Real-World Applications of Non-Fungible Tokens (NFTs)
NFTs are one of the most exciting developments in blockchain technology. You can think of them as "unique tokens" because each one is special and unique. NFTs have many potential applications beyond their use with crypto collectibles due to their unique nature and ability to be tracked on blockchain networks. Here are some of the most exciting ways NFTs can be used in the real world today.
Digital art is an exciting application of NFTs because it allows creators to sell digital copies of their work without worrying about piracy. Today, if you want to sell your art or photos online, there's a high chance that someone will steal it and post it on their own site. With NFTs, artists can create blockchain-based tokens that represent ownership over their work and sell them on marketplaces like OpenSea or Rarebits. The art can be tracked on the blockchain, so you know that it's not being copied and sold by someone else. Not only that, but you'll always be able to see where your work is being displayed online thanks to the fact that NFTs are transparent and visible on blockchains.
Digital art isn't limited to visual artists; even non-creative professionals can benefit from using NFTs as a way to show off their skills and expertise. For example, if you're an accountant who specializes in tax law, you could create an NFT that shows off your knowledge about how to deduct certain expenses for your clients when filing taxes every year.
Music is another industry that could benefit from NFTs. Artists can create digital versions of their albums and sell them on blockchain-based marketplaces, which means they no longer have to worry about getting ripped off by record labels or having their music pirated online.
Artists can also use NFTs to reward their fans for listening to their music and sharing it with others. This could be a way for musicians to earn money directly from their fans, rather than relying on streaming services that take a large percentage of profits.
NFTs can be used to create digital tokens that represent real estate. For example, if you owned a house and wanted to sell it on the blockchain, you could create a token that represents your home. This would allow someone to purchase your property without having any cash in hand—they would simply send over their funds via Ethereum and get ownership of the property back in return.
In-game assets are digital items that can be found in video games. These could include weapons, armor and other useful items that players use while playing online games.
If a player wanted to sell their virtual sword on the blockchain, they could create a token that represented this item and then list it on an NFT marketplace like OpenSea or Rarebits. The player could then sell their sword for a certain amount of money, which would be sent to them in Ether. The player would get the funds and the buyer would receive ownership over an NFT that represented the sword.
Ticketing is a big industry. Ticketing for concerts, sporting events and other live performances can generate hundreds of millions of dollars in revenue each year. The industry has been plagued by issues like counterfeit tickets, ticket fraud and scalping — but NFTs make it possible to track ownership of tickets more securely and create a secondary market for them.
NFTs are an ideal platform for tracking ownership because they don’t require you to use traditional methods like barcodes or RFID chips — most NFTs have unique identifiers that can be used as secure digital certificates without any extras necessary. In addition to storing information about the owner and their seat number (or whatever else), these certificates could also include important details like time limits on access or transferability restrictions set by the original issuer. This means that when someone buys an item on the blockchain they won't just own it—they'll know exactly what they're buying!
Software licenses are another great use case for NFTs. With this technology, users can purchase NFTs that allow them to access certain types of software, such as Adobe Creative Cloud or Microsoft Office 365. The NFTs can be used to activate the software, allowing users to access it in a similar way that they would if they had purchased an activation code. The difference is that users can sell these licenses on secondary markets or trade them among friends, which is not possible with traditional software licenses.
NFTs are a great example of how blockchain technology can be used to improve the way we exchange assets in the real world. It's exciting to think about what other applications might exist for this technology and how it will impact our lives in the future!
If you'd like to learn more about NFTs and other Web3 technologies to understand how you can apply them to your business, be sure to join the Blaze Mastermind community today to learn from Casey and many other Black women founders who have expertise in this area. Simply download the app today to get started!