NFTs, or unique digital tokens, have grown significantly since their inception. The benefits of NFTs for people and users become more apparent day by day, making NFTs more and more valuable. Below, we explain some things that make the applications of NFT more specific. So let’s check the NFT uses other than art.
What can NFT be used for?
NFTs have opened new opportunities for digital creators, collectors, and investors. NFTs have various usages, including creating and selling unique digital assets like art, music, videos, and games.
NFTs can also verify physical assets’ ownership, provenances, and authenticity, such as real estate, luxury goods, and sports memorabilia. The potential applications of NFTs are expanding rapidly, and they have the potential to revolutionize the way we value and exchange digital and physical assets.
1. NFT can be used for tickets
NFTs can be used as tickets for events, concerts, and other occasions. The code registered in the blockchain on the NFT is used as an authentication password. Thus, if a ticket for a concert is made as NFT, the ticket does not need to be confirmed through the ticket sales site. Because it is easily checked in the blockchain network, and the data recorded in the blockchain is accurate and safe.
This can increase the event’s security and provide a better experience for attendees.
NFT-based tickets can also be traded on secondary markets, allowing fans to buy and sell tickets more transparently and confidently.
Also, each person’s ticket is not equal to another because each ticket is unique and has its information. Therefore, the ticket is non-fungible. NFT data increases the value of NFT to more than a regular asset or pure currency.
Buying tickets with NFT prevents fraud and controls paper consumption.
2. NFT can be used for membership
For example, projects that require people to be members. To support or launch a project with the help of NFTs, they increase users’ membership, loyalty, and interest. Accurate and specific recording of each person’s information on the blockchain platform gives formality and accuracy to these issues.
3. NFT can be used for collateral
Borrowing with NFT is possible. Users can pledge NFT collections and receive cryptocurrencies with the help of the Defi platform. The critical thing about NFTs is that some digital products are easy to liquidate, but NFTs are less liquidity than cryptocurrencies.
Instead, they cannot be divided and repeated. For example, for a digital painting you have for sale, you must sell it entirely, and you cannot sell a part of it, and the originality and ownership rights are always obvious.
4. Records And History Of Anything
NFTs can be used to record and verify the ownership history of various types of assets, such as art, collectibles, and even digital assets like tweets and memes.
The unique digital signature and immutable nature of NFTs make them ideal for tracking the ownership and provenance of such assets throughout their history, which can increase their value and authenticity in the marketplace.
Records and storage of data and information can be recorded without manipulation with NFT. Documents such as medical and occupational health, education, signature, invoice, etc.
5. Originality Of Products
NFTs can be used as a tool to check the originality of products, particularly in the luxury goods industry. By attaching an NFT to a product, the owner can ensure that the item is authentic and has not been tampered with.
The unique code in the NFT serves as a digital certificate of authenticity, providing buyers with a way to verify the product’s provenance. This can help combat counterfeiting, which is a major problem in many industries. Additionally, NFTs can track a product’s ownership history, making it easier to trace its origin and ensure its authenticity.
NFTs determine the validity of the product being bought and sold. The uniqueness and authenticity of a product are determined through these non-fungible tokens because all information about the product is recorded and stored in the blockchain.
6. NFT & Real Estate
NFTs can potentially revolutionize the real estate industry by providing a transparent and secure way to transfer property ownership. With NFTs, properties can be tokenized and sold as unique digital assets, making it easier for buyers to invest in real estate.
NFTs can also enable fractional ownership, allowing multiple investors to own a share of a property. This can increase liquidity in the real estate market and provide opportunities for smaller investors.
Additionally, NFTs can authenticate property ownership and track ownership history and transactions. Transferring a land document or checking ownership documents is done quickly with NFT. Also, smart contracts for property purchase and rent can be made easier with the help of NFT.
7. Transfer documents with NFT
There is no need to waste time and paperwork to buy a property or house. By converting a property to NFT, the land deed with its complete information is easily transferred, or smart contracts for house rent are registered with NFT. The ability to accurately record data in the blockchain, which is recorded in the form of specific codes along with NFT, allows users to transfer documents and buy and sell property, houses, cars, medical documents, educational documents, etc. Easily use NFTs.
8. Intellectual Property Rights
An issue that has always existed for physical artwork is art forgery. Authenticity has become challenging to discern in the real world. On the other hand, digital art is also easily copied. NFTs are an answer to these problems. Proving the authenticity of artwork and respecting copyright is possible only by NFTs. The type of proof of ownership of a particular asset is precious in NFT.
