Recently NFTs have experienced extreme growth since 2020, establishing itself as one of the pillars of blockchain technology. NFTs are not just art or proof of earning ownership. Instead, they are cryptographic proof of the existence of properties or objects both physically and virtually. NFTs have numerous use cases that are applicable to virtual and real-world objects.
Are you eager to explore more about NFT use cases?
Then this article will be apt for you. It seeks to examine the use cases which are gaining traction in 2023.
Now let’s take a quick insight into the popular industries governed by NFTs.
Evolving Utility of NFTs
Art and collectibles
One of the most popular NFT use cases is digital art & collectibles. Today many of the collected NFTs are regarded as pieces of digital art – a collection of various artistic works. These are used exclusively by techie and the wealthy, but quickly gone mainstream thanks to art collections like Bored Yacht Club and CryptoPunks. Some pieces of collectibles are sold for hundreds of thousands or something more than millions of dollars.
NFT art marketplace development solutions facilitate artists to sell unique artwork. And also provides assurance to the collectors that their purchase is rare and valuable. Moreover, the art NFT marketplace facilitates artists to receive royalties for every resale of their artwork. This way provides new revenue streams for creators.
Example: Let’s consider the NFT collectible “Everyday: The First 5000 Days”. The artist Beeple sold this NFT art for $69.3 million through the NFT art marketplace. This is the most expensive NFT artwork to date.
Nowadays, most musicians like A. R. Rahman, Grimes, John Legend, Kings of Leon, and more are turning towards blockchain technology. Especially NFT, as a method to mint and hold everything from digital music to memorabilia.
NFT music marketplace development solution allows musicians to represent their unique assets such as remixes, tracks, and concert tickets in the form of NFTs. With NFT, artists can tokenize their songs and albums. Also, offer royalties to producers & creators, and sell their digital merchandise for additional income. NFT music marketplace provides musicians with a new way to monetize their work and also helps to engage their fans. Likewise, fans also can support their favorite musicians.
Example: Let’s see an example of NFTs used in the music industry. The musician King of Leon introduced the NFT album “When You See Yourself”. This album incurs tracks, remixes, and more content that are accessible only by the respective owner. Justin Bieber, a Canadian singer released “Inbetweeners NFT” which includes music-related items like boomboxes, headphones, and more. A.R. Rahman, a famous Indian musician expressed his interest in releasing the source of the track “Phir Se Ud Chala” from Rockstar in the form of NFT.
NFT Event Ticketing
If you are one among the millions of people competing for a seat to watch Taylor Swift’s 2023 Eras Tour. I know how bitter the ticket-purchasing process will be.
NFT ticketing is the only solution. Tickets in the form of NFTs exist on the blockchain. Which acts as passes for any virtual or live events, giving a more convenient and secure alternative to traditional ticketing. This minimizes the ticket-purchasing process to a great extent.
One of the NFT use cases that benefit society is NFT ticketing. NFT ticketing marketplace development solution allows users to sell tickets in the form of NFTs. This helps to prevent ticket fraud and scalping. With NFT ticketing, the buyer can simply verify the ownership and transfer the ticket to others without any risk of duplications. Likewise, event organizers could simply track the ticket’s transaction histories to prevent fraud.
Example: In 2021 NFT Live Concert was arranged by Kings of Leon to release his album as an NFT. He sold a limited edition of NFT tickets for a live concert event. With this NFT ticket, the fans not only gained entry to the virtual concert but also became the owners of digital collectibles which denote their participation in the event.
NFT Virtual real estate
NFT real estate marketplace development solution facilitates a platform for the users to earn ownership of their property. In the case of virtual real estate, NFTs define the ownership of virtual land or other assets within a virtual world. Likewise, NFTs denote fractional ownership of physical property.
NFT real estate marketplace allows the users to use NFTs to buy/sell digitalized properties such as 3D models, and blueprints. This helps the buyer gain ownership of the property without their presence.
Example: Let’s see an example of NFT real estate. In Indonesia, in Bali, a luxury villa is represented in the form of NFT. The owner of the villa planned to tokenize the villa as an NFT to create a unique investment opportunity and exclusive ownership experience. The NFT includes the details of the property’s specifications such as square feet, no.of bedrooms, bathrooms, amenities, and its location. This NFT was sold for $2 million.
Food and drink
NFTs have found their way into the food and beverage industry, adding a new dimension to the way we interact with culinary experiences.
The food and beverage industry is building the “foodverse” a subset of the metaverse, where ingredients, recipes, and dishes are sold in the form of NFT. Chefs and food lovers begin to transform their recipes into NFTs, a way to establish their authenticity and availability.
Nowadays, major food chains like Maggi, Wendy’s, McDonald’s, Chipotle, and Panera Bread have begun to march toward NFT space, wishing to capture both its branding and money-making opportunities. Owing a food NFT of a specific brand will give buyers special privileges such as event tickets, discounts, and more.
Moreover, NFTs open up the possibility of virtual tasting and experience. Through virtual reality or augmented reality, NFT owners could immerse themselves in virtual drinks and food tasting, exploring different textures and flavors without the need for physical products. This builds new opportunities for engagement and entertainment, especially in the realm of digital or remote events.
Example: Let’s see an example for food NFT. “OneRare NFT” are the NFTs launched by the Maggi partnering with OneRare. Likewise, “Crypto Baristas NFT” was launched by Tony Bui. This food NFT provides an offer to its coffee brand and also provides a ticket to take part in the annual New York Coffee Festival.
