With the development of NFTs becoming popular less than a decade ago, it is no surprise that some advocates of physical art have some doubts regarding a complete switch to digitized art. With these doubts come some misconceptions that hopefully we will be able to dispel in this article. Keep reading if you too wonder- is NFT only digital art? Many think of an image of a monkey when confronted with the phrase NFT art, but what many do not know is that NFTs are not just digital art, and they have many uses in our everyday lives that we may not even realize.
Digital Art For Concert Venues
While non-fungible tokens have found an affinity in the art world, they are also being used in other places thanks to their flexible and multifaceted nature. Concert venues rely on non-fungibility to prevent fraud in regard to tickets. Since NFTs cannot be copied, replicated, or changed, they serve due to NFT licensing as a great asset to venues trying to stop fraudulent ticket sales.
Some bands are even adopting NFTs in their lines of merch. They may release customized avatars or even NFTs that allow access to pre-sales for back-stage passes. NFTs can provide access similar to a ticket stub. They are non-fungible and trackable via the blockchain, and thus the ideal solution for removing physical stubs and providing digital, trackable, and traceable options.
Within the automobile industry, NFTs may provide crucial information such as where a part was sourced from, helping lower costs, information on materials, as well as tracking the use of environmentally friendly products. Additionally, thanks to smart contract capabilities combined with NFTs, you can write in terms & conditions, expiry dates, and other restrictions.
When a non-fungible token is minted, it is tracked on the blockchain. The blockchain allows you to view an NFT’s entire transaction history, including its date, who created it, and its current location, thus enabling collectors to quickly verify an asset’s authenticity. Non-fungible tokens may also help collectors make better buying decisions since they can see the sales history of any non-fungible token.
In addition to the ease of authenticating a non-fungible token, collectors can also trade their collectibles on one of the many available non-fungible token marketplaces, making non-fungible tokens a stress-free and frictionless way to verify and buy and collect an asset, regardless of where they own it or not.
NFTs for Replacing Traditional Loans
NFTs can replace traditional loans, with many benefits including eliminating the physical paperwork an applicant would need to fill out before they even qualify for the loan. Since NFTs have records of activity and purchase history, it allows access to previous transactions without the hassle of a paper trail.
Another benefit to NFT loans is the lower fees due to less manual labor needed to complete the transactions. Some NFT loans include marketplaces that allow you to offer your NFTs as collateral in exchange for a loan. These loans are immediate, decentralised, and automated, all advantages you won’t receive with a traditional loan.
Replacing Physical Coupons
There are coupons for virtually everything nowadays. There are whole apps whose purpose is to organize and file coupons. NFTs can do this in a more convienient and less time consuming way. They can be kept as coupons inside a single digital wallet, where you can keep and organize all the coupons you’ve collected in an easy-to-view way in one spot. Your wallet or smart contract is able to automatically delete coupons that are expired or invalid. Some NFT Art marketplaces even allow you to buy and sell valid coupons.
Loyalty Points and Rewards
Similar to coupons, a convenient use for NFTs is loyalty points or rewards. Some NFTs can be redeemed for store credit, discounted items, or special offers. This allows customers a way to save on every day items.
Representing Physical Ownership
NFTs can be used to display ownership of physical objects. For example, house could come with an NFTs that represents ownership of that cerain floor plan or model. The NFT would be stored on a blockchain and would be transferable to another owner if the house/ plan is sold.
Gain Access to Events
NFTs can also be used as a membership to attend special events and gain access to limited-edition products and services. It permits membership to be effortlessly bought, sold, and traded for any asset on the blockchain. It is much easier to track all your memberships if they are all in one wallet or place.
Memberships can also be used to demonstrate loyalty to particular peer groups, to promote or display a brand or to establish credibility. Many owners of these types of NFTs display them on their social medias or even in their profile pictures.
Virtual accessories are also gaining in popularity. Some big-name brands, including Nike, Gucci, and D&G, have recently entered the NFT space, offering collectors the first opportunity to buy virtual products.
These virtual accessories are sold in the form of NFTs. The holders of these digital assets can use them in a virtual world now widely known as the metaverse. User-operated virtual avatars, accessories, and various events will begin to populate the metaverse. NFT holders can also buy virtual accessories that unlock the actual physical product once it is released, but at limited-edition drops that aren’t available to the public.
Now you will never have to wonder “is NFT only for digital art?” because you know how many uses and applications are available. As the NFT market grows, expect to see many more uses for NFTs becoming a part of everyday life.