Sunday, February 25, 2024

21 applications of NFTs you wish you already knew (Part 2)

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This is part 2 of a two-part post outlining 21 different applications of NFTs that are so surprising you wish you knew already.

If you haven’t read part 1, please read that before you commence reading this post.




Now that you’ve read the first part. let’s move on to the second set of applications for NFTs!

More applications of NFTs

TV Shows – Did you know that the founder of Ethereum, Vitalik Buterin stars in a TV Show with Hollywood stars including Ashton Kutcher and Mila Kunis?! This show is called Stoner cats!! And guess what, this show in itself is an NFT!! That’s right, a new format of media distribution. You can buy the show’s NFT on Opensea at the auctioned price, which gives you access to watch this show. If it becomes famous, you can auction your NFT for a higher price and even make a sweet gain!

Lottery tickets – How would you think NFT Lottery tickets work? It’s pretty simple really. Buy an NFT ticket which is stored in your wallet. It’s easy to verify with your wallet as well! If you win, the prize money is easily transferred to your wallet. Mint a total number of identical tickets. You have the addresses of all the ticket buyers as the transactions are public. A whole stack of tickets can look the same, all except the lucky ticket – which is easily traceable to the winning wallet. Lucky Block is a decentralized gaming platform built on the Binance Smart Chain. The platform’s primary focus is to create a fair and transparent lottery system using blockchain technology.

Restaurants – Yes, even restaurants are wanting a piece of the NFT pie! A restaurant called Flyfishclub announced that they are launching a branch in Manhattan as the ‘First NFT Restaurant’. Created by entrepreneur Gary Vaynerchuk, FlyfishClub is a member-only exclusive restaurant where membership can be bought on the blockchain. You need to be a Flyfish NFT holder to enter and access the restaurant. Limited Flyfish NFTs make this an exclusive location

Image: GaryVee’s FlyFishClub

Sports memorabilia – NFTs are being used to authenticate sports memorabilia, allowing fans to own a piece of their favorite team’s history. Memorabilia including autographs, trophies, and awards can also be brought on-chain as NFTs. AirNFTs has created an NFT marketplace for this very purpose! You can buy/sell/trade cards, posters, memorabilia, and other collectibles of your favorite sportsmen and women here!

Virtual Fashion – Nike has created digital versions of their upcoming designs as NFTs and auctioned them on an NFT marketplace first. Once this NFT is traded on the secondary market, the final owner of the NFT sneaker gets its real version. It announced the acquisition of RTFKTstudios, a virtual sneaker company that creates NFT sneakers, which Nike calls ‘CryptoKicks‘. When you buy a pair of the “CryptoKicks,” you’ll also receive a digital asset attached to a unique identifier of that shoe. This would give them an idea of the popularity and consumer asking price for the sneaker before it’s ever made! And trading in the secondary market will also bump up its prices, giving Nike a sweet profit as well!

Image: Nike x RTFKT

Virtual pets – NFTs are being used to create and sell virtual pets, allowing owners to collect and trade unique creatures. If you’ve followed NFTs for a while now, you must have heard of Cryptokitties. They are one of the world’s first blockchain games where you get to breed your rarest cats to create the purrfect furry friend. We also have Digital Dogs which says they are launching AI-driven 3D digital dogs as companions for the metaverse.

Luxury goods – NFTs are being used to represent ownership of luxury goods, such as designer handbags and jewelry, providing a way to verify authenticity. Today there are multiple brands including Gucci, Louis Vuitton, Jimmy Choo, and others who are embracing the luxury NFT world as an additional source of revenue. For many, luxury items are symbolic of wealth and status in similar ways that many NFTs are perceived today. With that, it shouldn’t be a surprise that luxury brands would embrace the new NFT medium.

In-game items – Recently, the gaming industry has also embraced NFTs in quite a wonderful way. For example, blockchain games such as Axe Infinity have created NFTs as in-game purchases. Suppose you want an upgrade for your character, maybe some new armor, or new weapons. You can now buy them using cryptocurrency where each of these items is created as unique NFTs. This way, each item you purchase is unique to you and can be traded with other players online as well!

Carbon credits – Carbon credits are arguably the best financial mechanism existing to accelerate the flow of capital to environmentally friendly projects and entities. NFTs are being used to represent ownership of carbon credits, providing a way to track and trade carbon emissions. MintCarbon makes it easy for carbon credit holders to tell their story to the world while onboarding their carbon credits to the blockchain where they can be tracked, traded, and retired seamlessly.

Image: MintCarbon

Charity Donations – Donations powered by the blockchain provide an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies, be found by crypto donors, receive funds instantly and become part of a network of crypto media partners to support their missions. Companies such as The Giving Block facilitate crypto donations and also mint NFTs used to represent charitable donations, allowing donors to track the impact of their contributions.

Product Tracking – NFTs are being used to track the provenance of physical products, providing a way to verify the authenticity and ethical sourcing. Companies like Walmart have embraced blockchain technology in using NFTs to track these metrics for their products sold on the platforms. For example, if a digital token is created for every apple they sell at their counter, customers can just scan the digital token on their phone to find out where this apple was grown, and who the middlemen involved in sourcing this apple from the farm to this counter are. Furthermore, any bad batch of essentials or perishables can easily be traced back to the source which reduces confusion and helps bring a lot of clarity to the process.

These are just a few examples of the many ways in which NFTs are being used today. As technology continues to evolve, we can expect to see even more innovative applications in the future.

The future of NFTs is bright?

The applications of NFTs are vast and varied, ranging from digital art and virtual real estate to music rights, sports memorabilia, and product provenance. NFTs have opened up new opportunities for creators, collectors, and investors, and have the potential to revolutionize many industries.

With the increasing adoption of blockchain technology, NFTs are poised to become even more prevalent in the years to come. As the technology continues to evolve and new use cases emerge, the potential of NFTs is truly limitless.

Whether you are an artist, collector, or investor, NFTs offer a unique and exciting way to engage with the digital world and monetize your assets.

If you want to know more about any of the above use cases in detail, let me know in the comments section and we can share a dedicated post for it!


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