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Non-fungible tokens created a separate fan base after its boom in 2021. People have alleged that NFTs are nothing but a JPEG format, but guess what? The emerging use cases of these tokens are making them more valuable everyday. So where do NFTs get their value? Answer is Utility. Sure a single asset cannot offer all the utilities at once, we can use them according to our needs. Let’s take a look at some interesting utilities non-fungible tokens can offer.
Gaming
The most common and interesting utility of all. Every in-game item from a character to a virtual land plot, everything is an NFT. You can either use them in games or generate real life value through an NFT marketplace. Axie Infinity remains the best metaverse game that offers real life income through its in-game assets.
Think about what wonders it can do in the future if the concept is adopted by the traditional games. You can sell your legendary skin to actually generate a revenue stream. But interestingly, the majority of the gaming community is against implementing non-fungible tokens in video games.
Product Authenticity
In this fake world, pirated products are rising constantly. The illicit actors are able to create such an amazing copy of a product that Michael Jordan can get confused regarding the authenticity of Nike Jordans. NFTs can play an important role here as the blockchain can immutably store product data.
Let’s understand this with an example, an NFT holds authentic information fed by Adidas officials including date of manufacturing, process, materials and more. Now a barcode or something like that is attached to the product. An individual visits the website, chooses the product and here’s the twist, purchases the NFT (not the product this time). And when the item arrives after placing an order, the user can verify through a unique code linked to the product.
Medical Records
As we all know that the data on blockchain cannot be altered. It may prove to be a secure way to keep medical information intact. This too will eliminate the need to maintain medical records physically or in mobile devices. Everytime an individual visits the hospital for his/her diagnosis, the record is updated on the token by medical officers.
Music NFT
This is one of the most interesting use cases of non-fungible tokens to this date. Music NFTs can offer access to exclusive content before even the release (this does not count as piracy okay). Platforms like Royal allow token holders to earn a certain percentage from music sales by the artists in the form of royalties.
A non-fungible token is like a cryptocurrency but is not “fungible” like cryptocurrency. If you are looking to acquire an NFT you cannot exchange it with another. You’ll have to pay a certain sum to become the owner. More use cases linked to the tokens are emerging frequently which is what makes NFT more than an Image.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
