, 2022

GM, Crypto Geckos! 🦎

NFTs are developing at a fast pace. The niche of non-fungible tokens is now worth $11.3B and is expected to grow to $231B by the end of 2030 🚀

Currently, we are after the first speculative bubble (which happened in November 2021). And it does not mean that the NFTs are over. There are constantly new NFT utilities created.

Today, we would like to show you the top 5 ways how NFTs can be used in real life. You’ll be able to find something worthwhile, regardless of whether you’re a crypto enthusiast, an entrepreneur, or an investor.

Let’s dive deeper into the rabbit hole 🐇🕳

(1) NFTs as Art

One of the most apparent NFT utilities is the art.

“But it’s so obvious …. And today, anything can be art”.

Of course. But look: the definition of art goods has been changing over time.

We live in the era of technology, where painting or sculpture is not the only example of art. Society now has digital designs that enable the creation of outstanding visuals.

In case you missed: Christie’s, an auction house that sold Beeple NFT for $69M, has established an on-chain platform for NFT auctions.

Christie’s is one of the most recognizable such companies in the world. And they launched a website where you can bid in ETH during the auctions 🚩

Additionally, they present a pretty interesting approach to digital art: to meet the objections of NFT sceptics, they show the 4k screens where you can display your NFTs! 🖼

Such a move brings us to a new dimension of art.

You no longer have to transport the painting. You can transport it via Ledger Wallet in your pocket.
You don’t even have to worry about authenticity because the proof is on the blockchain.

(2) NFT As The Mean of Data Transfer

The next utility has nothing to do with art or speculation.

In this case, the NFT is just a data-transfer tool.

One of the best case studies can be the cooperation of Mercedes-Benz and Polygon (the Ethereum scaling solution) 💜

Together, they launched a data platform called Acentrik.

Acentrik’s collaboration with Ocean Protocol began in 2020, with a proof of concept exploring decentralized data orchestration for Mercedes-Benz. The pilot project was successful and this led to further collaboration and development of Acentrik Version 1.0.

What we can know from their press release is that Acentrik targets business clients (including Know Your Business and broad access controls).

As part of their cooperation, the shared data is not stored on the blockchain. The NFT represents each dataset while a hash of metadata is stored with it. All the transactions are running on the Polygon network ⛓

(3) NFT As Commodity

The third utility is the NFT as the commodity (“A commodity includes all goods and articles, services, rights, and interests which are the subject of a contract for future delivery or provision”).

Such a concept is still evolving, but recently it was broadly discussed by Congress in the US.

What do we know for now? 🤔

The NFT token can be a replacement for the futures contract.
The futures contract must include the purchase/sell of the commodity at a particular price, with fulfilment affected by physical delivery. Additionally, it must be liquidated before the delivery date and must be traded by the firms registered with CFTC.
NFTs could ultimately be a forward, future, or swap replacement.
It will make the whole process of managing the futures contract much faster, effortless, and more efficient.

However, if we want the NFTs to be considered commodities, we need regulations from the CEA (Council of Economic Advisers).

(4) NFT vs The market of Fake items

The counterfeit goods market is worth over $450B in 2022. As a result, companies worldwide are losing billions of dollars fighting with the sellers of forged products 😔

However, NFTs can be used to identify the originality of an item.

For example, let’s say that the clothing company produces a collection of 10 000 hoodies. It’s super-limited, and you cannot buy the collection in any store. You need to be on a whitelist. It’s obvious that soon after the sale of the hoodies, fake items will start to appear over the internet 🌐

But guess what: if the clothing company gives their users an NFT (along with the product), nobody could even fake the collection. It’s so easy. We know the total supply and the IDs of tokens.

Each hoodie has its own ID, connected with the NFTs’ ID. If they do not match, you know that the hoodie is fake!

A huge advantage of blockchain is you can issue non-fungible tokens that will prove the authenticity of an item (before, there was no technology allowing such thing) 🚀

So people were, for example, doing legit checks and checking wash-tags of hoodies, but you could never be 100% sure the hoodie, suit or shoes are original. With NFTs, you are 100% certain.

(5) NFT As Social Ticket

And last but not least: the NFT as a social ticket. In this case, the NFT has completely changed the game of networking, getting connections and accessing verified community members.

When it comes to traditional networking, what does it look like? You need to have a lot of discussions, and after, let’s say, 50 talks at the event, only 5 or 7 are valuable. So networking without NFT is more like a guessing game and low probability of having a great conversation 🙃

Today, we have communities gathered around strict topics (example: Bored Ape Yacht Club). People say “Ha Ha, monkeys for 80 ETH” 🐵

But you know what? At some point in your career, you need to know people who will help you push the company forward. So by having a BAYC and meeting other BAYC holders in real life, you can do networking with the most prominent entrepreneurs in the crypto space just because you own an Ape and you are from the same “fam”.

Bottom Line and… Ari10’s New Collaboration📝

Thanks for your time!

As you see, the NFT industry is growing rapidly, especially the NFTs-as — social-tickets. In Poland, where the Ari10 comes from, the NFT collection called ThePolacy is achieving wide popularity 🇵🇱

Besides the meme & fun layer, there is a business part as well. There are over 50 CEOs of Polish blockchain projects among the ThePolacy holders. Plus, there are also events organized where you can meet the Polish crypto community and get connections.

And in case you missed it: we are working on a pilot program to enable NFT purchases with cash in more than 130 stationary exchange offices. Initially, ThePolacy NFT collection will be available for the purchase. After that, we will probably expand to other collections.

If you want to win your first NFT, check this post on our Twitter, complete 5 easy tasks and try your luck.

PS. Follow us on socials to stay up to date!