Applications of Non Fungible tokens (NFTs)

08 Sep. 2021

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There is a boom of Non-Fungible Tokens (NFTs) in the crypto market today. The uniqueness of NFTs have made them a much-in-demand aspect in the crypto sphere with new platform
s like Rarible, Rally, Chiliz etc being specifically built for the facilitation of non-fungible tokens. It would not be incorrect to say that NFTs are the backbone of the DeFi ecosystem. While it is true that NFTs have mostly captured the field of Digital Art and collectibles; their application is not limited to only these industries.

Today, in this blog, we will see the many use-cases and applications of Non-Fungible Tokens spread across diverse industries.

nft use cases

Application of Non Fungible Tokens : Digital Art tokens

We saw how in Rarible and Rari, artworks can be converted to digital tokens. These platforms provide a platform for digital art content creators to engage, access and interact with viewers/audience/fans and monetize their work. The NFTs created by the content creators are unique and distinct. Now, you can argue that digital art pieces can simply be downloaded from the platform. But, in that case, we do not own the original piece of art. The ownership still lies with the content creator. But, when a buyer actually buys the NFT corresponding to the artwork, he automatically becomes the owner of the asset.

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Application of Non Fungible Tokens : Digital Collectibles

Ever since NBA Top Shot jumped into the NFT bandwagon and tasted huge success, the demand for digital collectibles has been massive. Fans across the world are now celebrating as they now have a platform to collect and own memorable moments of the NBA. Had we ever thought of selling a moment as a token that can turn out to be such a stupendous success?

Similarly, a simple tweet can also be sold as a token. Valuables is a platform that enables the buying and selling of tokenized tweets. A seller can start a bidding process for his/her tweet token and any buyer can place his/her bid amount. Once the seller accepts the offer, the tweet along with the original digitally signed autograph of the seller, is sold to the buyer on the blockchain.

Application of Non Fungible Tokens : DeFi tokens

Well, this has to be one of the most promising use-cases of Non-Fungible tokens. NFTs not only are unique and distinctive and provide a way to claim ownership of assets, but also provide a lot of financial benefits. And one of the ways of earning these benefits is staking. Fundamentally, staking is an incentive program which involves locking of cryptocurrencies to earn rewards. During the launch of any token, companies reserve some amount as Staking rewards for the investors. This program encourages investors to invest more and earn additional rewards/passive income (apart from the income they earn by investing tokens). Investors are expected to stake some of their tokens with the company and receive extra benefits in lieu of the staked tokens.

Different companies have different Staking programs and set rules accordingly. While some allow investors to participate in a Normal Savings Staking Program, where investors can withdraw their staked tokens anytime they wish to and earn the accumulated daily interest on their staked tokens, others offer a Fixed Deposit kind of a Staking program, where investors stake their tokens for a fixed period of time and can withdraw it only on the due date. Sometimes, investors can also withdraw their tokens early by paying penalties.

Basically, staking means locking your crypto assets/tokens to earn additional benefits other than the profit earned from investing in the crypto. While some companies offer several schemes for staking, some distribute some part of their transaction fees to investors involved in staking.

Application of Non Fungible Tokens : Gaming tokens

Cryptokitties, as we know, was among the first online games that allows users to purchase, collect, breed and sell virtual cats. Axie Infinity followed suit with its Play-to-earn mechanics. Basically, these games were introduced for recreation and leisure but with an incentive of earning.
Several other gaming projects are available in the market today where you can involve in selling and buying of the tokens.

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Application of Non Fungible Tokens : Music tokens

Rarible platform facilitates the trading of NFTs related to the field of art which also includes audio music tokens. You can create an NFT corresponding to an audio music file. Fans can engage in buying these tokens and can preserve it as the first digital edition of the music piece. Apart from that, NFTs can pave a way for musicians to earn royalties for their original work, which otherwise is a big issue in the music industry. Blockchain based-streaming platforms and a streamlined royalty tracking system can be implemented to provide independent artists a platform to stream their music and earn royalties. Rocki on the Binance Smart Chain is one of the biggest examples of the same.

Application of Non Fungible Tokens : Logistics tokens

In many of our previous blogs, we have seen how Blockchain technology helps the Logistics and the Supply Chain Management (SCM) sector. By using Internet-of-Things (IoT) and Blockchain, it is possible to trace and track each and every commodity throughout its journey from manufacturer to supplier to consumer. The concept of NFTs integrated with this can generate authentic and genuine results with an already transparent, blockchain-based logistics system. Lot of other potential use-cases of Non-Fungible tokens can be thought about in SCM as the field is vast and can be explored.

Application of Non Fungible Tokens : Sports tokens

We read in our blog on the Chiliz platform that it is a bridge between Sport stars/clubs and their fans. Fans can interact with their favourite teams and express their passion and support towards them. Not only that, but they can also be decision makers in many of the processes involved with the organisations. Fans can buy tokens from the clubs and earn rewards in lieu of participation.

The Jupiler Pro League from Belgium, alongwith gaming company Ubisoft and Sorare have introduced an online game using digital collectibles as an NFT.

Applications of Non Fungible Tokens : Conclusion

These are only a few of the applications of Non Fungible Tokens (NFT); there can be many more ideas and use-cases in days to come. Looking at their uniqueness and authenticity, more and more industries will surely recognize their benefits and try to integrate them with their blockchain systems.

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