There has been a surge in the demand for crypto-collectibles and NFT art as a result of the growing popularity of non-fungible tokens (NFTs). Although the DeFi ecosystem has a wide range of uses, these are two of the most notable.
Non-fungible tokens are a fantastic fit for real-world assets, gaming, health care, and more because of their exclusivity and rarity. Due to this, we can anticipate more experimental use cases of NFTs as they evolve.
At the Million Dollar Token Page, we’re going to explore some interesting NFT use cases and experimental ideas that are currently making waves.
But first, let's quickly introduce you to NFTs.
What are NFTs, and how are they used?
Non-fungible tokens, often known as NFTs, are unique digital assets that you can't swap with something else. They guarantee you the ownership of a digital asset when you buy one.
NFT transaction details are protected by a blockchain network. They’ve paved the way for businesses and digital content providers alike to take advantage of new opportunities. As a result, the digital asset has emerged as a valuable medium for artists to share their work and earn money from it.
Million Dollar Token Page, a board to show, advertise and market NFT projects, and other popular sites like it allow NFT creators to display their art by purchasing pixel blocks of screen real estate. This is a great way to get the word out about your NFT project while also generating additional traffic.
NFTs can be used in a variety of fields due to their favourable characteristics and high-quality design. Because of this, the whole range of NFT applications varies greatly among various industries. As a follow-up, we'll take a look at some of the intriguing NFT use cases, as well as some experimental concepts that may become commonplace soon enough.
Popular NFT use cases & ideas
Here’s a list of 5 popular non-fungible token use cases:
NFTs have been essential in resolving a major issue in the digital art industry: scarcity. NFTs help keep your artwork rare even though they can easily be reproduced and saved. And while there's a lot of phony art in the real world, we usually know how to tell them from real art.
Most of the value of NFT art idea comes from digitally validating its legitimacy and proprietorship. For example, a Bored Ape art can be copied from the Ethereum blockchain, but you cannot prove you possess the original if you don't.
There’s so much more to NFTs than just the artwork that comes with them. Often, demonstrating ownership of a certain asset is more vital. In part because of this, digital art has become one of the most common use cases for NFTs in recent years.
There is no better pairing than NFTs and gaming. NFTs can be used in video games if they can be accessed on several platforms. NFTs also allow game publishers to grow their brand and generate additional revenue streams.
Additionally, NFTs make in-game trading easy. Through this NFT idea, the blockchain allows for the instantaneous exchange of information between parties. This gives consumers the chance to buy firearms or other equipment that has been used and reviewed by other players.
A good example of this NFT use case is the integration of blockchain technology by several game publishers. In the spirit of Pokémon Go, both Axie Infinity and Battle Pets feature a trading system for both pets and other in-game tokens. And if you want to trade these in-game tokens, you can easily do so on secondary marketplaces.
Access pass and memberships
NFTs can be used as access passes to exclusive events, merchandise, and experiences that would otherwise be out of reach to the general public. It's easy to swap an NFT access card for any other asset on the blockchain since it's fluid and unambiguous in its intent.
If you have a single wallet for all your subscriptions, you'll be able to keep track of them all. In this NFT use case, memberships may also be utilised to flaunt your affiliation with certain clubs and associations. As such, you can capitalise on your personal brand and reputation.
The Bored Ape Yacht Club is one of the most well-known instances of an NFT that permits membership access. As part of the BAYC NFT collection, you become a member of an elite swamp club of apes.
Fascinating, right? But that's not all.
You can also show off your assets on social media if you own a BAYC NFT. Several holders use their Bored Ape NFTs as their profile picture on Twitter. This also demonstrates the power of NFTs in promoting your individual brand.
The NFT market is becoming increasingly crowded with high-end and streetwear fashion brands. We’ll also use BAYC as an example of this NFT idea.
Bored Ape Yacht Club recently partnered with a high-end streetwear brand, The Hundreds, to produce merchandise for the surrounding community. All the merch sold out in a matter of hours. But this is just the tip of the iceberg when it comes to the potential use cases of NFTs in the fashion industry.
Luxury brands are also branching into the NFT sector. On September 30, 2020, Dolce & Gabbana's first nine-piece NFT collection, Collezione Genesi, went on sale. This collection was a peculiar blend of high fashion and blockchain technology that sold for $5.6 million. The collection included both real outfits and their NFT doubles.
Weeks before Collezione Genesi, a new firm named Auroboros revealed a collection of digital clothing that you can wear through augmented reality (AR).
As high fashion and blockchain come together, the fashion industry is in for a massive transformation. A new set of digital clothing will soon overtake industry aficionados as new technologies like NFTs and AR are combined with traditional couture techniques.
Thoughts of NFTs typically conjure up images of weird avatars, artworks, or collectible in-game objects. However, as use cases, NFTs have the potential to offer distinct financial advantages in the decentralised finance (DeFi) economy.
An example of an NFT idea is JustLiquidity's NFT staking model. The model allows you to earn an NFT for accessing the next pool when you invest a pair of tokens in a pool. When you join the next pool, the NFT works as an entry ticket and is discarded afterwards. In addition, you can trade this NFT pass on a secondary market.
More Top NFT ideas
Below is a list of some of the best NFT ideas that could become popular soon:
NFTs have the potential to become a major player in the healthcare sector. NFT ledgers can be used to store medical records without jeopardising privacy. It also prevents unauthorised access.
This is because NFT operations are confirmed on many nodes before being published to the blockchain. As such, all records are correct and safe against external interference.
Advertising is not something that most people identify with NFTs. However, NFTs have paved a whole new marketing path for businesses.
Brands can use NFTs to identify unique methods of interacting with their audience, raise brand recognition, and generate new revenue streams.
Here’s an example of this NFT idea:
TacoBell provided 25 NFTs in 2021 to commemorate the return of potatoes to the menu. Consequently, they became the first fast-food business to embrace NFT. It took nothing less than a half-hour for all of the NFTs to be acquired.
One of the NFTs even sold for as high as $3,646. TacoBell pledged to donate all proceeds from the original sale, as well as from resales to its Live Más Scholarship program.
NFTs can be used to demonstrate a student's academic accomplishments. Students can use NFTs as evidence of their participation in classes, their progress toward their degrees, and other relevant information.
An NFT ledger provides a safe place to save all of this information. If a student completes a course, they can be issued tokens, which are then verified by smart contract verification mechanisms.
There may be no more paper certificates in the future. Academic achievements will be recorded in the form of NFT tokens that may be transferred to other people, confirming that the holder of the token has acquired such an NFT.
Have other NFT use cases and ideas?
Now you see NFTs have a wide range of applications in both the digital and physical worlds. More concepts and applications for NFTs are likely to be explored in the future, given their expanding popularity.
Furthermore, NFT use cases can bring about performance improvements in several industries. However, not every NFT use case has had sufficient time to evolve beyond an intriguing notion or a modest side project. Some of these new NFT ideas may not pan out to be useful or even popular.
NFTs, on the other hand, are here to stay when it comes to more underlying and obvious challenges, such as the rarity of artworks and collectibles. And if you still want to stick to the digital art aspect of NFTs for now, that’s fine.
Having a large pixel block on the Million Dollar Token Page is a terrific approach to draw a lot of attention to your NFT artwork. As the site increases in popularity, you will be able to resell your digital space at a premium or preserve it as your piece of the crypto universe.