Beyond Collectibles: NFTs Real-World Use Cases You Shouldn’t Ignore
NFTs: The Next Disruptive Technology?
Recent years have witnessed an upsurge in significance in NFTs. They are distinct digital assets that have altered our perceptions of ownership, authentication, and value in the digital world. As a result, they are game changers in so many industries. This innovative NFT uses in various industries, including the following.
Game-Changing NFT Applications in Real Estate & Property Management
Real estate and property management have been ripe for disruption for some time. NFTs might be the key to unlocking new opportunities. NFTs can represent real estate and property ownership digitally. Thereby, this can revolutionize how people buy and sell real estate, especially for international buyers who face barriers such as language and currency.
NFTs can take this a step further by enabling the tokenization of real estate assets. Investors can buy a fraction of a property, making it easily available to a wider audience.
NFTs in Journalism: Revolutionizing Digital Media Ownership
The rise of the internet has disrupted the media industry, and now NFTs are poised to revolutionize it again. NFTs can represent ownership of digital media such as articles, photos, and videos.
The New York Times recently sold an NFT of one of its articles for over $500,000. So, it confirms there is a demand for ownership of digital media. NFTs can also help fake combat news by providing a way to verify the authenticity of articles and photos.
NFTs in Gaming: Unlocking New Opportunities For Gamers and Developers
The gaming industry has been at the forefront of digital innovation for years, and NFTs are no exception. NFTs can represent in-game items, characters, and even entire games. Such a benefit enables gamers to own and earn money from their digital assets.
According to Hsuan Lee, the co-founder of Blocto, NFT gaming has attracted notable players such as Sony, Polygon, and Yuga Labs, with NFT marketplaces already witnessing a daily trading volume exceeding $700 million.
NFTs For Good: Raising War Funds & Supporting Social Causes
NFTs can also be used for social good. They help raise funds for charitable causes or support social movements.
In March 2021, an NFT of a digital artwork sold for over $69 million, with the proceeds going to charity.
Ukraine’s Ministry of Digital Transformation launched the MetaHistory NFT museum in March 2022 to chronicle the ongoing conflict with Russia. The museum features NFTs of tweets from Ukrainian artists, documenting the war and raising funds to restore cultural heritage sites impacted by the conflict.
NFTs support the creation of a valuable record of the war while simultaneously supporting a worthy cause.
Preserving Cultural Heritage: How Are NFTs Revolutionizing the Art World?
The art world has slowly embraced digital technology, but NFTs are changing that. They can help artists monetize their work and reach a wider audience. Also, they can help preserve cultural heritage by digitizing artwork and making it accessible to more people.
The Indonesian Ministry of Tourism and the Vatican utilize NFTs for preserving cultural heritage and promoting virtual tourism. Quantum Temple and Sensorium are among the companies collaborating to tokenize tangible and intangible aspects of Indonesia’s heritage and open an NFT art gallery for the Vatican’s collections in the metaverse, respectively.
Transforming Experiences: NFTs in Virtual Reality and Tourism
NFTs can also enhance Virtual Reality experiences and tourism. They can represent ownership of the virtual real estate and other digital assets used in virtual reality experiences. The latter enables people to create and monetize virtual worlds in new ways.
According to Statista, the virtual and augmented reality market is expected to reach over $200 billion by 2022. Also, some notable brands like Starbucks and the Australian Open are embracing NFTs.
Starbucks released “Journey Stamps,” its first NFT collection created with Forum3, representing customer experiences like trying a new drink or visiting a new location. The cafe chain sold 2,000 NFTs for $100 every 20 minutes after release.
The Australian Open, on the other hand, minted AO Art Ball NFTs linked to live match data, allowing fans to own a specific moment during the tournament. The one above was the first grand slam event to enter the metaverse.
Token-Gated Access: How Are NFTs Redefining Membership and Loyalty Programs?
NFTs can also redefine membership and loyalty programs. They can represent ownership of memberships and loyalty rewards, enabling people to access exclusive content and experiences. This can create new business opportunities to engage customers and create more personalized experiences. Here are brands already ahead of them,
- Nike launched the “Swoosh” NFT marketplace for virtual products.
- Ticketmaster enables NFTs linked to tickets on the Flow blockchain.
- Spotify pilots NFT playlists for select users.
- California’s DMV tests e-titles stored as NFTs on a private Tezos blockchain fork to reduce documentation.
Invest Today & Make Yours a Billion Dollar Business!
The emergence of major players like Nike, Ticketmaster, Spotify, and Starbucks entering the NFT space signifies a growing interest in NFTs from traditional industries and institutions. These companies are investing resources into NFTs, indicating a potential shift towards mainstream adoption and that NFTs may become a more significant part of the business landscape.
These indicators of a thriving NFT business ecosystem make now an attractive time to invest in NFTs!
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