NFT is currently the hottest segment in the crypto space, entering the mainstream thanks to creators like Beeple whose artwork is selling for millions of dollars. Celebrities are jumping on the trend, with Janet Jackson, Eminem and Mick Jagger recently releasing their own NFT collections.
Any trend in crypto inevitably comes with a warning that “it’s a bubble”. Yet the rapid entry of venerable art market giants such as Christie’s into the NFT market is a strong indication of NFT’s potential to disrupt traditional models of art consumption and engagement.
However, the fact that old art market giants like Christie’s are rapidly entering the NFT space is a strong indication of NFT’s disruptive potential to shake up traditional models of art consumption and participation.
However, it is fair to say that the total number of investors who can afford to pay tens of millions of dollars for a digital work of art or music is relatively small overall. oneof, Band’s new project, aims to democratize this movement by providing fans with direct access to their favorite artists within a reasonable price range. And bring equity back to the major players through a decentralization that is accepted by the majority.
There is no doubt that the digital art and music space is just the tip of the iceberg. We see three new use cases emerging in the coming months or years.
From the T-stage to the cloud universe
The fashion world has been hit hard in the last year or so. With most of us confined indoors because of the epidemic, splurging on the web has become common and preferred behavior.
The shift to digital has not escaped the attention of major fashion brands, the most forward-thinking of which have taken their brands into the virtual world. Last year, Gucci launched the “Gucci Sneaker Garage” as part of their app, where players can customize their own digital designer sneakers.
Meanwhile, the NFT element introduces the same scarcity and exclusivity that drives fashion lovers to shell out in real life. In addition, the growing popularity of digital fashion offers the potential for brands to connect with new online audiences such as gamers and eSports enthusiasts.
DIGITALAX is one of the blockchain projects pioneering the concept of digital fashion and has even developed an innovative concept called “Fractional Garment Ownership”. Using the blockchain ERC1155 standard, the project allows designers of different elements of garments to collaborate and obtain copyright based on multiple aspects such as shape, fit, fabric patterns and textures, in order to receive royalties as payment for their contributions.
DIGITALAX is also entering the emerging field of eSports with its own platform, ESPA, which is the first independent and module-enabled eSports platform and a pioneer in casual gaming. It allows designers, developers and players to level up and upgrade from amateur to professional through a native Web 3.0 ecosystem.
The convergence of digital fashion and e-sports brings us to the next NFT use case – gaming. Blockchain technology-based gaming has been slow to get off the ground, largely because traditional platforms like ethereum are simply not designed for the microtransactions and traffic that games generate. As a result, many blockchain games are effectively the product of a collection of game logic and data hosted on centralized servers.
However, NFT offers tremendous potential to change the concept of assets in games, which is a big change. The video game market is expected to reach $300 billion by 2025, with a significant percentage of that value increase coming from the sale of in-game assets.
Blockchain gaming project Planetarium has been working to build a platform that allows games to operate based on their own blockchain. Because all game elements are fully decentralized, all in-game assets of the project’s flagship app Nine Chronicles are NFT by default.
Players can choose limited edition costumes, skins with custom animations and trade them in the game’s P2P marketplace. They can also use raw materials in the game to craft items as new NFTs.
From DVD to NFT
A third use case for NFT is video. There are several notable examples so far, such as the SNL humor skit that was recently auctioned as an NFT. The skit video, entitled “What is NFT Anyway?” starring Pete Davidson and guest Jack Harlow, was auctioned for 171.99 Ether (about $35) on OpenSea, the NFT exchange.
The biggest challenge in releasing video-based NFTs is file storage. The blockchain is not designed to store files as large as movies or TV shows.
However, there are plenty of opportunities in video NFTs. The streaming era has nearly killed the idea of limited DVD releases, which means fans have to find physical goods to make their psyche satisfied. NFTs can help reopen this market for video, and can also provide new ways for independent filmmakers to reduce their reliance on responsible editing.
Now, that vision looks set to become a reality. videoCoin recently entered into a partnership with Filecoin, which currently controls access to 2.5 billion gigabytes of file storage through its decentralized network. Ultimately, this partnership offers the possibility for anyone to make, store and trade their own video NFTs.
While the VideoCoin project offers fascinating possibilities for filmmakers and fans, it also opens up the possibility of how other types of video content such as sports events or videos from YouTube mavens can be monetized and distributed.
VideoCoin goes even further in addressing another challenge of perpetual ownership of NFTs. Currently, if the company that distributes NFTs goes out of business, the investment becomes worthless, and while the NFT itself continues to exist, the media it represents may disappear. The technology also provides short-term proof on the blockchain to ensure the longevity of NFTs published on its platform is guaranteed.
The use cases here are just a few of the areas where there is still plenty of room for NFT to expand, which has sparked a digital revolution in the last year, bridging the gap between the digital and physical worlds, which means that NFT is not a bubble, but is here to stay.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/three-nft-use-cases-not-related-to-digital-art/
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.