For example, a Bored Hamster NFT was designed by Almubdieuntech Company. In cyberspace, anyone can copy or download it, but they can never prove that they are the original owner of this NFT. Because the issue of authenticity and ownership of an artwork, which is an essential aspect of an NFT, determines the value of Bored Hamster NFTs and proves ownership.
9. NFT in games
NFTs are gaining popularity in the gaming industry as they offer unique opportunities for gamers and game developers. The gaming industry is in high demand for its unique items.
Game assets, such as in-game items, skins, and characters, can be tokenized as NFTs, allowing players to own and trade them as digital assets. This creates a new revenue stream for game developers, as they can earn royalties on secondary sales of NFTs.
Gamers trade items that have been converted into NFTs in NFT marketplaces, and thus billions of dollars are bought and sold thanks to blockchain and NFTs. These NFT tokens may be used in games or even just decorative. The artistic and collectible nature of game NFTs has made NFT attractive and profitable for gamers. One of the most famous games in this field is Axie Infinity.
10. NFT in the supply chain
The supply cycle information of a product must be valid and reliable. This issue is crucial for food and goods with an expiration date. Blockchain technology is immutable, accurate, and specific. Therefore, it can play an essential role in the transportation industry and the supply cycle.
NFT can be used to monitor and track goods.
Also, during the supply cycle of this product, new information is added to its NFT. This information can include the entry and exit of goods to the warehouse and their exact time. After that, in your store, you can quickly scan the NFT of this suit and get detailed information about its authenticity and shipping route.
11. NFT & Metaverse
The Metaverse is a virtual world where people can interact, play games, and conduct business. NFTs are becoming an integral part of the Metaverse, allowing users to buy, sell, and trade virtual assets such as land, buildings, and other in-game items.
This creates an opportunity for developers to monetize their creations and for players to own and control their digital assets.
NFTs also enable interoperability between different metaverse platforms, allowing for a seamless and immersive user experience across various virtual worlds.
NFTs can also be used to represent and verify digital identities. This can include anything from personal identification documents to professional certifications.
Using NFTs, individuals can securely store and share their identity information without relying on centralized authorities. This has the potential to streamline identity verification processes, reduce fraud, and provide greater control and privacy for individuals.
NFTs can represent non-human entities such as businesses or organizations, allowing for more efficient and trustworthy record-keeping.
With NFT, identifiers can be generated for products that cannot be manipulated.
13. Educational Qualifications
NFTs can be used in the education sector to verify and authenticate educational qualifications such as degrees, diplomas, and certifications.
By creating NFTs of these documents, academic institutions can provide a secure and decentralized way of storing and sharing them. This can also prevent the issuance of fake degrees or certificates, as each NFT can be uniquely identified and verified.
On the other hand, NFTs can allow for the easy transfer of educational qualifications between individuals, institutions, and employers, providing a seamless way to showcase skills and achievements.
Scientific credit and level of education are among the information that can be tracked with NFT.
14. NFT in the music world
Music files can also be registered as NFT tokens. A piece of music can be registered as an NFT as the first original version. Copyright and music publishing issues have long been a problem for artists. NFTs have two advantages for the music world:
- Clarity of the right to publish works
- Track the copyright of a musical work
With the help of blockchain technology, the information of each musical piece is recorded in an accurate, transparent, and unchangeable NFT form.
Related Post: Along with the profits that NFTs can bring you, they can impose irreparable losses. For this reason, you must read the items to check before buying NFT.
15. NFT for Architects
NFTs have grown a lot in the short time they have entered the Internet world, and their value becomes more apparent as the applications of NFTs become clearer. The applications of NFT in various businesses are gradually becoming clearer for users. For example, today, in this part of the article, we explain the applications of NFT in architecture and for architects and describe the evolution NFT creates in architecture.
Most reputable companies believe that soon every business will be transformed with NFTs, and architecture will not be an exception to this rule.
Art and architecture have always been together and are linked in the world of NFT. In addition to gaming, the NFT industry has grown and developed a lot in the art sector. Professional and reliable NFTs have sold millions of dollars.
This issue has attracted everyone’s attention to NFT. In architecture, the features and applications of NFTs have made architects join the modern world and the digital future. Stay with us in this part of the article about the architecture NFTs.
NFTs in Architecture
One of the characteristics of NFTs is that they cannot be divided. An NFT is registered or bought and sold in a comprehensive and integrated manner. Therefore, NFTs are valuable in the field of architecture and architectural work. In cryptocurrencies, its value decreases when a cryptocurrency is divided into smaller units. But this is not the case in the NFT world. So the architectural works will maintain their integrity.
