P2E.Game
Published in

P2E.Game

6 Practical Use Cases for NFTs

NFTs are here to stay. Here’s Why.

Photo by Andrey Metelev on Unsplash

With the rise of cryptocurrency, there has been a corresponding rise in the use of non-fungible tokens, or NFTs.

These digital assets are unique and cannot be exchanged for other assets of the same type.

In this article, we will explore 6 practical use cases for NFTs. From gaming to the metaverse, NFTs are changing the landscape of the digital world.

Let’s take a look.

1. Real Estate

The image is from ultcube88.com

The real estate market and NFTs are a perfect match for each other. NFTs are a great tool to provide true ownership. And it is digital. This means you can transfer and carry it wherever you want.

The real estate market could these features to make things easier, faster and safer.

That’s why the real estate market can be ideal for creating real-world utility for NFTs.

Few crypto projects aim to bring real estate and blockchain, but real adoption most likely will come from the real estate market itself.

We see some attention for this already. Some companies trying to make fractional real estate investing with blockchain. Just like REITs(Real Estate Investment Trust), but with blockchain.

Another example is, In Florida, a real estate-backed NFT sold for $653,000 this year. In the future, we will see more news like this.

2. Government

Photo by Brett Jordan on Unsplash

Why do we have governments? Governments exist because of three things: to protect, collect taxes, create things for us, and confirm. The last thing is less known but it is ancient. Until now.

Well, kinda. I’ll explain.

Blockchain technology enables us to confirm anything without needing people or places. So what that means is some state institutions might use this technology to make things more productive for both government and people.

Governments can use NFTs for a variety of purposes, including issuing digital identity documents, creating tamper-proof records, and providing secure online voting.

Some countries already looking forward to using NFTs to decrease bureaucracy. Romania is one of them:

“On June 14, Romania’s National Institute for Research and Development In Informatics (ICI) announced an ongoing project that’s slated to make life easier for all its citizens, web3 native or not. It’s an institutional NFT marketplace that, according to ICI Director Adrian Vevera, would “evolve the collaboration between citizens and institutions using a modern digital framework.”

The US government is also working on how could they integrate NFTs’ on intellectual property: “U.S. Patent and Trademark Office and U.S. Copyright Office are launching a joint study to investigate the digital assets’ impact on intellectual property rights.

The benefits of NFTs for the government include increased security, transparency, and efficiency.

NFTs can play a significant role in this process. Most of the official government papers can replace by NFTs.

Less paperwork!

3. Metaverse

The image is from Sandbox

It would be hard to overstate the potential use cases for NFTs in a Metaverse.

In a world where everything is digital and we can create anything we can imagine, there are almost limitless possibilities for what NFTs could be used for.

NFTs are digital assets that are unique and cannot be replicated. This makes them ideal for use in a Metaverse, where virtual assets can be bought, sold, or traded. NFTs can be used to represent anything from virtual property to digital art.

The use of NFTs in a Metaverse opens up a whole new world of possibilities. With the right development, we could see a future where Metaverses are built entirely on NFTs.

NFTs could be used in a Metaverse in several ways.

For example, NFTs could be used to represent virtual land or property. NFTs could also be used to represent virtual items, such as art, clothes, or even avatar skins. In addition, NFTs could be used to represent in-game items, such as weapons, power-ups, or even rare cosmetic items.

The potential applications for NFTs in a Metaverse are vast and varied. The Sandbox is an outstanding example of that.

As the Metaverse continues to grow and evolve, we can expect to see even more innovative and exciting uses for NFTs emerge.

4. Gaming Industry

The image is from beincrypto.com

Besides digital art, play-to-earn games are the current most common use case for NFTs. It is safe to assume that the gaming industry will adopt this technology to give ownership of their assets and monetize them.

Big traditional game studios are researching or already integrating NFTs into their games.

NFTs are often criticized for not having “utility” about anything. But that’s not true when it’s come to blockchain gaming.

NFTs could serve as an “ownership tool” between gaming studios and the players. One of the biggest game studios, Zynga, already committed to this idea. Zynga’s VP of blockchain gaming, Matt Wolf points out the value of ownership in blockchain gaming:

“[Ownership] is probably one of the biggest things, and the empowerment that comes with that, and the relationship that comes with that, and the trust, love, and loyalty that comes with that over time”

NFTs and gaming are a perfect match. Undoubtedly, the gaming industry will create one of the most used practical use cases for NFTs.

5. Data

Photo by Markus Spiske on Unsplash

Data tokenization is the process of converting data into a digital token that can be stored on a blockchain.

This allows data to be securely stored and transferred easily between parties.

NFTs, or non-fungible tokens, are a type of data token that represents a uniquely identifiable asset. NFTs can be used to represent anything involving the Tokenizision of data.

NFTs are immutable, meaning they cannot be duplicated or modified. This makes them ideal for storing data that needs to be secured, such as personal data, medical records, or intellectual property.

Tokenizing data has several benefits.

It allows data to be stored securely and transferred easily. It also makes data more accessible to a wider range of people and organizations.

Data tokenization is an important tool that can be used in a variety of different industries. For example, it can be used to protect sensitive data, to create digital representations of physical assets, or to track and manage digital rights.

The future of data tokenization is very exciting. With the advent of NFTs, we are just beginning to scratch the surface of what is possible.

Tokenized data will become more and more valuable as we find new and innovative ways to use it.

6. Art

The image is from Wired

NFTs are a new and exciting way to sell art.

By using NFTs, artists can sell their art for digital currency, which can then be used to buy other NFTs or even real-world goods and services.

There are many benefits to using NFTs in art.

First, NFTs allow artists to get paid instantly for their art.

Second, NFTs provide a more secure way to sell art, as they cannot be duplicated or counterfeited.

Third, NFTs can be sold for a much higher price than traditional art, as they are more scarce. So if you’re an artist, why not give NFTs a try? You could be surprised at how much you can benefit from this new and exciting technology.

NFTs can be used to represent any type of digital asset, from a piece of music to a piece of art.

This means that artists can now sell their work directly to buyers without going through a middleman. This also means that buyers can be sure that they are getting a unique piece of art, as each NFT is registered on a blockchain and cannot be replicated.

There are many benefits to using NFTs in the art world. For artists, it provides a new and direct way to sell their work. For buyers, it guarantees the authenticity of the piece.

And for the art world as a whole, it opens up a new world of possibilities for how art can be created, sold, and experienced.

Example? Opulus is an interesting attempt to redefine artist and fan relationships in the music industry by using NFTs. With their platform, you can own a real piece of the music with their Music Fungible Tokens.

It’s hard to predict whether this project will succeed or not, the idea of making the music industry more decentralized by using NFTs is disruptive in a good way. And it certainly represents one of the most practical use of NFTs.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Mustafa Yarımbaş

Mustafa Yarımbaş

Curious. Just curious. Curious about; technology, investing, blockchain, web3, and the wonders of compound interest