I’m going to give you 7 examples of NFT use cases that might provide real, tangible advantages to you in the near future.
1. Video Games
Gamers are a perfect target market for NFTs since they’re already familiar with the concept of alternative currencies and virtual worlds. NFTs allow in-game items to be tokenized and easily transferred or exchanged with peer-to-peer marketplaces.
Examples of in-game items include characters, abilities, character appearances, features, and virtual land.
One of the best examples of a game that uses a blockchain-based marketplace is Decentraland, which is permanently owned by its community and gives players full control over their creations and virtual assets.
2. Ticketing Industry
According to a poll mentioned on CNBC, 12% of people buying concert tickets online get scammed. NFTs can help solve issues with fraud because they make it easier to verify who owns a ticket, verify the authenticity of a ticket, and transfer the ownership of a ticket securely and transparently. Additionally, NFTs would give companies the option to make each ticket non-transferable, which would make it impossible to resell a ticket. GUTS is a prime example of a blockchain-based ticketing service provider that wants to prevent fraud and scalping.
It’s possible to use NFTs to verify documentation such as diplomas, certifications, driver’s licenses, medical histories, passports, and birth and death certificates. For example, when it comes to academic credentials, recruiters and hiring managers can quickly verify certifications and degrees of job candidates.
The main reason for doing all of this is to prevent fraud and make verification processes dramatically easier and faster.
Blockcerts is an example of a blockchain service that already makes it possible to verify academic credentials. However, it doesn’t utilize NFT technology quite yet.
4. Real-World Assets
It’s possible to use NFTs to verify the ownership of real-world assets like houses, land, cars, stock, bonds, and so forth.
Like with other applications, NFTs can help prevent occurrences of people reselling items that don’t belong to them.
NFTs can also quickly verify when and where individual car and house parts were manufactured so that you can predict when repairs and replacements are needed.
5. Supply Chains and Logistics
We can use NFTs to track the timestamped metadata of items passing through supply chains.
As products pass through supply chains, the NFTs are scanned, and new timestamped metadata is added.
There are a lot of hypothetical ways to implement NFTs into supply chains and logistics systems. All of them, however, require each stage of the chain to use the same infrastructure to support NFTs. With so many different players and stakeholders involved globally, it might take a while to implement these systems in real life.
MAERSK's TradeLens system and IBM's Foot Trust are two examples of logistics solutions that use blockchain technology. Both use technology that supports the use of NFTs. However, it's unclear if NFTs play a role in their operations yet.
6. Dividend Programs
NFTs can be used to confirm ownership in a company similar to stocks. In return, NFT holders receive dividend payments.
This dividend model could apply to any almost asset that generates revenues
A similar use case has been implemented by an investor who bought a digital Monaco racing track in the F1 Delta Time game. The NFT representing the racing track allows investors to receive 5% dividends from all revenue the track earns through races and ticket fees.
7. Blockchain-Based Domain Names
This involves using a domain name on the blockchain as a crypto address. The crypto address of a user is similar to a Twitter or Instagram handle, with each name being unique. This type of domain name ownership allows you to receive and manage any cryptocurrency, token, or NFT. Examples of services that offer this are:
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