NFTs are growing at a desirable rate, faster than cryptocurrencies. It is not by chance that this happens, but because NFT has many outstanding features and investment potential that attract many users. Let’s take a look at 10 special applications of NFTs!
1/ Game play-to-earn
Currently, billions of people are buying digital goods built into games. Specifically, there are up to 2 million Axie Infinity players every day with a valuation of up to 3 billion USD.
According to research users tend to spend 5 times more in a blockchain game than when playing a traditional game. Axie predicts this is just the beginning of a much larger boom in the future of gaming with the involvement of the NFT.
2/ DeFi NFTs
If you have spent all your money on CryptoPunk NFT but you forgot that you are going to have to pay some money for living expenses soon. Don’t worry because you can use that CryptoPunk as collateral to borrow at NFTfi. When you decide to give CryptoPunk as collateral, you will automatically get it back when you pay off your debt.
So what happens in the event of a default? Thanks to the application of smart contracts, the NFT will be transferred to the lender fully automatically, eliminating tedious and tedious debt collection.
3/ Fashion and wearable devices
With its growing influence, NFT is being co-operated by many high-class brands. These collections include dresses, tops, and fashion accessories that go with it set up as NFTs.
Typically, Dolce & Gabbana sold out the first 9 parts of the “Collezione Genesi” NFTs collection, valued at up to $5.6 million in just a few short hours of opening. It can be seen that this is a great creative combination between high fashion and blockchain.
4/ Organizing events and selling tickets
Imagine that the ticket you are about to buy to go to a show is an NFT. Accordingly, the NFT you own will:
- Decorated with some of your favorite designer artwork.
- Used as a memento of the performance. Therefore, it will certainly be worth it someday.
- You can also use NFT as a way to get snacks or essentials.
- Revenue from the NFT that you own automatically pays to the team that produced the show. No middleman needed to arrange and process payments. That means you will save maximum costs.
- If you purchase a VIP ticket, NFT will unlock your access to be able to visit the celebrity behind the scenes or grant you access to future digital gadgets.
- The NFT grants you the right to participate in the event and be a fan at it. In particular, NFT acts as the capital of the gig owner and you will get a small profit afterwards.
5/ NFT Community Platform
The tremendous growth of NFT is attracting a lot of investors. Pretty much all the predictions are made about some kind of platform where people can gather, chat and exchange NFTs.
This is like a home for NFT communities or a social network for NFT owners. This network is directly connected to your Bored Ape wallet and is only accessible by verified users who own certain NFTs.
6/ Virtual land
Virtual worlds like The Sandbox, Decentraland or Cryptovoxels give real estate a chance to explode in the future. Theoretically, a finite supply would become more valuable if demand suddenly spiked.
Once someone influential (such as Elon Mask) trumpets the idea that everyone can profit from digital real estate, the possibilities are unpredictable.
You can own a piece of land, build a virtual office building, and rent it out to host a virtual conference. When attendees are entertained, you can suggest they come to your amusement park during cocktail hour and profit from it.
This is one of the key game-changing factors in the future of the NFTs space. Metaverse can be used as a storage and evaluation for high-end NFT artwork. Or a virtual entertainment center.
Others argue that the metaverse could be the future of the Internet. Metaverse can make the Internet richer and more expressive. Users can do almost anything they imagine such as meeting family, working, learning, playing, shopping, etc. things that we cannot currently do with computers or phones like now.
8/ Digital Identity
Autonomous Identity – SSID is considered one of the most attractive applications where blockchain technology and the key that can open this door is NFT.
The SSID integration will allow you to link your Instagram, Twitter and many other social media accounts with ENS. Because it’s decentralized, you can own your favorite name visible to other users.
Lagrasse classifies them as utility NFTs. This means you usually won’t be able to exchange them for money like a piece of art or a collectible, but they exist to prove that you own something. One example is OnlyFans which provides the NFT profile picture feature to users.
9/ Social media
The application of NFT in the field of communication is still quite abstract and difficult to imagine. Think about the digital value created through social media platforms. The only way to monetize online influence is through advertising. Influencers earn only a fraction of the revenue pie.
However, what if this influence could be directed, scored and recorded as an NFT?
We can call it “Influencer NFT”. The reality won’t be as simple as rewarding followers on social media platforms. NFTs can affect variables such as trustworthiness, online reputation, or the ability to curate and create content.
The future of the music industry will certainly grow with the adoption of NFT. That potential was captured by Shawn Mendes and Snoop Dogg when they started participating in the NFT.
That way, we can discover new things, monetize, and interact more closely with our fans.
In the near future we will likely see NFTs, DeFi and music merging. Imagine if ownership of each song was held as an NFT. You can contribute to the income of the artists by purchasing those NFTs.
The applications of NFTs to people’s lives are far beyond expectations. We can fully expect the development of NFT in the future to be even more glorious. Hope the sharing from CryptoWallCity will be useful to you.