Though much of the hype around NFTs has focused on creating art that reflects the ethos of the crypto scene, their applications extend far beyond creating cool profile pictures linked to a blockchain.
Enjoy it as any other form of art – Many NFT owners use them as a display of wealth, flexing on Twitter with an expensive NFT as their profile picture. You can also display NFTs publicly in digital galleries or privately in digital frames and as ambient backgrounds on Smart TVs.
Trade it – NFTs can be traded on marketplaces just like other collectibles with the aim of making a profit.
Generative art – Artistic NFTs can incorporate generative elements that either respond to time or inputs like weather or create random visual elements.
Ticketing – Given NFTs are unique by nature they can be used as a form of ticketing for events, lotteries or competitions.
Membership badges – Similar to their use as tickets for an event NFTs are being used to gain membership to clubs and communities unlocking exclusive benefits and perks.
Physical property – NFTs could revolutionise the way in which property ownership is recorded removing the need for trusted central registries and replacing traditional property deeds.
In-game items – NFTs have fuelled a rise in blockchain-based games that enable players to earn the value they create. In-game items and gaming characters can be represented as NFTs making them portable and tradeable outside of the game.
Metaverse property – Just as NFTs are being used to represent the ownership of physical property they also enable the ownership and trading of virtual land within the Metaverse.
Music – Many bands have recognised the opportunity to sell their music as NFTs building fan loyalty by incorporating the additional benefits of ticketing, club membership and exclusive experiences.
New types of business models – NFTs can enable users to unlock forms of value that remain locked in traditional business models. Loyalty points, subscriptions or any form of digital value can be traded rather than remaining locked within permissioned systems.
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