Top 8 Use Cases of NFTs
1. Paywall on Forbes
Forbes, the multibillion-dollar magazine, uses NFTs via an unlocked protocol to provide an ad-free experience on their website. You can acquire their membership NFT by simply connecting to their website with your Ethereum wallet, and the ad-free site will be displayed.
Traditional paywall systems frequently rely on card payments, which are both costly and, in most circumstances, vulnerable to colossal fraud. With the unlocked protocol, developers can determine which tokens their paywall accepts, how many there are, and how long they last with just a few lines of code.
2. NFT from GameStop
GameStop has quietly released the teased version of their NFT platform, which has far-reaching consequences for the industry. This is due to GameStop’s vast selection of industry collaborations and licenses, including XBOX, Hasbro, and small esports teams. Power to the players, creators, and collectors is their motto, seen on their website.
Could you envision a game that employs thousands of people and pays them actual money for their contributions? For the first time, a combination of crypto-economics and existing product users have compelled all stakeholders to continue developing the game to their full potential. All roads lead to NFTs’ platform-agnostic, programmable capabilities, particularly appealing to the gaming sector.
4. The Ethereum Name Service
The Ethereum Name Service makes use of NFTs in a similar way to how internet domains work. People can upload their websites to IPFS and access them through the Ethereum Name Service, a decentralized and censorship-resistant website. They are open to everybody and can be registered, sold, or used to verify individual domain rights to a particular eth name. Furthermore, holders of these NFTs can get tokens to their ENS rather than a wallet address, making value transactions considerably easier. In the same way that you can send an email, you can send almost any stream of value across the globe in a matter of seconds.
5. Tokens of the Creator
Any content creator may create their economy and have complete control over their interactions and user experiences. Content providers are frequently held to a set of criteria by a third party, which takes a cut of their earnings, making these tokens even more appealing. The music industry robs artists of many of their profits and monopolizes the sector to maintain its dominance. NFTs obviate the need for an intermediary in this process.
6. Royal Jewelry Asprey intends to issue NFTs to make trading, authenticating, and tracking their products on the blockchain considerably easier. The lack of liquidity and quick form of authenticity in jewelry is a significant issue, with diamonds losing roughly half of their value once they leave the store. As a result, the legendary British luxury company intends to issue NFTs for all of its products in the future.
The metaverse is a manifestation of augmented and virtual reality technologies in which players create entire cities and planets. It’s difficult to envisage an ecosystem like this, where online item ownership is restricted to the platform as a whole. Virtual ad space tokenized digital real estate, in-game money, and a variety of other topics.
The Dallas Mavericks have contemplated deploying NFTs to profit from secondary market ticket sales for upcoming events. Scalpers and bots profit handsomely by purchasing all available tickets and then reselling them at a higher price. NFTs that are represented as tickets, on the other hand, can have taxes incorporated into them for all secondary market sales. This isn’t restricted to tickets; it could apply to any digital content, but it demonstrates how deeply NFTs may be interwoven to transform how people deal with value.