If you don’t know what NFT is yet then you are falling behind the market trend. Non-fungible tokens (NFTs) are digital assets that have a blockchain record connected with it. You will get ownership through smart contract technology. It uses technology similar to that used in dealing with cryptocurrencies. Like cryptocurrencies, you can buy, sell, or trade with NFTs. Here are some uses of NFTs today.
Digital art and fashion
Artists can receive authenticity certificates to sell their digital works. Therefore, buyers can later know the price of these works and resell them. It is possible to preserve the true value of the digital art through NFTs. The blockchain has all the transaction information to prevent any fraudulent activity. These tokens reduce the risk of altering the original masterpiece. Also, it ensures that the artists get royalties if their media file is used commercially. You can purchase digital outfits with NFTs. For example, with a game, you can go to a party wearing a digital dress. Many top fashion companies are selling digital-only fashion products. Gucci, a top fashion brand, has created a digital bag for sale.
Buy video games with NFTs
Games like Take-Two uses NFTs to take ownership of the game. These can be used as digital collectibles. In many video games, the players must pass different game levels. For this, they need in-game assets that are not duplicates. These assets help the players earn profit, thus making the games more exciting.
Sports
You can buy tickets for sports events using NFTs. This way you won’t have to deal with counterfeit tickets. NFT’s verification process will prevent the sale of fake tickets. Fans can interact with their favorite players directly in the virtual world. Loyal fans get the chance to support their team by getting digital collectibles and other items.
Listen to music with NFTs
NFTs have saved the music industry during the pandemic. More people were listening to the digital-format of songs. Also, due to the music streaming opportunity, piracy and fraud are on the rise. The digital tokens allow musicians to sell digital music files. It controls the amount of revenue sharing so that the musicians benefit the most from the transaction.
NFTs for storing medical reports
The healthcare industry can use NFTs to store medical reports of patients to ensure authenticity. This way the reports’ records cannot be changed. So, the patients will receive the best medical treatment.
Identification and certification
NFTs are used to
tokenize documents like licenses, birth certificates, and academic certificates. You can trace back the owner of these documents. Employers and others can use these tokens to check the authenticity of these documents with these tokens.
Many established companies around the world are using the digital tokens in various ways. Starbucks, for example, is using its ‘Odyssey’ loyalty program that uses NFTs. This new technology reduces risks associated with digital assets.
