In addition to being an avatar NFT, there are nine major uses

Let’s review the NFT market first. The NFT market has grown more than 200 times in 2021. The total value of NFT transactions was only $82.5 million in 2020, but it will exceed $17 billion in 2021.

NBA Top Shots alone had hundreds of millions of dollars in sales last year, not to mention that the combined NFTs of BAYC and cypherpunks are worth over $3 billion. Last year, Beeple sold a piece of digital art as an NFT for $69 million through ChristiesInc, making Beeple the third-most valuable living artist in history.

Most people only know that these digital art NFTs are famous, but it is difficult to understand why they have such high value. In fact, NFT can act on many instances and applications. In this article, let us explore the use of NFT in instances.

NFTs (Non-Fungible Tokens) are completely unique tokens (no two NFTs are the same), so they are best used to represent ownership of unique assets. Combine this with other valuable properties like transparency, verifiability, composability, etc. and you get a technology that changes the way people live. Such uniqueness is perfect for representing real-world assets, not only that, but NFTs have the ability to tokenize them. Why Tokenize Assets? Because this can make assets have better liquidity, composability (derivatives), and greatly improve the efficiency of asset capital, turning it from intangible to tangible… Then NFT is outside of digital art. What are some applications? I mainly divided it into 9 categories:

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Identity authentication

About 30% of citizens have experienced identity theft, which is not surprising since only your 18-digit ID number is required. Your identity is unique, and a digital tokenized identity will make your identity easy to verify and difficult to steal or counterfeit. Identity class NFTs allow you to:

  • KYC without providing details
  • Make your identity easy to bind (such as various certificates and certificates)
  • Assets can be tied to your identity for security
  • Unlock new use cases for DeFi like unsecured borrowing, credit scoring…

Intellectual Property Ownership

As you may have heard, Jack sold his first tweet as an NFT for $2.9 million.

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As strange as this may sound, NFTs are indeed a great way to represent IP. NFT patents are easily transferable, with clear ownership, it is also easy to verify, and even allows other smart contracts to be inserted to earn royalties.

Real Estate Tokens Real Estate Tokens

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Every piece of real estate is unique and NFTs would be a great way to represent them. If you have a token that represents your property, then you have a digital proof of ownership in your wallet, which not only saves you the red tape, but also puts your property directly into the DeFi world, and if you need a loan, you will be able to Get a mortgage/refinance in seconds instead of waiting months. 

Membership Clubs

NFTs are an excellent loyalty card because they can:

  • Digitizing
  • easy to verify
  • ownership record
  • Strong combination

Ticketing Tickets

Using NFT tickets, organizers can easily authenticate through on-chain records, people have secure resale channels, organizers can monitor resale, and can charge a fee for secondary resale. Not only that, but NFT tickets can also open up many new uses, for example, artists can airdrop their new albums to everyone who has attended a concert, because tickets are personally tied, queryable, and verifiable.

Music

As we all know, it is the record companies, intermediaries, service providers, etc. behind the artists who make a lot of money through streaming media, and the last remaining is the income left to the artists.

3a4c6aa4a96eb53ade3ba9ea4198b4b.pngLike other art forms, music can also benefit from NFTs. For example, limited-edition music or albums can be sold to the public through NFTs, without being oppressed by publishers or intermediaries. Artists can also raise funds from fans through NFTs. In exchange for some royalties. But subverting such an industry is very difficult, many people are trying, I don’t know which method will work, but for now, NFT is a guiding light.

In-Game Collectibles

NFTs can monetize your in-game efforts instead of wasting them. When you acquire a legendary item in the game, NFT can give it value and circulation, allowing it to be freely traded or rented, and also creating opportunities for the in-game market.

Documents file

Tamper-proof and easy to falsify are the characteristics of NFT. Using NFT, legal documents, medical records, invoices, ownership contracts, etc. can be exempted from these concerns. Anyone or institution can check the records on the chain to verify whether it is issued by a formal institution. of.

Digital Property Digital Property

Domain names, usernames, etc. are digital properties that we already own. They are unique and preferably transferable. This sounds like a use case tailored for NFTs.

Epilogue

There will be many, many more uses for NFTs that I haven’t thought of, and many of these use cases will take years to realize, but I firmly believe that the reach of NFTs will expand in the tens of thousands in the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/in-addition-to-being-an-avatar-nft-there-are-nine-major-uses/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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