Top 10 Potential Use Cases Of Nft For Business

By Author: Quokka Labs
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Blockchain technology has evolved rapidly since its inception. While initially used technology to bring transparency to digital transactions, it is now used to enable new business models and services. One of the most recent developments in this era is the rise of non-fungible tokens (NFTs) based on the Ethereum blockchain. These digital assets can be transferred like other cryptocurrencies and stored in a public or private wallet.

One of the hottest topics of discussion is the introduction of Non-Fungible Tokens (NFT). The concept has been something that many crypto enthusiasts have been waiting for. It brings a fresh twist to virtual assets and adds a new dimension to digital assets. Many businesses are taking note and experimenting with NFT in their ways.

There are many possible use cases for non-fungible tokens. The big question is, where will the NFT technology go next? Big companies and startups have been working hard on new ideas to develop their uses for NFT.

Look at the NFT stats-
The most expensive NFT is estimated to be valued at $91.8 million.
An iconic "Doge" meme was bought by @pleasrdao ...
... on NFT for $4 million.
In the US, 23% of millennials collect NFT.
NFT art sales in 2021 went over 1.5 million in a single month.

Now, let's proceed further to find out the top 10 best and potential use cases of NFT for business-

Top 10 Potential Use Cases of NFT For Business
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In many situations, NFTs have shown to be a significant improvement over conventional systems. While many believe that NFTs are only used for digital art, the NFT universe is much more than we realize.

Undoubtedly, the recent successful sales of digital artworks as NFTs have raised awareness of NFTs and spurred interest in them. The article finds the most significant real-world use cases for NFTs.

NFT in Real Estate

In the real estate industry, physical properties can be reflected as an NFT on a blockchain. It means that physical property or properties in the real estate industry may be reflected as an NFT on a blockchain. A digital token used to represent a plot of land may have several different characteristics, including location, cost, and size. Due to the blockchain, cybercriminals cannot interfere with real estate holdings and other relevant physical assets.

Since the beginning of the year, interest in Real Estate NFT has increased 355%, reaching 8.2K searches each month as of last month.

NFT in Gaming Industry

NFTs are widely used in gaming since they assist in resolving internal problems. NFTs can create in-game items that are impossible to duplicate, giving players a new sense of ownership. A game where players gain through stages by earning virtual, non-fungible in-game currency could serve as an illustration. Players can exchange their winnings for bitcoin with any other player or transfer them to another game through NFT use cases in gaming.

NFTS are digital assets, from in-game items to memes and GIFs. The proprietors of traditional games are the ones who possess the collectibles. On the other hand, individuals own the NFT they earn in gaming and can trade or sell them when the items become rare.

NFT in Metaverse

Nearly every industry is anticipated to be impacted by the metaverse, and its market worth is expected to surpass $1 trillion. It is challenging to forecast when the technology will take off because it is still in its infancy. By 2028, the market for virtual metaverse properties is expected to increase by more than 31%CAGR.

Through NFTs, virtual lands are purchased and sold. The NFT representing ownership of the purchased virtual land is transmitted from the seller to the buyer's wallet. One of the virtual worlds, Sandbox, bought the most significant piece of metaverse real estate for $4.3 million. Also, large corporations from various sectors, like Gucci, PwC, Samsung, and JP Morgan, have bought territories on the metaverse.

NFT in Fashion Industry

Upscale businesses are already penetrating the NFT sector. The fusion of high fashion and blockchain technology has already begun to spark a revolution in the fashion industry. Both their digital counterparts in the form of NFTs and physical assets like retail clothing and other accessories are featured in the collection. A new line of digital clothing swiftly gaining popularity among business insiders was created by combining methods like NFT real-world use cases and augmented reality with physical couture.

NFT & Digital Arts

NFTs can be used to produce unique digital artworks with distinctive qualities. NFTs are fantastic for producing one-of-a-kind works of digital art with distinctive traits. From the likes of Beeple, who sold several pieces of digital art for millions, to the growing number of NFT marketplaces that house various types of art, NFTs are fantastic for ensuring proof of ownership. Given how simple it is to copy digital files, a creator can develop NFT use cases outside of portraying works of art, giving the consumer sufficient assurance that the NFT-based art file is the only one that exists.

NFT in Supply Chain

NFTs can enhance supply chain processes by storing product metadata onto the blockchain, preventing data deletion and unlawful alteration. From the point of origin to the end of the destination, it can provide end-to-end tracking of the commodities. For instance, the startup Koinearth develops enterprise NFTs that allow for monitoring tangible objects and paperwork across the supply chain.

NFT In Certificates & License

To verify the ownership and validity of certificates during the application or admissions process, the use of NFTs in certificates and licensing is crucial. However, given the existing circumstances, the relevant committee can only, to a certain extent, review and approve the certifications provided by staff and students.

By addressing issues with authenticity and offering full certificate authority, NFTs can benefit this field. This NFT use case takes far less time than the previous method of validating and authenticating certificates. The same NFT application can aid both license verification and registration.

NFT in logistics

The immutability and transparency of NFTs make them very beneficial in the logistics industry. NFTs, ensure that supply chain data is kept private and safe, which is one of the NFT real-world use cases.

The location and shelf life of perishable goods, such as food, commodities, and other perishable items, must be known. There are a few potential strategies for integrating NFTs into the supply chain, all of which require using the same design at every stage. However, putting these systems into practice in the real world might be challenging because numerous stakeholders and participants exist worldwide.

NFT in Digital Identity

NFTs might be the key that opens the door for self-sovereign identity (SSID), one of the most exciting uses of blockchain technology. (Why is the SSID important? Here is last year's primer.) Ethereum Name Services, or ENS, is a good illustration in Laglasse's opinion. "Now, you can connect your Twitter, Instagram, and nearly all other social media accounts to ENS," according to Laglasse. You can own the name you provide to the community because it is decentralized.

NFT in Virtual Reality

In the virtual reality game Decentraland, users can buy NFTs establishing ownership rights for individual real estate land pieces. With landed properties, users have total control over the environments and applications they create. Everyone has the right to buy, sell, or rent land at anytime. Their value is mainly determined by their proximity to well-known locations like streets or squares. Land parcels can also be separated into themed cities like Cyberpunk or Vegas. Each plot of land is worth about $6,000. Users can also purchase names and clothing.

Final Takeaway:- The Future of NFT

These particular use cases aren't just limited to NFT service options. There are many things to attempt. Reverse search engines, video games, and streaming services are a few examples. Those who can create an advantageous use for NFT will control its future.

The ideal NFT development strategy for every NFT position can be determined with the help of an NFT marketplace development business. They take full advantage of the NFT commercial use case features to create a product that makes money, draws in users, and keeps them coming back. Reputable blockchain development business Quokka Labs can meet your needs for the NFT sector.
Get to know more about Blockchain https://quokkalabs.com/blockchain-development-services