If you’ve just come across the NFT space recently, the chances are you’re feeling pretty excited about the whole thing?! The majority of people still associate NFTs with being just “digital art” but NFTs are in fact a lot more than just digital art. 

First of all, you need to be aware of the true definition of an NFT. 

NFT stands for Non-fungible token. The technology is built using the same type of programming that is also used for cryptocurrency. Using a Non-fungible token (NFT) will allow you to buy and own digital items. This could be anything from a piece of digital art, a photograph, a real world asset such as some real estate or even a digital item used in the gaming world. 

The term “non-fungible” simply means that it can not be replaced. It’s unique and can be considered as rare, vs “fungible” which means it's replaceable. An example of a fungible item could be Bitcoin, or Gold and Silver.

Since a lot of people are still unaware of the real-world use case of an NFT, we thought we’d share 10 of our personal favourite use cases for NFTs:

#1 Entertainment tickets

Any physical ticketed event will likely transition to NFTs over the next couple of years. An NFT ticket allows you to have more control over how the tickets are sold and distributed. For more exclusive events, NFT powered tickets can be considered as collectibles. Depending on how you wish to create your NFT, you could write a contract so that every time the NFT is sold in the future, you receive a small royalty of that sale. 

#2 In-Game Items

In-game items are already popular. Take games like Fortnite and you’ll find the players are spending a fortune on Fortnite skins. In-game items built through NFTs will eventually create a new type of digital economy. We see a big overlap with in-game NFTs and the Metaverse. 

#3 Fashion 

With the hype around the Metaverse continuing to rise, we’re already seeing a number of fashion brands develop collectible NFT products. The Metaverse allows people to have their own avatar, which of course means that the possibilities for styling your avatar are endless. As much as people love to flex their favourite Gucci or Louis Vuitton items in the real world, there’s an equal type of flex that will happen in the Metaverse. 

#4 Music

NFTs are that disruptive, they could potentially cause the end of record labels. With NFTs, artists would no longer have to rely on being funded by a record label, as they could instead host their own concerts (virtually and physically), release collectible NFTs, and create personalised experiences that are sold through an NFT. 

Imagine being able to buy an NFT that will always grant you VIP access to your favourite artists concerts? This is the kind of disruption that NFTs will create over the coming years.

#5 Licences & Certifications 

These days it's very easy to fake having a certification or licence, and unfortunately for some this will be impossible to fake with NFTs. A number of recognised courses are already beginning to turn their certifications into NFTs, helping employers hire better qualified candidates. 

#6 Sporting NFTs

Counterfeit tickets and merchandise are some of the critical issues plaguing the sports industry. Thankfully NFTs can solve this problem! There are already trends coming for sports cards to be traded as NFTs, we’re also seeing the same with collectible sports tickets too. 

#7 Real Estate 

NFTs & Real Estate were made for each other. NFTs could be used for transferring land deeds, providing proof of ownership and tracking the changes in property value using timestamped NFTs. We also see NFTs enabling a new way of property financing.

#8 Virtual Land

Once you begin to understand the potential profitability of owning digital real estate, it’ll blow your mind! For example, a creator could build a unique office space experience in the Metaverse, and use this as an NFT. The creator could then use an NFT ticketing system to allow people to rent the office space. The possibilities are crazy.

#9 Advertising 

Although still speculative, it’s likely that advertising will be used to purchase and hire advertising placements. Why wouldn’t an ad network want to sell NFTs that give brands the right to certain media spots?

#10  Health Care

We think the health industry will see mass disruption from the NFT space. NFTs can be used to safeguard the confidentiality of someone's health records, as well as being able to improve the supply-chain tracking of medications. 

Hopefully by now, your mind is blown?! We’re so excited to be part of the NFT space so early on, and can’t wait to see the transformation of so many industries.

If you’d like to understand NFTs and the Metaverse in more detail then checkout some of our other blog posts. If you’d also like to explore the possibility of working with us, then please feel free to reach out using our contact page!