Architects can design their ideas, convert them into NFT and present them in the digital world, selling their works of art and architecture without any intermediary, with clear ownership, and without worrying about fraud and copying. Any design and idea can be sold in the form of NFT, such as home appliance design, car design, building design, furniture design, etc. These NFTs can be called architecture NFTs. Architects can also specify royalties and receive a percentage for each design’s sale.
The blockchain’s encryption of NFTs makes the artwork’s owner known forever when an architectural work is converted into an NFT. The copyright of the work is also reserved. As a result, one of the problems of art and architecture, which is the forgery and copying of the designs of architects and artists, is avoided. The exciting part for architects is that they can convert even their physical works to NFT and sell them as digital work in NFT markets.
Some people who create NFTs that represent architectural designs or buildings may refer to themselves as “NFT architects“. These individuals use blockchain technology to create and sell digital representations of their architectural designs as NFTs. NFT architecture allows architects and designers to monetize their work in a new way and reach a broader audience.
NFTs can also provide a way for investors to buy and sell shares of a building or real estate project. However, it’s important to note that the use of the term “NFT architect” is not yet widely adopted or recognized in the architecture community.
For example, the first digital house was sold as NFT for $500,000. Krista Kim designed MARS HOUSE. She believes this is a touchable digital house, and she can visit it with her friends using Augmented Reality technology and spend time with each other. (source)
According to experts, this is a new reality in architecture, and by turning these works into NFT, a new field has been created in architecture.
NFT architectural works are not just typical and repetitive 3D models for project presentation but a new art style. An NFT architectural work is free from the material and physical world. The artist can creatively create art and make a work that can be experienced virtually without worrying about its physical construction. This issue brings the field of architecture to new concepts and gives architects more freedom to implement all their creativity.
Metaverse Architecture Using NFT
Another application of NFT is architecture in Metaverse. NFTs are improving every day. But with the emergence of the Metaverse, the use of NFTs will multiply. Metaverse (virtual 3D world) is a virtual but tangible place for users, where users buy and sell, start entertainment and businesses, etc. In a way, it can be said that Metaverse will become the second world of humans in the not-too-distant future.
Spaces in different metaverses can now be bought and sold as NFT virtual lands. Each user who buys land in any of the metaverses is responsible for designing and building his metaverse land. This is an excellent opportunity for architectural artists to perform in these spaces with their artistry and creativity.
Architects can leave some of these spaces in the form of designed NFTs, ready for sale so that users can use them in their metaverse lands according to their needs and give prosperity and beauty to their businesses.
Of course, space design tools and facilities are given to users in some metaverse spaces to create the areas they need. Nevertheless, these architects can use their science and art with these ready or pre-determined tools to create art and make the metaverse space beautiful and functional. Without being involved in the practicality of a project in the physical world, in this endless and diverse virtual world, they can implement any creativity and buy and sell in the form of NFT.
NFT works of architecture can be priced according to their beauty and creativity, differences, and application. But finally, the price of an NFT should be such that it is neither so expensive that it cannot be bought and sold nor so cheap that it is considered worthless. But you should note that digital works of art are as valuable as physical works.
In general, NFTs and the NFT industry are in their infancy, but in the future, as their popularity increases, there will likely be more ideas and applications for NFTs. Currently, the implementation of any program with the theme of expanding the use of NFT requires coordination at a broader level. Still, projects supported by specific teams, such as Bored Hamster NFTs, can be more feasible and practical, or issues such as property rights, monopoly, and copyright in NFTs are currently applicable.
Along with the advantages of NFTs and the profitable opportunities they can provide, their disadvantages cannot be ignored. Are you surprised? Well, it is normal because they usually only talk about the benefits of NFTs. Few people talk about their disadvantages. Learn more about the disadvantages of NFT.
Bored Hamster NFTs support a project in Metavers.AE and people who have Bored Hamster NFTs have a special place in the Metavers.AE project. Supporting profitable projects is another use of NFTs.
Very clearly and comprehensively discussed about everything
Thanks a lot, dear Ramin!
I have read your article carefully and I agree with you very much. This has provided a great help for my thesis writing, and I will seriously improve it. However, I don’t know much about a certain place. Can you help me?
Thank you for taking the time to read my blog post on the benefits of NFTs and for leaving such a positive comment. I’m glad to hear that you enjoyed browsing my other blog posts and that you found my content valuable enough to subscribe to my feed.
I will definitely continue to write about interesting and informative topics related to NFTs and other emerging technologies, so I hope you’ll continue to find my blog posts helpful and engaging in the future. Thanks again for your support!