NFTs have revolutionized the celebrity industry. By providing new opportunities for user engagement, monetization, and fan interaction.
Nowadays celebrities like Amitabh Bachchan, Justin Bieber, Paris Hilton, Sachin Tendulkar, and AB de Villiers have embraced NFTs to provide unique digital artworks and collectibles to their fans.
Celebrities begin to tokenize their work ranging from digital paintings to iconic moments from their careers that fans can buy and own. This creates a connection between artists and fans.
NFTs Opened Doors for Virtual Meets!!!!!!!!
Yes, celebrity NFT marketplace development solutions provide a platform for users to use NFT to take part in virtual events with their favorite celebrities. In addition, NFT holders acquire additional perks such as early access to new releases, discounts, and more. Celebrity NFT creates a strong bond between celebrities and their fans.
Example: Justin Bieber, a musician released a series of Justin Bieber NFT collections called “The Seasons Collection”. Paris Hilton, socialite, and entrepreneur released her Paris Hilton NFT collection as “The Paris Hilton Collection” in August 2021. Likewise, India’s Bollywood superstar Amitabh Bachchan’s NFT collection has sold for $9,66,000.
NFTs have the ability to bring innovative ideas to the education industry. Especially NFTs are utilized in the education & training industry to represent learning material, professional certificates, academic credentials, and more.
NFTs have the possibility to revolutionize the way certifications and achievements are used, shared, and stored within the education industry. For the NFT holder, NFTs grant access to lectures, courses, and other educational resources.
With NFTs, students can earn ownership of their digital certificates. This can be stored in their personal digital wallet or blockchain. This ownership helps them to share their achievements with educational institutions or companies in a transparent and tamper-proof manner. NFT Academy & NFT Education help the students to track and visualize their educational journey, showcasing a complete record of their achievements over time.
Example: Let us see an example of NFT education. “Udemy”, an online educational platform uses NFT to grant access to courses and lectures via online platforms.
NFTs have begun making their way into the fashion industry. By introducing new possibilities for scarcity, ownership, and digital representation of fashion items.
NFTs in the fashion industry denote unique, one-of-a-kind clothing and accessories. This kind of NFT fashion could offer designers a new way to monetize their creations and also give fashion-conscious consumers a way to own truly unique pieces.
The fashion NFT marketplace development solution provides an NFT fashion marketplace platform for fashion designers, creators, artists, and influencers to exhibit their collections. This helps to reach a wider audience than before.
“Fabricants” is one of the fashion brands. This uses NFTs to sell digital fashion items such as accessories, clothing, and more for tens of thousands of dollars.
As a part of the fashion industry, I see enormous opportunities with NFTs. Yanie Durocher, the founder of a fashion consulting agency wrote in a recent Forbes op-ed.
Example: Let’s see an example of NFT fashion. Gucci sold an NFT bag on Roblox for more than $4,000, which brought higher revenue than the actual bag cost.
NFT takes the sports industry to the next level. It offers their fans and collectors a new way to engage with their favorite athletes. NFT sports marketplace development solution allows fans to own unique digital assets like trading cards, highlight reels, iconic moments of players, or virtual memorabilia.
Nowadays, sports fans show more interest in gathering memorabilia from their favorite players. In 2023, it is expected to authenticate and examine the authenticity of sports memorabilia such as autographs, jerseys, trading cards, and more.
Furthermore, NFT sports are used for fundraising and charitable initiatives. Allowing sports organizations and athletes to tokenize their items or experiences to support worthy causes.
To be precise, NFTs have transformed the sports industry by offering their fans unique and immersive experiences while revolutionizing the way we gather and engage with sports-related assets.
Example: Let’s see about the renowned basketball player LeBron James who collaborates with a digital artist to create NFT collections. His NFT collection includes digital artwork, highlight reels, and virtual trading cards showcasing iconic moments from LeBron James’s career.
NFTs have evolved as a transformative force in the movie industry, offering new opportunities for studios, creators, and movie enthusiasts. In the movie industry, memorable moments or iconic scenes from films are tokenized as digital assets. Generally, fans buy NFT movies to possess a piece of cinematic history and share their love for the movie.
Moreover, NFT serves as a revenue stream for creators and studios. As they can receive royalties for every sale of NFT movies. Overall, NFTs have the capacity to revolutionize the movie industry by improving fan engagement, creating new revenue streams, and reimaging the way we interact with movies and their associated content.
Example: “Zero Contact” is an American thriller film released in the form of NFT through the Vuele platform. Likewise the South Indian Actor Kamal Haasan’s film “Vikram” was launched in NFT.
It is absolutely evident that the application of NFTs is attaining profound significance across several industries. NFTs have gained popularity since the introduction of crypto kitties in 2017. The gaming industry is the sector with numerous active NFT use cases.
At the same time, other industries also began to adopt NFT by integrating blockchain. Which is a huge plus point for increasing the popularity of your industries. Moreover, the increasing use of blockchain would fuel the adoption of NFTs in the future. So definitely, NFT is going to spell a future where people can utilize blockchain and cryptocurrency on a daily basis. If you want to be one among them then you can undoubtedly approach an NFT marketplace development company who leads in the crypto industry with its outstanding product.