Explore Some Unknown Use Cases of  NFTs from A Business Perspective

• 1 Non-fungible tokens (NFTs) have many unknown use cases which can be a good source of earning passive income.
• 2 Its use cases are unlimited that include art, virtual real estate, gaming, etc.

Non-fungible tokens are the platform helping artists not only with copywriting and distribution but also have more applications than one application and there are many use cases beyond art.

NFTs are unique items similar to collectibles which can be rare artwork, rare book, or any vintage item in video games. It is a way to make any asset digital. It gives a sense of ownership and authenticity.

Common people think that NFTs are digital forms of artwork but when anyone dives deep, then many use cases related to it are highlighted.

Digital Gaming

It is a huge industry dwelling on billions of dollars of investment. Anyone can question the link of NFT with digital gaming. NFTs are usually traded for the game. Holding certain NFTs (like Cryptokitties) will benefit in either game items, subscriptions, or upgrades.

Some gaming companies like Unity and Battle.net have started using blockchain NFTs to promote and enhance their games.

Copywriting

If any music, art, game, or content is on NFT, then it gives the full ownership of that piece. One can never face copywriting issues or ownership concerns. NFT gives the full authority of the piece. But in the real world, every field is facing copywriting issues whether it may be music, art, or content. 

For example, if someone writes an article on any medium, then the platform has full authority to promote and use it anywhere, similarly if a person writes it on some other platform like Quora then again that platform has that authority. 

But, if someone puts the article as an NFT then no changes can be made ever and the person holds the full authority and ownership of the content.

Membership and Tickets

NFTs provide membership. It gives the membership of any event and also helps in merchandise of the project or product. NFTs are used as membership card for games, events, and exhibitions. It gives early and easy access to the things or projects assigned. Many events are held on metaverse for marketing their products and projects. Some NFT holders have the benefit as the NFT act as tickets and passes for the show.

Virtual Lands

NFTs are linked with the metaverse. Metaverse is the concept of the virtual world with all the things of the real world existing in a virtual manner. Some NFTs provide the right to virtual land in the metaverse. A person can own virtual land by owning certain NFTs. For example, Axie Infinity NFT provides land.

Fashion and Wearables

Fashion and wearables are not the things of the real world but the digital world too. Many brands use NFTs to represent their fashion and wearables. They issue NFT collections of their fashion to add a spike in sales. Digitally promoting their products will give them a hike in sales and it is a wonderful way to market their product. Famous brands like Nike are promoting their brand and product by registering them as an NFT reward with certain games.

In Logistics and Supply Chain

NFTs are used to facilitate logistics and maintain the supply chain. For example, if some brand in London has to export the brand to Italy, then they can embed the brand in the form of NFT for authenticity. Duplicacy can be avoided in this manner and along with this, all the previous data like time of loading logistics, number of items, and originality can be checked and maintained.

Digital Identity

NFTs are used as digital identities. In the digital world, people want to represent themselves with their identity. Social media platforms and gaming platforms require an identity to showcase. Some NFTs which are categorized as PFPs mean profile pictures are used. 

Real Estate

Property can be tokenized. Management of real estate documents and legal documents can be very easy. Many real estate companies are opting to collaborate on the property in the form of NFT.

Patents

Creating a patent requires a lot of paperwork and legal documentation. Thus, a lot of time is consumed. With NFT, complete control over the IP, a simple idea, or articulated invention, and less time is spent in building the patent.

Certification

NFTs can be used to represent digital documentation. It can be a degree or certificate. In this way, the documents can be secure and accessible. 

Rentals 

NFTs provide digital space to store things. These things can be digital avatars, clothes, accessories, art, land, etc. These items are rented for a specific period of time. ERC-4907 is a new standard for NFT that can be rented for a specific period. Users can rent or hold cards to anyone. It can even be anything from a rented car to an Airbnb room.

Food and Drink

The food and beverages industries are making strides in this sector. All the cuisines, recipes, and dishes can be bought and sold in the metaverse in the form of NFTs. Major food chains like Mcdonalds’ are making their way in that direction.

NFTs also act as passes to restaurants in the real world. Examples are Fly Fish Club NFTs and Crypto Barista NFTs which act like a membership card and also offer discounts.

Summary

These are some ways to utilize NFTs. Hope some of these may inspire users to create new ideas on NFTs. It is a way to generate additional revenue and attract more users and customers. Beyond art, it is used in many use cases and it has changed the way people look at NFTs.