Beyond Uses of NFTs

 

Without a doubt, the world of Non-Fungible Tokens (NFTs) blew up in 2021. The NFT sector in the cryptocurrency world has cemented itself as a household name that cannot be ignored, with a transaction volume of $8.8 billion in 2021.

uses of NFT for digital art

The year saw a record amount of NFT digital art traded, with arts and collectibles accounting for 59% of NFT trading volume in 2021. The year 2021 also saw the largest NFT sale in history. Every days: The First 5000 Days by A Beeple, the world’s first purely digital NFT-based artwork, was sold for 38,525 ETH. The trade was worth approximately $69 million at the time. Checkout on uses of NFT for digital art here.

 

Aside from the largest NFT sale, let’s look at the largest NFT collection. The Bored Ape Yacht Club (BAYC) is an NFT collection of 10,000 ape NFTs, each with unique characteristics that make some more rare than others. Rare variants sell for over a million dollars, while common variants sell for around $200,000. The astronomical growth in this collection is over 1000x, as the BAYC developers sold the NFTs for $190 each at the time of the collection’s launch.

uses of NFT for digital art

One application for NFTs is to provide access. Because NFTs provide a unique signature that cannot be replicated, innovators are investigating the use of NFTs to provide access in a ticket-stub fashion. NFTs are the ideal solution for eliminating physical stubs and providing people with a digital, trackable, and traceable option because they are non-fungible and easily tracked via the blockchain.

 

Furthermore, using smart contracts in conjunction with NFTs, you can specify the terms and conditions, expiration dates, and any other restrictions for a ticket. This allows both parties to easily keep track of their tickets and the information stored on the ticket. Gary Vaynerchuck’s NFT project, VeeFriends, is an excellent example of an NFT that provides access. All VeeFriends token holders have access to VeeCon, a multi-day event for VeeFriends NFT holders only.

uses of NFT for digital art

In addition, NFTs can be used in place of traditional finance loans. By following the transaction from the initial lending date, you can gain access to and keep track of the leased NFT being provided with NFT-backed loans. If a loan repayment is not made on time, the NFT can be automatically returned to the owner, with no intermediaries involved. This allows loans to be strictly peer-to-peer, lowering fees, increasing trust, and putting transparency at the forefront of the entire contract.

 

Some of the NFT loans available today include marketplaces that allow you to offer your NFTs as collateral in exchange for a loan and even offer other users a loan using their NFT as collateral. These loans are instant, automated, and decentralised, which are not features of traditional loans. 

 

Prior to NFTs, blockchain technology was used in the logistics industry, owing to its immutability and transparency. These factors ensure that supply chain data remains authentic and trustworthy. It’s critical to know where food, commodities, and other perishable goods have been and for how long.

Leave a Reply

Your email address will not be published.