Promising NFT Use-Cases Beyond Arts & Musics

As we know, NFTs for art and collectibles are cool, but NFTs are beyond that. In many real-world business use cases, from licensing to real estate to logistics and supply chain management, NFTs play a vital role.

Let us discuss the use case of NFT beyond Digital collectibles

Real Estate

NFTs have applications to sell and buy real estate in both the virtual and real worlds.  In the virtual space, digital real estate was initially established in a gaming platform. Eg. Decentraland, where participants can build and purchase areas in the virtual world. In such cases, NFT assures the objects’ original owners and producers' identity.

Another instance of virtual real estate is, “ Mars House” which is a home framed in glass and enclosed by neon lights. Once the house sold for $500K, the owner too is not allowed to go inside since it is virtual.

Supply Chain & Logistics

The prime functionality of NFTs in the supply chain lies in product authentication, ensuring its quality and verifying the origin of the product. So far, NFTs on blockchain fit well for logistics applications with their transparency and immutability that maintains the supply chain’s data more reliable and authentic. 

NFTs eliminate duplication and assist in tracing the movement of goods and assure uniqueness. Precisely, this would be applied in supply chains for luxury fashion brands. In the phase of auto industry, NFTs offer sufficient information of each component and material in a certain product and also help in cost control. To point out, NFTs are also useful for those industries which are seeking to track the usage of sustainable and recyclable materials.

Apart from that, several industries are utilizing NFTs for tokenizing historic moments. For instance, the sports industry is capturing memorable moments with collectible card-style NFTs.  To mention, sports personalities are heading the way through indulging experiential content in NFTs that is unlocked only by owners. 

Luka Garza, an American basketball player created an NFT that comes with an opportunity to meet him in a game of HORSE and join him for dinner and a movie.

Not just limited to those, still a lot more use cases of NFT exist. Stay connected with the leading NFT Marketplace Development Company to get constant NFT related updates.

Source: medium