I’m going to give you 7 examples of NFT use cases that might provide real, tangible
advantages to you in the near future. And make sure to stick to the end, because you’ll
learn more helpful resources that you can use starting today. And we’re starting right
now.
1. Video Games Gamers are a perfect target market for NFTs
since they’re already familiar with the concept of alternate 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.
Additional examples are Axie Infinity and Battle Pets, which are both Pokémon style
games with tradable characters and items.
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.
3. Documentation 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:
• Ethereum Name Service • And Unstoppable Domains
Thanks for watching. Watch this video to the right to learn more about NFTs, the problems
with NFTs, and why they’re here to stay.