There are several ways by which the NFTs can be portrayed or applied today. This includes digital content, metaverse, music, and social media, ESG, digital fashion, goods, and supply chain, intellectual property, displaying real-time content, online gaming, etc. To elucidate further, the top NFT use cases present predominantly are:
✓ Use of NFTs in Music & Social Media: The basic motive behind this NFT is to eradicate the distance between the artists and fans. The other fact is that the NFTs are reliable and offer the users a distinct exposure for buying products.
- One of the appealing factors of combining music in NFTs is because musicians generally feel the right to have their ownership. This means they can easily prove their credibility of work. Using NFTs, artists can earn royalties based on how frequently their work is sold. The idea of having social media is to evoke a social vision amongst people. In the modern era, there are multiple technological innovations that take place and use NFTs example on social media to attract more consumers in the market.
✓ Intellectual Property and Patent Rights in NFTs: The patents are usually viewed as liquid assets of any company. Organizations don’t have firm restrictions when it comes to the number of assets. There can be multiple assets for each company. It’s needless to mention that the patents belong to intellectual property. Amalgamating the concept of NFTs in patents has proven to support tokenization. This feature has made it simple for patent owners to foresee the best spaces for commercializing patents. Having said that, there’s no need to worry about security, accessibility, or candor in the NFTs. The authorized ownership can be utilized for raising revenues.
✓ NFTs Goods & Supply Chain: In general, the ideology behind the supply chain is to track whether the goods are moving from the origin to the consumers. The platform that provides technical assistance is the Blockchain. The supply chain is unyielding and lucid when it comes to data management. As a customer, one can easily access the storage locations. For example, if you are a Flipkart customer, based on your purchase done online you can track the commodity very well. The concept of NFT in the goods and supply chain management division is like icing on the cake as it has a unique depiction of deliverables. Additionally, the NFTs can support tracking products when you have metadata acting as a bridge between the concerning origin and the warehouse locations.
✓ Metaverse & NFTs: The interesting update about Metaverse is that it’s considered a strong focus by fortune tech companies. An avatar can be designed distinctly using the NFTs on a virtual platform. The price of the avatar is directly proportional to its rarity. A current example of Metaverse is Facebook, as it has the notion of enabling its users to socialize, engage and construct a virtual environment with digital avatars.
✓ Digital Fashion Roleplay: The NFTs’ use cases have shifted their attention to digital fashion as they want to improvise and use the NFTs as a source for promoting brand names to attract multiple investors and customers. Their smart strategy involves the conversion of digital garments, accessories into tradable items by capturing the ownership of an asset on the blockchain, thus ensuring security. Recent reports from Bloomberg denote that the digital version of Gucci’s Dionysus bag sold on Roblox Corp.’s platform was about $4,115 which is more than the real price of the item. With the growth of time, the value of an item increases slowly. Surprisingly, top fashion brands such as Louis Vuitton, Nike, Hermes, Gucci, Marc Jacobs, and Burberry are contemplating venturing into NFTs.
✓ Gaming in NFTs: This sector is one of the main attractions for youngsters as a large proportion of them are interested in online gaming. The good news is that NFTs have been permitted to function as an alternative platform for gaming platforms to play their cards wholly well. It’s a bliss to watch how youngsters perceive the flow, i.e digital items sold through game purchases turn into billion dollars. Simple time trading now has become a possibility for users which doubles the value of NFT game deliverables with time. This assures that they can highlight their brands and attain revenue. In the meantime, gamers receive incentives to play games if they already own characters or items within them. Since there is no third-party involved, transactions happen quickly through the blockchain. On the trend, games like Axie Infinity, Illuvium, Sipher, Star Atlas, Guild of Guardians, Battle Pets, Pokemon, etc, have already been moving on the board, following which other blockchain games are establishing themselves.
✓ Voting style in NFTs: Till today, there are several countries where voters are required to carry many proofs to the election booths that confirm their identity. While most of them have their files, some tend to miss out on documents pertaining to their current residency, etc. This is where NFTs come into the picture and make us see from a new outlook. To make the voting process easier, users who don’t have access to real-time documentation can provide their digital identity with all the pertinent details mentioned. Utilizing this great idea, fraudulent activities can be prevented and records can be tracked or maintained very well.
✓ Academics & Medical records validation with NFTs: The NFTs tend to be an excellent finding to constitute academic credentials and access medical records. The reason is that they provide perfect answers to various segments instantly such as attendance, degree, etc, which will be stored on the secured, immutable blockchain network. This means that in the upcoming years there wouldn’t be any need to issue a certificate in person. The NFTs would be standing proof to students and the education tokens can be shared with whomever it may concern without fear.
Coming to the medical record validations, NFT has been specifically created to help healthcare associates, i.e providing birth certificates to infants. Holding an NFT birth certificate can be accessed by any individual lifelong and it would be easy for identification.
Final Thoughts:
Overall, the NFT use cases are proving to be helpful to the regular public. The idea is just not limited to listing various services but proving reliability, ownership, and transparency in transactions of every sector. We can strongly say that the NFTs have a wide scope of development based on the current trending activities.
