What happens when NFT goes from JPG to real use case?

NFT has taken the world by storm, and if you are a newbie in this industry, you can easily feel that you are late-but you are not. It is still early, we have just begun to view NFT not only as art, but also as a practical tool, and this is where things get exciting.

This craze is reminiscent of the boom of ICOs, but I believe that NFT will not decline like token issuance. I believe they will maintain their upward momentum and push them into mainstream culture. NFT started as a way to express and use art on the blockchain, but now we see that these tokens can be used for utility programs.

Public Service

Simply put, practical refers to the additional benefits that NFT brings. Whether it’s a shirt, free tokens, or even the ability to use NFTs in video games, such as Axie Infinity. The first practical example of NFT is Meebits. Larva Labs launched CryptoPunks , followed by Meebits, and allowed any CryptoPunks holder to create Meebits for free. Using the previously existing NFT as the key to creating certain content from future projects is an excellent example of how NFT provides practicality.

Proof of Attendance Agreement

The Proof of Attendance Protocol is a cool NFT project. Its token (called POAP) was created on x DAI and can be migrated to the mainnet Ethereum . These tokens are used on the blockchain as a proof of the user’s participation in an event, whether in person or virtual. POAP has become more and more popular recently and is often used as a way to send gratitude to early supporters of the project. Suppose you start a new project and want to reward the first 1,000 users who join Discord-you can give them a POAP so that they can create an NFT as soon as possible, access a private Discord channel, and so on.

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Donate

Care Package is a great project created during the chaos in Afghanistan. It aims to provide financial assistance to displaced families in need. It is the first project I have seen to use NFT, and 100% of the proceeds are used for it. The established career.

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Bored Ape Yacht Club also donated a large part of its sales to animal charities.

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That’s a lot of money.

Rainbow Rolls NFT has just abandoned a new project and has received many blessings from the crypto world. They plan to donate a large portion of their income directly to three charities.

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future

Will NFT continue to exist after 20 years? Yes, of course. NFT is the perfect bridge from blockchain, which is difficult for ordinary people to understand, to the real world. Larger companies are entering the fields of encryption and NFT. Budweiser purchased an ENS name: Beer.eth. Visa, Jay-Z and Jason Derulo also bought a CryptoPunk. Not only do they own these things, but they also use them as avatars to show off. This will promote the entry of the general population, especially the younger generation.

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award

I can’t wait to go to a restaurant and order my favorite food. I will use a digital NFT ERC-1155 token as a reward system instead of a punch card. It would be incredible to be able to purchase items with a digital reward card, which can send me tokens, and I can exchange tokens for a free meal, gift card or giveaway.

Another example: suppose I won a free sandwich in a restaurant, but I don’t want to eat it. Someone can buy from me, and the restaurant can still get a certain percentage of the share from the transaction.

Another interesting use case has recently appeared in the form of Burger King: Keep It Real Meals. They distributed the NFT made on Polygon Network as virtual game parts. Think about how cool it is to play McDonald’s Monopoly with the code used for the Redeemable Monopoly NFT. I hope that more companies will do this to help push NFT into the mainstream market more.

coupon

This is the same as rewards, but an organization can randomly place coupons in your account. The company will know the address you use and can easily airdrop combustible coupons to your account. Eventually, if larger, more well-known companies start to accept cryptocurrency, they can send NFT product coupons directly to your account.

Tickets

If the organizer can send ERC-1155NFT tickets directly to the user’s address, why print their own concert or event tickets? Once you enter the event, the NFT will be scanned and burned, leaving a shell as a souvenir. Event tickets on the blockchain will also help eradicate fraud, so selling fake tickets will be a thing of the past. If you want to sell tickets on the secondary market, you can use a solution like SudoSwap, which creates a contract to wait for a certain demand or token to be deposited before the transaction is completed. This will allow a decentralized ticketing market where users do not need to pay a lot of extra fees to Ticketmaster or similar companies when reselling.

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tax

Donations can be used as a reverse utility of NFT. At present, there are many gray areas in the encryption tax law, but imagine that your donation on the blockchain carries an NFT as a description on the account, which can be used for tax cancellation. It is similar to taking old clothes to a thrift store and then getting a tax reversal receipt, which can be run on the blockchain. In addition to this idea, getting NFT for charitable donations is also a pretty good deal.

Another tax perspective: If I interact with 100 dapps in a year, and in each dapp I spend x dollars and earn x dollars, then an NFT will be generated to show my year-end profit and loss. This will be similar to the tax forms that individuals receive from employers and other entities each year. There is no longer a long list of transactions, just an IN/OUT and cost/loss.

Music and entertainment

A small music artist can make about $3 to $5 for every 1,000 plays of a song. This is a lot of time and energy invested in things that may end up with nothing.

Artists can now deal with this problem in a whole new way and release albums in the form of NFT-each song or the entire album. They can give those who own their album NFT complete listening or downloading rights. In addition, they can also provide a lot of practicality for fans who have their own works. You may end up paying more than usual to own their music, but you may also receive royalties, concert tickets, meetups or more. The music industry will benefit from users being able to find and sponsor albums before they are released, and then be able to get utility from the albums and earn royalties based on the number of plays. Think of platforms like Kickstarter, but what you get is not an early project, but an NFT that allows you to use early projects or more.

on the other hand

Many users participate in cryptocurrency because of the ideals of privacy, anonymity, and decentralization. Another aspect is the complete transparency and immutability provided by the blockchain. Many such “NFT is practical” ideas will eliminate anonymity to a certain extent, especially when it comes to redemption in the real world. Most users will have to find a healthy balance and need to adjust to their preferences, but all these NFT use cases are very exciting. Time will prove everything, but the point remains-we are still early.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-happens-when-nft-goes-from-jpg-to-real-use-case/
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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