In my previous articles, we covered the NFT landscape compared to traditional assets and proper storage using crypto wallets. Now let's explore the diverse range of NFTs that go far beyond just digital art and collectibles.
When people think of NFTs, the first thing that often comes to mind is the display image collections like CryptoPunks or Bored Ape Yacht Club. But NFT use cases span many industries and asset types. Let’s dive into it!
The entertainment world is embracing NFTs in new ways:
- Music: Artists are releasing songs, albums, and music videos as NFTs.
- Sports: Fans can buy NFTs of video highlights, trading cards, and other collectibles.
- Gaming: Items like skins, weapons, and characters can be minted as in-game NFT assets.
- Metaverse: Virtual plots of land, avatars, names, and more are sold as NFTs.
For entertainment brands, NFTs create new revenue streams and deeper fan engagement.
Beyond just digitally collecting for fun, some NFTs offer real-world utility:
- Tickets: Concerts, festivals, and conferences are selling tickets as NFTs.
- Patents: Innovators are minting patents as NFTs for provenance.
- Certificates: Educational credentials like diplomas and training certificates can be NFTs.
- Warranties: Product warranties and insurance policies can be honored via NFT.
- IDs: Digital IDs, press passes, and membership cards can be issued as NFTs.
The uses here are almost limitless for tangible benefits.
DeFi and fintech sectors are also utilizing NFT technology:
- Equities: Traditional stocks can be "tokenized" into NFTs for trading.
- Loans: Borrowing agreements and collateral can be programmable NFTs.
- Funds: Investment funds can sell shares in the form of NFT tokens.
- Invoices: Invoices between companies can be sent and managed as NFTs.
- Credit: Credit scores and lending reputation traced as NFT tokens.
NFTs enable automation, transparency, and fractionalization.
Major consumer brands are now launching their own NFT projects:
- Apparel: Clothing brands like Nike and Gucci are releasing digital apparel as NFT wearables.
- Toys: Toy makers like Mattel are minting playable game NFTs with branded characters.
- Food: Restaurants like Taco Bell are issuing NFT collectibles to engage customers.
- Retail: Stores like Walmart are piloting NFTs for supply chain tracking.
- Automotive: Car companies like Mercedes are testing NFT use for vehicle data.
The branding opportunities are wide open.
The NFT landscape has expanded far beyond just profile picture collections and digital art. Music, sports, gaming, metaverse, DeFi, brands, and more are finding utility with NFTs for engagement, access, tracking, and new models. While the technology is still young, it's clear that NFTs are about much more than jpegs.
New NFTs released nowadays are no longer limited by creativity — they are become more innovative with their approach to ownership. As both creators and consumers continue exploring this Web 3.0 movement, the varieties of NFTs will exponentially grow in the coming years. There are many niche applications yet to be discovered across industries.