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What are NFT Use Cases?

Floyd Mayweather, Stephen Curry, the NFL, NBA, and Playboy Magazine. This list could go on and on with celebrities and notable outfits that have launched non-fungible tokens. Whether it’s partnering with other blockchain developers to create NFTs collectibles or finding a way to hawk them, NFTs is a mega-hit among various entities. 

For some time, most people felt NFTs were a mere boom that would burst. A few months later, it seems a long-term prospect. All the growth and possible future formidability are all down to the various uses cases. 

Here are some of the leading use cases of NFTs;

Gaming 

The gaming industry is one of the places that gained the most with the advent of NFTs. The industry has been growing with increased internet access. However, the centralised nature of games means developers have all rights and control over the games. The NFTs on blockchain platforms allows gamers control on their in-game purchases and other items. Gamers can tokenise the developed items like characters and game skins, which they can then sell to gain income. 

Art NFTs

Digital art authentication remains one of the leading use cases of NFTs. No matter how unique digital art might be, there is always the concern that anyone can access and download it at any time. Unlike physical art, there’s no way one can keep exclusive digital art away from online users. However, ownership is more crucial than the inherent value of the art. Therefore, NFTs allow one to prove ownership of the given digital art. 

Finance NFTs

The NFTs have unique financial usability through decentralised finances (Defi). Even though these still have some artwork involved, the value comes from utility. They operate such that NFT holders can access various token pools to find a market for NFTs depending on the utility.

NFT staking models like in JustLiquid and BakerySwap’s NFT food combos are some examples of financial NFTs. 

Fashion and wearables 

The luxury brands are quickly realising how much they can gain from NFTs. The introduction of blockchain technology is looking to revolutionise the fashion industry. These brands can tokenise their lines of luxury retail clothing, jewellery and other items. With the use of NFTs and augmented reality technology, digital apparel could soon become mainstream items. 

Playboy, a leading fashion magazine is one of the leading fashion industry outfits to have launched an NFT line. 

Music NFTs

Music NFTs operate like the art NFTs. An artist can attach a unique audio file to create music NFT. One of the top solutions that come with music NFTs is the royalties follow up. Most musicians have struggled to earn from their work. With the NFTs on blockchain platforms, they can view details like the number of listeners, downloads, streams and possible income. However, this might be a challenge if major record labels fail to embrace it. 

Other use cases 

NFTs have several other use cases. Some of these include; logistics, domain name ownership, real estate, identification and documentation, and real-world assets.

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