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NFT Use Cases Of Various Industries
NFTs Have use cases in various industries such as supply chain management. It Can provide additional ROI and money saving mechanisms.
Table of Content
What is a Non-Fungible Token?
Non-FUngible Tokens are Shortly Denoted As (NFT). is a digital asset on a blockchain with different identification codes and metadata that differentiate them from each other.
NFTs are developed from the ERC-721 Token Standard. It defines the minimum interface-ownership credentials, security, and metadata.
Top 7 Use Cases Of NFTs
- Music
- Fashion
- Gaming
- Metaverse
- Supply Chain
- Ticket Sales
- Luxury Goods
Music
Now The NFT revolutionized the music industry.
- Artist Can Tokenize Their Songs and Music Albums
- Sell Digital Commodities to create passive income
- It Provides authority to Creator/Music Artists/Producer
Ex : Lollapalooza
Fashion
In these use cases, NFTs are used as virtual clothes that anyone can wear while meeting their Friends and business meetings. Some of the popular brands have started trials with NFTs.
Ex: Dressx
Gaming
All of you know that NFT-based P2E Games are booming now !!! In NFT Gaming, Gaming Accessories such as gaming avatars, avatars skins, and weapons can be generated on blockchain. Players can buy, Sell Or Swap these Tokens in NFT Marketplaces.
Ex: Axie Infinity
Metaverse
You can buy and sell virtual land using NFTs. If someone purchases a virtual land in Metaverse, the nft representing the proprietorship of that troop is transferred to the wallet of the buyer
Ex: Samsung Have Purchased Virtual Land
Supply Chain
NFTs can be used to raise supply chain management by storing metadata of products into the blockchain that provides data elimination and unauthorized data manipulation. It can enable all-over tracking of the goods from their source to the destination.
Ex: koinearth
Ticket Sale
The NFT Transactions on a blockchain will be on a public distributed ledger making secondary sales tracking and enabling rules-based authentications before purchases.
- Eliminating the intermediator ticket seller between the artists and fans
- Reduce Scams
- It Prevents Ticket Reselling
- Platforms can set up restrictions to stop bots and scammers by checking their transaction history using smart contracts because of the blockchain's open nature and historical record-keeping.
Luxury Goods
NFTs can hold all the essential information and serve as proof of authenticity because they are one of a kind. For instance, it can be challenging to authenticate expensive items.
In the wine sector, fake products are frequent. Data pertaining to wine can be stored on NFTs. As there would be one NFT to demonstrate the authenticity of each bottle of wine, it would simplify the authentication procedure for wine.
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