Use Cases
Collectibles
Collectibles are the prominent industrial sectors using NFT. The first ever collectible NFT is Cryptopunks which was launched in the year 2017 on ethereum which was developed prior to ERC-721 and then CryptoKitties, has launched and reached a huge volume of 38 million USD.Later than, the tokenization move towards celebrities and athletes, so that fans can collect their favorite tokens. Cryptokitties creators Dapper Labs along withNBA have launched the token exclusively for fans And the Caty Tedman, stated that the "“the product is meant to give fans a piece of ownership over the action that happens on court."
Gaming
Gaming Industry is one of the perfect targets for NFTs as this is the booming sector for NFT. In the gaming industry it is designed in the way to tokenize the things in game such as points, credits,etc, The NFT tokens in the gaming industry are easily exchangeable. it offers true ownership for the player's digital asset in a particular game.
Popular Blockchain games which offer NFT are Axie Infinity, Gods Unchained and My Crypto Heroes. Axie Infinity is built on the Ethereum blockchain. Unchained is the digital card game, where cards are available in the form of NFTs and holders can trade the cards as the same as the physical cards. My Crypto Heroes is a kind of battle game which provides game items in NFTs on Ethereum blockchain.
Fashion Industry
Blockchain technology has already impacted the Fashion world with benefiting supply chain participants. The end-users can verify the information regarding the ownership of all the items & accessories which reduces the risks of frauds. Consumers can scan QR code on the price tags of the purchased apparel & accessories in the form of NFTs.
With the combination of Blockchain & NFTs in the fashion industry consumers can know about the purchased assets, ownership and where it has been created and so on. This entry of NFTs in fashion reduces carbon dioxide emissions.
Art Industry
One of the most notable use case of non fungible token (NFT) is the programmable art, which is the combination of creativity and technology.Currently there are only limited editions of artworks in circulation which allows flexibility in modification and programmability.The presence of smart contracts & oracles can enable artist to develop images responding for all pricing of blockchain based assets.With Blockchain & IoT, people can collect the entire history of the artwork including ownerships and previous prices & more.
Virtual Worlds
Some virtual reality places like Decentraland, The Sandbox,and crypto voxels let users own NFT items. Decentraland provides entire control to the user creations and assets.
Real-world assets and documentation
It is entirely possible to tokenize the real-time assets like land, license, certificates,etc,
Sports
Sport NFT is getting popular nowadays as there are many tokens for popular athletes running successful in the industry.
Domain Names
The use case of NFT is shift towards Domain Names one can get NFT for the desired domain name
Digi-Physical Goods
Companies like Metafactory and Headspace sells customizable hoodies along with NFT.Crypto Kaiju provides toys form NFT
Virtual Scenes
Metazone is a kind of project that lets the users of Decentraland to buy games, buildings, etc
Insurance
In the Insurance sector, A person can convert their own insurance package as NFT and sell it as the insurance broker.
Virtual Vehicles
Virtual Vehicles like car, planes can be converted as NFTs.some companies like CryptoMotors, F1 Delta Time & Battle Racers are using this place.
Music
As like the Art Industry, NFT places a prominent role in the Music sector. Very recently, Justin Blau album gained 11 million USD by selling NFTs to the fans.
Event Tickets
NFTs as Tickets. some companies started initiatives to sell NFts as tickets