NFTs use cases (#cryptoeducation)

This article is about #NFT Use Cases. So you could look at the transformative impact of these rare digital items.

Before I start let me explain what the #NFT is first.

What is NFT and what NFT stands for?

Non-fungible token.

That doesn’t make it any clearer.

Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a #bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.

How do #NFTs work?

At a very high level, most NFTs are part of the #Ethereum #blockchain. Ethereum is a #cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an #ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

Ok so we covered the basics I hope you still following?!

In recent years, #blockchaintechnology has gained a lot of attention, mostly due to the astronomical rise in the price of cryptocurrencies such as Bitcoin and Ethereum. However, the recent months have seen #NFT (non-fungible tokens) become the new darling on blockchain rails.

Many people call this exponential growth a BUBBLE! Maybe yes maybe not but NFTs have many great use cases you should know about and you should get used to hear world NFTs as they are here to stay.

Here is a quick look at some of the main use cases of NFTs.

NFTs in Digital Art

NFTs can be used to make one-of-a-kind digital art items with unique and exclusive properties. From the likes of Beeple, who sold a collection of digital art for millions, to the growing number of NFT #marketplaces that feature all sorts of artistic creations, NFTs are useful for ensuring proof of ownership.

Considering that digital files are easy to duplicate, an artist can mint an NFT representing a piece of art, thereby giving the consumer sufficient proof that the NFT based art file is the only one that exists. This level of rarity and uniqueness of a digital file is possible thanks to blockchain's immutability.

Furthermore, NFTs enable artists to get a cut on the secondary sale of their digital art as a code can be programmed into the NFT to send back a percentage of the sale to the original artist.

NFTs in Gaming

The gaming world is perhaps one of the industries that stand to benefit the most from NFTs. NFTs can be used to create non-duplicable in-game items enabling gamers to have a form of ownership like never before.

An example could be a game where players collect virtual non-fungible in-game coins as they progress through the game's levels. After they have accomplished the most goals, they can choose to sell the in-game coins they gathered for a profit as they have full ownership of those virtual coins.

Yes you might be wondering who would pay for these coins, they are all virtual it doesn't make any sense. It doesn't make any sense to you BOOOMER! The world is changing and these things got value for Generation Z and younger Millennials who have been growing up with iPhone in their hands. You don't have to understand it you have to embrace it as the future is in their hands not yours.

NFTs in Ticketing

Non-fungible tokens are also useful in the ticketing industry. NFTs on the blockchain can be used to represent tickets in a sports event or a concert. This ensures that every attendee has original access and any ticket reproduction is tracked and prevented.

NFTs in Real Estate

In the real estate industry, physical land or property can be represented on a blockchain as an NFT. This means that the digital token representing a piece of land can have all sorts of attributes such as location, price, and measurements. Thanks to blockchain, it would be impossible for malicious actors to tamper with land ownership and other physical assets associated with the land.

I think personally that tokenisation of Real Estate is $100t opportunity and it will close the gap between the haves and the have nots as in this new brave world we all going to be able to own part of this Manhattan apartment or beach front property in California as long as you will own NFT/token that gives you a partial ownership.

Conclusion: There is more

As you can see, NFTs are quite popular at the moment because of their potential to revolutionize most of the world's industries.

In addition to the few examples covered, NFTs can be used in the world of finance, where an NFT is created representing equity in a company. This type of NFT could then be sold and bought, enabling worldwide access to liquidity for various companies.

Embrace the change and don't be afraid of the future. The future is bright and it is Digital.

Ok that is it for today. If you managed to get to this point, first of all, congratulations! secondly please let me know in the comment section if own any NFT if yes from which collection?

My aim is to have these articles short and sweet so I am deep diving into the topics I write about BUT I am always happy to connect and discuss them in more depth.

So if you want to know more feel free to use the comment section below or just DM me if you are shy.