To date, nearly 360,000 people reportedly own non-fungible tokens (NFTs) of various types from rare art collections, to sports memorabilia. What’s more, at least 10,000 active wallets interact with NFTs every day, culminating in 6,000 unique buyers. From these statistics, you can tell that NFTs are getting more popular, despite the ongoing market fiasco and fall of prominent companies in the crypto industry.
Experts herald NFTs as a new breed of digital assets that represent real-world items, such as pictures, videos, GIFS, art pieces, or even in-game items, using a unique ID on the blockchain. But what are the current and future cases of NFTS? Find out more in this blog.
Current NFT Use Cases
NFTs are prevalent in various uses cases in the current internet landscape, including:
The immutable nature of NFTs makes the tokens ideal for representing in-game assets in blockchain gaming ecosystems. This allows players to truly own their achievements or collections, such as skins, weapons, cars, and treasures. The gamers can choose to keep these NFTs as assets or monetize them at a secondary marketplace. Even better, some games are interoperable, allowing players to export NFTs and their use cases from one ecosystem to another.
Utility-based NFTs have also been used for granting user access to exclusive online communities and organizations, such as the Bored Ape Yacht Club (BAYCB). Users need to purchase a “bored ape” to gain access to this members-only cupboard and unlock special perks that come with the privilege. This includes participating in private online spaces, purchasing exclusive merchandise, or even attending members-only live events where celebrities perform.
Content Creation and Ownership
NFTs have opened a new world for content creators and given the creator economy a meaningful purpose. Borrowing a decentralized premise from Web3 technology, NFTs allow creators to mint their original content and truly own them. YouMinter for example is a Web3 social app that brings together global artists, allowing them to mint their passion from the comfort of their smartphones using special in-app tools known as NFT cameras.
The idea of YouMinter is that creators can build their own communities that will ultimately drive the value of their minted NFTs. Even better, creators can co-own the platform in the Ownership Economy Program and participate in the governing DAO, which features a decentralized power structure driven by user votes.
Future NFT Use Cases
Probably the most hypes and futuristic use case for NFTs is the Metaverse. Non-fungible tokens can power unique digital identities that can help users access online services in the virtual world seamlessly. A time is coming when a user will need one name or ID to access various sites, games, or even digital products. There is also the possibility of interoperable NFTs that will make the Metaverse a connected universe like the world we live in today.
Corporate-wise, NFTs will spur new business models, where consumers take the driver’s seat in marketing campaigns. Brands will personalize products and make ownership incorruptible through NFTs
NFTs Are Creating a Digital World of Limitless Possibilities
The potential surrounding NFTs is no longer hype, but a reality. This technology takes content creation and digital asset ownership to a whole new level. Download the YouMinter App on Google Play or App Store and start experiencing the NFT craze while it’s still early with umpteen opportunities.