NFTs, or non-fungible tokens are digital vehicles that have many uses. The DeFi ecosystem can accommodate virtually any file you can think of, from art to music and everything in-between.
Currently, here are 6 popular uses for NFTs
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Collectible
Collectible items are no longer limited to the physical world- today, NFT creators and companies are making digital collectibles that are unique and one-of-a-kind.
NFT marketplaces are thriving and selling all sorts of NFTs, and the possibilities are virtually endless. All it takes is someone who can create a Blockchain-based representation of the item, assign a unique ID and voila! The token is born.
Gaming
Online games are no strangers when it comes to virtual items. Some apps are made with these in mind- in-app items that are worth something in the virtual world or the real one.
GameFi is a relatively new genre where NFTs are created through play. The developers make them the virtual items where gameplay revolves on. What’s more, these NFTs can be sold or bought via marketplaces.
The NFT’s function can be different. It can be a mechanic or something that makes the user stronger in-game.
Logistics
Blockchain is already making the rounds in logistic-centric businesses mainly due to its transparency, immutability and convenience.
NFTs can be used to create unique items, or to track a product and contain meta-data, such as location, journey and origins. For example, a luxury shoe can have an NFT where its origins are shown (made in Italy), how many are made and its initial value, among others.
Art
The art industry gets a welcome boost in terms of scarcity. Being inherently copy-able, fake art can and usually appear and there are problems in authentication as well.
Crypto art can be verified digitally, but there’s only one individual who’s assigned the original art. Instead of creation, NFTs are used to prove ownership of a piece of digital art and thus solve age-old internet problems.
Finance
Finance NFTs are mostly about utility instead of ownership. It can be used as a staking model or an entrance ticket once the participant enters the pool. Rewards are given to stakeholders- they can either hold on to the NFT, sell them or keep a combination of the two depending on their goals.
It’s not unusual for finance NFTs to combine gamification and investment vehicles. Crypto enthusiasts can tap into finance NFTs after they gain profits on crypto-robopro.com/tr. Registration is free and open for crypto enthusiasts and holders.
Real World Assets
Ownership of a real world item can be digitized using non-fungible tokens. It’s the same way as collectibles- people can have an NFT made in commemoration then show it to those who want proof that they really do own the item.
Another example is real estate deeds, where data is turned and integrated into Blockchain. Going into smaller scale, NFTs can be used in conjunction with jewelry, cars, rare items and similar assets for a real-world and digital world representation to prove ownership or bragging rights.