NFTs Aren’t Only For Art – Other NFT Use Cases

One thing to note about technology is that it carries everyone along, including contemporary creatives who can now sell their pieces to interested buyers for thousands of dollars. This emerging technology is more peculiar because it provides a secure way for content creators to auction their work and for collectors to conduct safe transactions. Additionally, as a designer in this internet day and age, you need a platform that gives you digital ownership and rights to make a profit off your work on the web.

NFT is the word you are looking for. Non-Fungible Tokens comprise distinct virtual tokens and digital collectibles that represent technically everything, ranging from sports to arts, and game momentos. This digital asset is stirring up a lot of buzz in the cryptocurrency sphere and with good reason. Some people are of the notion that NFTs are strictly for art but that can’t be farther from the truth.

Here, we will reveal more about Non-Fungible Tokens and all the other incredible infrastructures they serve.

How Does an NFT Work?

NFTs are stored on a blockchain, which is a decentralized open-source ledger that keeps track of transactions. Most people know that blockchain is the underlying technology that creates cryptocurrencies. NFTs are commonly kept on the Ethereum blockchain, even though they can also be held on other blockchains. In February 2021, speculators and collectors reportedly dispensed over $200 million on a variety of NFT-based objects, and a whopping sum of $250 million for the entire year of 2020.

Examples of digital files that are supported by NFTs are:

  • Collectibles
  • Art
  • Music
  • Videos and sports highlights
  • Designer sneakers
  • GIFs
  • Virtual avatars and video game skins

Other Use Cases

Be it a piece of artwork, an in-game item, a trading card, or even a meme, NFTs ensure it is safely stored on the blockchain as a unique collectible item. Even better news is that NFTs are impossible to forge, copy, or erase. In fact, once an NFT file is replicated, it instantly loses the privilege of being called that term.

The NFT is the asset’s digital certificate that proves who owns it. No one can duplicate it because it is “non-fungible” and protected by blockchain. The only one permitted to sell it is the original owner, who registered the file initially.

NFTs for Music

It is possible to mint and sell your music NFTs. You can discover the platforms that are currently available to you if you do your research. When your fans purchase your track as a Music NFT, they will receive a portion of the future royalties earned from streaming platforms. With each NFT sold, artists can determine the type of sale, price, and royalty share. NFTs for Music have given several creative minds the opportunity to craft without any limit.

For instance, Abhishek “ABVERSE” Bhaskar is a Beatboxer National Award-winning Architect from India. He is the creator of Metavoice, the World’s first everBeatboxing generated Digital Art, allowing people to see the Human voice rather than just hear it. He is also the Ex-Brand Ambassador of Adidas Originals JBL. He has also conducted 2 of India’s Biggest Beatboxing Workshops with over 3000+ participants. Abhishek explained:

“The Metavoice Project is an amalgamation of Beatboxing (Art) Design (Visual), allowing people to see the human voice, rather than just hear it. So, my approach towards NFTs is always to provide unique assets and share them with the Metaverse for people to experience. NFTs is the right way to showcase my work, as it is unique, the world’s first-ever of its kind, and hence, allowing people to own a piece of my work across the years, is very special to me.”

NFTs for Videos and Sports Highlights

Basketball has ultimately stolen the spotlight for NFTs videos and sports highlights through the association with NBA Top Shot. Consider sports highlights NFTs as a hybrid of an old-school sports card and a TV highlight. Despite the fact that they’ve existed since 2014, video NFTs recently became prevalent as a secure method for buying and selling GIFs, sports highlights, and more.

A standard NBA Top Shot includes a 10-15 second clip of an actual game highlight featuring a top player, with NBA brand insignia, as opposed to settling for a bunch of cardboard pictures with numbers on the back. A “cosmic” slam by LeBron James gained a total of over $200,000!

The Unique Selling Point of these Highlights

The fact here is that every NBA Big Shot has a distinctive code (serial number) that is logged onto Top Shot blockchain, Flow. Therefore, each owner can establish that theirs is an authorized, limited edition.

NFTs for Virtual Avatars and Video Game Skins

NFTs for virtual avatars and video game skins enable Esports fans and gamers to buy and sell virtual in-game items. It is accomplished through the use of an extensive collection of advanced fintech and game tools. There are several alternatives of metagames to choose from, and then the next step is to view the streams on your preferred platform. Afterward, accumulate your favorite collectible items from drops. From there, you can create physical assets or NFTs.

There are several reliable payment options for video game skins transactions for traders to purchase in-game items and NFTs. They also get to withdraw their trading profits as they see fit. Some of the payment methods include Payoneer, PayPal, Visa or Mastercard, UnionPay, Skrill, bank wire, Alipay, and others. Everything is done online from the purchase to the trading system, often using cryptocurrency. Note that they are typically encoded with similar essential software as other cryptos. Like every other NFT, these accredited videos come with built-in authentication, which acts as proof of ownership. To collectors, those digital bragging rights are almost as valuable as the item itself.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Which Stablecoins Are Safe To Hold With Proven Reserves?

Stablecoins are useful for investors who wish to maintain their assets in the crypto space. The advantage of stablecoins is that they offer a stable asset in the crypto space and an advantageous transaction speed. Moreover, stablecoins are easier to comply with by regulators due...
Read More

Enzyme (MLN) Launches On Coinbase With Free Tokens Up For Grabs

Given the sheer number of decentralized finance (DeFi) projects out there, Enzyme's asset management infrastructure is a fantastic solution for DeFi lovers, as it ensures hassle-free, full custody of assets and complete transparency. You can filter strategies by performance, risk, and assets and discover one...
Read More

What Will Bitcoin, Ethereum, And Ripple Be In 5 Years?

While it is impossible to give a definite projection in the crypto space, historical performance and analysis of market developments could help shed light on where these coins will be trading in the next five years. Bitcoin Bitcoin is the oldest cryptocurrency and the pioneer...
Total
0
Share