What are non-fungible tokens (NFT)? What are its applications?
Undoubtedly, the future of the creator economy lies in Non-Fungible Tokens (NFTs). Digital collectibles are transforming the future of several industries. With the number of use-cases increasing with every passing day, let us take a look at the applications of Non fungible tokens.
Performing artists can directly sell their albums, tracks, and merchandise to their fans and followers. Hence, NFTs reduce the barriers to entry, offer the benefits of flexible pricing, help musicians to build a strong community, and also provide earnings from royalties. Notably, platforms like OneOf, Royalty, and Opulous are enabling musicians to make a fortune and reduce their dependence on centralized streaming and distribution platforms.
A property in Florida was sold as an NFT for a whopping $653,000. Propy is the platform aiming to make a big breakthrough in the real estate industry. Therefore, the NFT will act as proof of the home’s ownership. It could also replace title deeds by using Distributed Ledger Technology (DLT) to store the data. This will ensure the seamless transfer of property ownership.
Being the world’s largest asset class, Non fungible tokens are ideal to disrupt real estate. NFTs can facilitate instant trading of properties, prevent title fraud, and remove the need for unnecessary paperwork.
Play-to-Earn (P2E) is the next big thing in the gaming industry. The huge success of Axie Infinity, Splinterlands, The Sandbox, and Sorare is a testament to this fact. NFTs hand more power to players. They can own the in-game items like avatars, characters, skins, cosmetics, and weapons.
Moreover, blockchain technology ensures interoperability. Therefore, gamers can trade the NFTs on different marketplaces and make a hefty profit. The emergence of gaming guilds will enable players who don’t have resources to rent NFTs. Going forward, GameFi (the combination of gaming and Decentralized Finance) will help players to earn passive income from staking and yield farming.
Patients can have more control over their medical data. For instance, Aimedis is an e-health platform that operates an NFT marketplace. It aims to be the one-stop destination for doctors, hospitals, patients, and pharmaceutical companies to buy and sell medical and scientific data. NFTs will bring more trust and transparency to the healthcare industry.
Health Hero is redefining the future of Play-to-Earn healthcare by using Non fungible tokens. Data related to user activity is recorded on a mobile app. Later, wellness NFTs (W-NFTs) are offered to them based on their physical fitness. Subsequently, they can trade the rare NFTs in the open market.
Apart from the tokenization of health data, NFTs can also be used for tracking blood donations, authentication of credentials, protection of intellectual property, and monitoring the supply of medicines.
NFTs can represent academic tokens to students when they successfully complete a course. Educational institutions can also use blockchain technology to store student records.
On the other hand, schools and colleges can issue certificates and degrees as Non fungible tokens. This prevents forgery as each academic document is unique and non-interchangeable.
Teachers can use NFTs to monetize artwork. The metadata will contain details of the patents and inventions. It also helps in organizing fundraising campaigns.
Portraits, paintings, drawings, illustrations, caricatures etc can all be sold as NFTs. Today, there are exclusive platforms like Nifty Gateway, Foundation, and SuperRare to trade digital art.
Non fungible tokens provide value to artwork and enable artists to directly deal with prospective collectors. It acts as a viable alternative to displaying artwork in exhibitions and galleries. Therefore, there will be an increase in physical art sales and the formation of digital art funds.
Amidst the intense debate over whether Non fungible tokens are here to stay or will go away, the interest in digital collectibles will never fade. Exciting times are coming with the launch of new NFT collections and projects. The future of this booming industry will also depend on awareness, regulations, and the ease of monetizing digital assets. Do you wish to spearhead the Web3 revolution? It’s time to create your NFTs and be the pioneer in this fast-evolving virtual world.