The utility of NFTS

Note: this article is written on based verified sources from different blockchain and nft pages.

Well, before we discuss the uses of NFTS. Let me brief you with what NFTS really are!

As I wrote in my previous blog post on the same:- NFTS explained,(lemme give you a popular example first) NFTS stand for ‘NON FUNGIBLE TOKENS‘. I.e. tokens that cannot be replaced unlike ‘BITCOIN‘, where you can interchange your bitcoin to buy another BITCOIN. Here, one piece of NFT can be exchanged for another totally different piece. NFTS comprise a large part of the ETHEREUM blockchain system popularly denoted as ‘ETH’.

So what exactly do people sell as NFTS?

WELL, PEOPLE SELL EVERYTHING. From art to poetry, paintings, sketches, doodle, shoes! Well, literally everything you can go for.

Also, did you guys hear about Digital land?

Yes, I get the expression you must be pulling out on your face right now. DIGITAL LAND! It’s very simple though if you ask me. According to WIKIPEDIA, Decentraland (literally, DIGITAL LAND) is an open-source 3D virtual world platform. Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency. It was opened to the public in February 2020 and is overseen by the nonprofit Decentraland Foundation.

NFTS is taking the market by storm. And it’s in its initial phase where the internet once was before going mainstream. Going hand in hand with the future of social media(METAVERSE) and there must be various questions in your mind I can perhaps guess right.

How can NFTS grow so big?

Would it lead to building another set of monopolies?

Would real art vanish?

Woahh!! the answers are very straight up if you ask me. Let me put down some uses of NFTS that can help you perhaps understand them better and yeah! Your most anticipated question. How can someone earn through it?

Well, here’s a list of some popular uses of NFT-

• Nft galleries

NFTS are proving to be a very lucrative business for many nft/art gallery owners and even for the collectors who can be reminded of the drops every time something new arrives. Well, these NFT GALLERIES seem like the thing from the future. And well, in nigh years we might get to see a lot of them. Where visitors or collectors get exclusive offers made just for them based on the NFTS they own.

• Restaurant NFTS

Did you guys hear about the idea where garry vee seems to be working currently. Yes! An NFT restaurant that allows users to access the restaurant which will offer a cocktail lounge alongside a private culinary experience.

Well, also before dining! Ownership of the restaurant NFT is important. I know what you’re thinking.

CRAZYYY SHIT!

According to the identityreview.com , Celebrity Chef Marcus Samuelsson Harlem’s Red Rooster is likewise exploring the space. A master in  the art of fried chicken, he created a NFT that can be redeemed for a private dinner for four, accompanied by a piece of art that creatively depicts the chef’s fried chicken. Like many chefs, Samuelsson hopes to ensure that the culinary arts are not left out of the digitally-bent world. 

• Marketing and brand growth

Companies are launching NFTS basically for the purpose of their brand growth. Yeah! It also helps promoting what the brand is all about.

• NFT Tweets

Popular threads are being sold at the NFT Marketplace for millions of dollars. Well, a tweet was storming big.

When TWITTER founder Jack Dorsey’s first tweet sold for $2.9M to a Malaysia-based businessman.

• Virtual estate ownership

I’m not talking here about DECENTRALAND. This shit is bigger! Physical estate opportunities are taking shape via NFTs and encouraging a new frontier for property ownership. In traditional real estate, property transfer is labour-intensive and requires title management and another extensive list of paperwork that follows. Connecting an NFT with a physical property allows for straightforward usage and easy collateral.

• Clothing NFTS

Brands are launching their own NFT drops that helps them associate with the METAVERSE. For instance, NIKE is launching digital kicks that will make you feel them without actually wearing them. Similarly, many fashion brands are coming up with COOL drips that we can find someone wearing in the METAVERSE.

Gaming NFTS

Purchasing items for an online game is not an important deal for its fans; many games have marketed items that can be bought or sold for real money on their interface. 

The new model for gaming by crypto enthusiasts is “play to earn.” Players play games to earn NFT items that can be sold on marketplaces for higher prices. These items can often be used to achieve a higher performance in the game. 

Also, users can buy digital ‘NFT’ avatars. Those are specially made for a particular game. Also, what’s a better way to flex in a game than having a million-dollar NFT SKIN!

• Digital collectibles for fans

Sports or movie fans can purchase collectables and officially licensed video highlights. Of course, what’s a better way to save your favourite scenes from a match you don’t wanna ever forget!

Please feel free to drop in suggestions and comments in the box below. It really helps me grow and write better.