What is the use of NFTs?
The number of uses of an NFT continues to grow over time in increasingly innovative ways. However, there are some particularly popular use cases as we will see below:
In-game assets: The NFT can represent in-game assets like weapons, vehicles, characters, and more. Using the item can damage the NFT or lock it using a ‘cool’ timer until it can be used again.
Fashion: With the advantages it promises to all supply chain partners, blockchain has been integrated into the fashion world for good. Consumers can simply check the ownership details of purchases and accessories online. For example, users can simply scan a QR code found on the price tags for clothing and accessories in the form of an NFT.
Licenses and certifications: Uses of NFTs can also provide significant benefits for confirming licenses and certifications. Seniors are issued with standard course completion certificates either in digital or physical form similar to any other degree or license.
Managers could save a lot of time by using NFTs to gain access to the diplomas. NFT-based certificates and licenses exempt the process of checking and verifying records. As a result, this technique makes it easier to track course completion confirmation.
Collectible cards to exchange: At the moment, a large percentage of the NFT represents collectibles such as CryptoKitties, Axies (Axie Infinity), Cryptopunks, and exchange cards of various sports.
Land ownership: In Decentraland, the NFT represents pieces of land in different areas of the game’s virtual world. Landowners can build and earn income from their land, such as leasing it to other players or using it for advertising.
Domain Names: NFTs are currently used as blockchain domains where specific tokens represent ownership of a specific cryptographic domain, such as name. eth or the token. crypto.
Artwork: NFTs can represent individual artworks that have been featured and represented so far with a unique token. Owning the NFT equals owning the project behind it. Like standard digital assets, NFTs are also used as a speculative investment vehicle, which are traded on NFT markets like OpenSea and The Sandbox usually by experienced traders and investors.
How are NFTs reinventing the digital world?
Non-Fungible Tokens are aimed at collectors, investors and traders. It is a digital version of some product, such as a work of art, that gives the owner the certified version of that item.
If we take the statue of David as an example, would one prefer to have the original sculpture or a perfect copy? The answer to this question is subjective and depends on how the artwork is valued. The same idea applies to NFTs, where owners of those digital assets whose proof of ownership is verified on the blockchain believe that the asset will either increase or add incalculable value to their collection.
The ability to replace, or lack thereof, is the core of the value of an NFT rediscovering the digital world. As in the art world, NFTs represent the idea of a writer or a creative team behind it that gives a monumental value to an object.