Where can NFTs be used and how they can change the business concept of companies

While the lull in the entire crypto market continues, NFTs are recording explosive growth. These irreplaceable digital tokens have a wide range of uses and are not just worthless images in JPEG format, as many skeptics would characterize them. There are many potential areas where NFTs could leave a deep mark and change the business concept of many companies forever.

Where can NFTs be used and how they can change the business concept of companies

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Digital art

One of the most popular examples of NFTs is digital art. Each image or object can be tokenized by the creator, integrating and building a new level of connection between communities.

Tickets

Tickets for any type of event, with benefits that go beyond existing systems. For example, the Dallas Mavericks NBA team discussed using NFTs as tickets to provide fans with greater benefits and collect more royalties.

Jewelry

As soon as a diamond leaves the jewelry store, it loses almost half of its value. This is mainly because they are not very liquid assets, and do not have a reliable form of verifiable authenticity. Jewelry in the form of NFTs would provide users with a transparent and secure way to validate.

Sport

The use of NFTs in sports has increased significantly thanks to projects such as the NBA Top Shot and Chiliz. NBA Top Shot allows fans to trade and own officially licensed videos of the best player moves. Chiliz goes a step further with fan tokens offering exclusive content for fans. 

Author's tokens

Each creator could create independent mini economic systems with unique control over their interactions and experiences with users. Content creators are usually subject to standards imposed by intermediaries and platform owners who take a share of the earnings. By purchasing NFTs, fans directly help the content creator.

License

NFTs can be created to digitally represent agreements between two parties. Content presented on NFT can then be commercialized by the token owner in a wider market. This allows for an incomparable level of freedom and value for a new asset class.

Real estate

NFTs seem to be a great solution for real estate. Digital representativeness can introduce a new level of transparency and accessibility, and change the market as we know it today.

Digital real estate

Digital land, unlimited by physical space, can be tokenized and used to build entire economies owned by individuals. As VR technology becomes more popular, virtual land could become very valuable.

Music

A problem that is very often encountered in the music industry is the dominance of record companies and larger corporations that take over the earnings of artists. NFTs offer a direct platform for creators to sell their work directly to fans, making them much more profitable.

Games / Sports

The gaming industry is worth more than the film and music industry, and it is estimated that it will achieve high growth rates in the future. Social tokens, currencies and in-game items, donations, and more are likely to be presented in the form of NFTs soon.

Supply chain

There are many inefficiencies and bureaucratic difficulties in this industry. Using NFTs, vendors can easily monitor inventory levels, avoid third-party fees, reduce data optimization errors, and spot errors in order forms.

Metaverse

A shared virtual space, of different communities and cultures, will be fueled by virtual reality technology. A futuristic concept of augmented reality, virtual advertising space, tokenized in-app purchases, and many more examples.   

Intellectual property

Intellectual property, similar to the development of open-source, has been very difficult to protect in the past, due to its intangible nature. With NFTs, verification and digital display of an entire asset class that was not previously possible are enabled.

Decentralized identity

NFTs have great potential for verifiable scarcity on the blockchain. Combined with decentralized identity protocols, the authenticity of NFTs is undeniable, which can help the general public feel much more secure using a digital type of document.

Exclusive content

NFTs are like the Patreon platform but without intermediaries. They connect communities better than ever before, and this is evident in their insane growth. NFTs are a perfect example of sharing exclusive content with fans.

Patents

The field of patents, which is kept in the records of patent offices, is limited in many ways. There is no concept of fractional patent ownership and public trading is not available. NFTs could play a big role in the field of patents, with the help of a transparent book of decentralized records, ie blockchain systems.

Tokenization

Anything that can be presented as a value stream can be easily converted into assets in the form of NFT. NFTs will enable the creation of a new class of assets and a completely new economy of creators.

Marriage (yes, seriously)

Coinbase employees decided to get married not in the traditional way, but on a blockchain using NFTs. Using a smart contract created by the groom, digital rings were issued and sent to their wallets.

By: Olivia J. - Gossip Whispers