When you spot something wild and unique in the world, how would you build a community around it? Get Maine Lobster decided to do this when they discovered a 1 in 100 million cotton candy lobster. They did this with their own NFT project.
NFT stands for non-fungible token and is a booming industry in the digital art space. With such a new technology, what NFT use cases are popping up?
Our guide below teaches you some of the more popular ones. Read on to learn more.
Gaming
There are already tons of people who are already buying in-game digital items. For that reason alone, this makes gaming one of the most natural NFT use cases to date.
Play-to-earn gaming is a booming industry too. Players can now track transactions and prove ownership with blockchain technology.
Memorabilia
Do you have any baseball cards in your collection? NFTs are a natural progression to this. Now you can buy, sell, hold, and show off your favorite players.
Basketball is getting in the mix too with NBA Top Shot. Do you have a favorite play (“Moments”) you want in your NFT collection? As far as NFT use cases go, this one gets the gold.
Consumer Loyalty Programs
Consumer loyalty programs need a revamp, don’t they? Coca-Cola has recently got on board with this with their loot box auctions. There are multiple NFTs within one of these sealed mystery boxes for the winner to enjoy.
Brands will love the fact that smart contracts reduce their system management costs. Now purchase agreements are a breeze with this new technology. Learn more here about how your non-profit can take advantage of NFT fundraising.
Memberships
Do you like the exclusivity of a club, community, or group? One of the uses of NFTs we’re starting to see is as a digital gateway. This tends to be in the form of a ticket or subscription membership.
Once someone has possession of an NFT, they can gain access to limited edition products or exclusive items.
For example, Gary Vaynerchuk’s Vee Friends allows someone to gain access to VeeCon.
Virtual Land
One of the emerging NFT use cases is virtual land. While it may take some time for you to wrap your head around it, real estate in this industry is booming.
Metaverses like Decentraland and The Sandbox allow for anyone to come in and own a plot of land. Since the supply is finite, it will most likely increase in value.
The experience is quite interesting. Just think, you could own a virtual office, host an event, and have a party in this 3D world.
What NFT Use Cases Do You Have on Your Radar?
Have you hopped on the NFT bandwagon yet? We think this exciting space is here to stay. Which NFT use cases do you desire most?
As technology changes, you’ll want to keep up with the times. To stay ahead of the game, be sure to browse through our blog on the regular.
