The crypto space is ever expanding & growing with interesting developments on either each protocol or ecosystem, and It’s no news that the buzzwords in the space over the past 6 months include NFTs, alongside Web3 & Metaverse
Unfortunately, what captured the public’s attention when it comes to NFTs are these regular PFP’s selling for crazy figures on the leading NFT marketplaces. And I think it’s highly unlikely that this would be a lasting trend.
Looking beyond the hype these ‘JPEGs’ brought, are diverse use cases for Non-Fungible Tokens in the space. And these are not limited to; Gaming, Real Estate ownership, Ticketing, Metaverse, Inventory, Music & many other possibilities.
I believe NFTs will revolutionize these areas of applications, and even make ownership seamless & the process to prove them. Stumbled recently on a post in one of the sub-reddit detailing how GET Protocol via its technology unlock the benefits of Digital NFT blockchain ticketing.
Another great novel concept brings NFTs to DeFi, opening up the possibility of NFT staking/farming- where these digital assets can be staked to a protocol for earning yield. Onessus provides this opportunity.
In the metaverse; a potential $8 Trillion opportunity (according to Goldman Sachs) ,NFTs will define access. It will be one’s identity to gain entrance to either a conference, meeting or any other important event. Platforms like Dreem Metaverse is already leveraging on this utility through its character NFTs, which allows access to its existing realms.
These realms are like marketplace website where there are things in them that cost money. For example, if a realm has a cinema in it, people that have a certain NFT can gain entry. This could even be rented out from the owner for certain period of time, for a payment.
The interest in NFTs is undoubtedly heating up & growing, with companies like Coca-Cola & Nintendo getting in. I think it’s a matter of time before some of these real use cases & adoption go mainstream and supersede the current hype.
13 thoughts on “NFTs Utility Will Continue to Grow”
The Superbowl sort of started dinking around with this with the souvenir ticket NFT they were supposedly giving out to all those lucky enough (read rich enough) to go. I think they may be on the cutting edge of ticking dare I say, which would surprise the heck out of a ton of NFL fans.
I totally agree that NFTs with actual use cases would last longer, we’ve seen other aspects of crypto put NFT use cases to good use, just like the DeFi case you mentioned, they’ve been other projects that have used NFT Fundraisers, where NFTs are bought from fundraising parties and then later swapped for real life rewards.
The production of NFTs with advanced features and use cases will always be appreciated now more than ever as we are moving into the Metaverse and Web3 era, coming across a scalable blockchain for NFTs that provides Web3 solutions in Gaming, Art, Developing and Collections, shouldn’t be a surprise.
I agree with you. Soon we will have data NFTs from ocean protocol team. That’s another new utility for NFTs
Sounds good 👌
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#NFTs🎨> Flowers🌹, agree?
We really haven’t seen half the potential NFTs hold, I believe Dreem will play a part in uncovering that. The NFT renting and blocking concepts are interesting, can’t wait to see those implemented.
As long as there is an usecase I will be buying.
Yes, it’s amazing how much the whole story and hype about NFTs and Metaverse exploded. I do not remember when so many people were familiar with all this as is the case today. Speaking of platforms, I like ICICB the most for now because it offers a lot of things, Metaverse, Marketplace and I even play their game Ares, it’s crazy how good it is!
There are lots of NFTs that are just useless without any feasible use cases, these are as good as nothing, but Most NFTs has use cases as well, like the FUFU NFT which is used to reward quizzes creators as well as having a chance to participate in future Genesis NFT drops without being whitelisted.
Metaverse projects will be wealth generators in the coming months & years! My wealth generator will be Dreem Metaverse without a doubt.
NFT is still yet to showcase the lot of diversity it has. So many ways which on can relate into NFTs such as books NFT, music NFTs and also NFT gaming.
I am more of a fan of gaming that is why I’m diving into it. Played Axie and looking forward to Legends of Elumia which launch is still far away but I got attracted with the game trailer I saw and I’m excited.