Exploding in popularity, NFTs are providing investors the potential for significant earnings. Once again taking a massive turn at the beginning of this year, the NFT market is not going to slow down in near future.
Gaining a lot of attraction worldwide in almost all the sectors of art, NFTs have become a sensation in the fashion and entertainment world as well. After gaining enormous fame and demand, now their applications range from digital arts and real estate to gaming and finance as well.
Come and let’s have a quick look at some of the main use cases of NFTs.
The Art NFT gets its value from the verification of its authenticity and ownership created digitally. The aspect of proving ownership of a particular asset is one of the most popular use cases of Art NFT.
One of the NFT collages by digital artist Beeple was sold for almost $69 million in March 2021. Sports tickets and other collectibles also get tokenized. “Moments” is the sports digital collectibles sold on the NBA’s Top Shot platform that might include a video clip of the player making a move all based on blockchain-based trading card system that offers game highlights.
Helping in the growth of DeFi sector, non-fungible tokens provide a lot of financial abilities e.g JustLiquidity is a DeFi protocol offering an NFT staking model where the user stakes his pair of tokens in a pool for some time period and then receives an NFT to access the next pool.
Similarly, there’s another platform known as BakerySwap’s NFT Food Combo that provides staking rewards for holders. When you contribute BAKE, you will receive an NFT. Users then speculate about the prices and sell them on the secondary markets or may use them for staking.
Here comes the most famous use case of NFTs. According to one of the surveys, data shows that more than 2 million people are indulged in the gaming sector daily. As for the NFTs, gaming has unique items that are rare and can be traded and purchased, affecting the price in return.
Axie Infinity and Battle Pets are the most popular games in this case. Its tradable items and pets have gained mainstream attention not only in the blockchain gaming sector, but also in the gaming community. The gaming NFTs are expanded in the other sectors as well, making the ground smooth for the NFTs craze.
The sector of real estate is also being digitized once the metaverse created hype everywhere. Real estate, in both virtual and real worlds, now applies NFTs for its sale and purchase.
The users create and purchase a piece of land in the virtual world using NFTs as in Decentraland. Another virtual real estate is the digital “Mars House” which is a home framed in glass and surrounded by neon lights.
Shane Dulgeroff created an NFT on April 21 representing a property for sale in California and a crypto art attached to the token. A person winning the auction will receive the NFT and ownership of the house.
Well, this is not all, these were just a handful of areas where NFTs’ usage lies. NFTs are going to see a bright future as well as an enhancement in their use cases and ideas in near future.