The Hottest NFT Use Cases in 2023
The future of NFTs is looking brighter than ever before. Contrary to popular belief, non-fungible tokens are not just pictures on the blockchain. NFT collections have been focusing on utility for some time and we’ll be seeing more of it in 2023.
Realistically, what can NFTs be used for? An NFT serves as proof of ownership over a certain digital asset and their applications are many. We’ve already touched on some of the most popular use cases. Today, we take a look at the hottest trends in the world of NFTs in 2023.
Fashion Unbound
People are always looking for new ways to express themselves and the fashion industry is living proof of that. We all have a favorite brand and we’ve all seen hundreds of copycats that simply imitate but never quite achieve the quality of the original.
NFTs solve the counterfeit problem and provide authenticity. With NFTs being on the blockchain, users can always check if the product is legitimate or fake. It’s no surprise that luxury brands such as Gucci, Luis Vuitton, Marc Jacobs, and others are already experimenting with digital NFT versions of their products. Thanks to NFTs, fashion companies have found a new way to communicate with their audience and users can now connect with their favorite brands entirely in the digital space. This spells good news for all sides and we’re bound to see more interesting partnerships in 203.
Music, Royalties & NFTs
In a way, music and NFT technology are the perfect match. Throughout history, music artists have always had trouble with their record companies and royalties. NFT tech removes the middleman, giving artists more freedom and automating the payment of royalties. The best part is that artists will keep receiving royalties even after the initial sale. Did you know we’ve already sent an NFT song into space?
Indie artists will benefit from this the most as they’ll no longer need a huge following or a company to monetize their songs. NFTs allow artists to customize everything the way they want, from choosing the percentage of royalties on resale to adding exclusive features for the fans, bringing the crowd and the singers closer than ever before. In NFTs, the music industry has found the solution to an age-old problem and something tells us we’ll be seeing more artists utilizing NFTs in the near future.
Patents and Intellectual Property
We’ve already mentioned that proof of ownership is at the core of non-fungible tokens. This essential utility makes NFTs great for proving the owner has a certain right, especially when it comes to patents and IPs.
NFTs provide a means of safeguarding intangible assets in the physical world, such as intellectual and patent rights. For example, converting your certificate into an NFT and timestamping it with the ownership IP. Furthermore, tokenized certifications offer built-in legal safeguards to maintain the genuine nature of the documents and enhance the openness of processes.
Soulbound NFTs
Originally proposed by Vitalik Buterin, soulbound NFTs were inspired by soulbound items in World of Warcraft — once acquired, those items could no longer be traded. The idea behind soulbound NFTs is the same, once sent to an address they can no longer be sold. So what’s the deal?
Having an NFT that’s easily verifiable and traceable to the owner makes it perfect for storing valuable personal data and outclasses written documentation that can often be lost, misplaced, or stolen. Thanks to the immutability of blockchain technology, soulbound NFTs will always remain transparent and easy to find. Use cases for soulbound NFTs include medical records, criminal records, employment history, and much more.
Tickets & Event Passes
NFT collections are almost always synonymous with gated communities or even VIP clubs. The main incentive for many users to buy an NFT in the first place is to join such a community. Owners often get exclusive access to different perks that are not available to anyone outside the group. If this sounds similar to real-life clubs and events, you’re absolutely right.
Both online and offline, using NFTs as tickets for concerts, VIP passes, or access to secret events makes total sense. Due to the transparency offered by blockchain technology, it’s easy to verify if an NFT is genuine or not. This effectively puts an end to counterfeit tickets.
Conclusion
It’s safe to say that NFTs have grown out of their shell and they’re no longer limited to being just digital art or in-game items. Aside from the ones we’ve mentioned above, keep an eye out for other applications of NFTs, such as collectible cards, photography, domain names, real estate tokenization, advertising spaces, and more.
For a long time, NFTs were seen as just speculative assets or status symbols. With the initial hype over NFTs behind us, the dust has finally settled and NFTs are no longer as alien as they initially seemed. As the technology matures and more projects start utilizing NFTs, we expect to see the start of mass adoption from many new industries as they discover the deep utility provided by non-fungible tokens. Slowly but surely, NFTs are on a course to become a normal part of our lives.
About Myria
Myria is a blockchain game development studio and an Ethereum Layer 2 solution, built to scale digital assets, NFTs, and blockchain gaming. Myria utilizes ZK roll-up tech to supercharge its ecosystem and bring the next generation of gamers to the blockchain. Myria has a thriving community of over 300,000 users and more than 240 blockchain projects are already building on the Myria blockchain. Thanks to ZK technology, users can expect high transaction speeds, 0 gas fees, and free NFT minting.
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