Use Cases
Use cases you can build with the NFT Kit.
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NFT Kit
Use cases you can build with the NFT Kit.
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As the world is going digital, it becomes necessary to model ownership in a digital way. NFTs allow us to do just that by encoding ownership of any type of asset in a digital format.
As a result, NFT use cases can be found wherever there’s a need to digitally model ownership. In other words, the list of use cases is long and NFTs will likely be among the most important building blocks on which the digital world (or something like a metaverse) will be built.
The following graphic shows a range of NFT use cases across different industries to illustrate the potential of NFTs:
You can use the NFT Kit to enable your users, customers, employees or partners to create and manage any form of ownership (whether it's about a physical good, or digital items). This allows businesses to create digital ownership documents that are very hard to counterfeit but easy to verify, which makes the user experience more secure and enjoyable.
Decoupling the access to a product or service from a users’ identity is also possible as access can be given to the owner of a specific NFT only without having to know the identity of this owner in advance. The following categories show more specific use cases and examples.
The most famous NFT use case is certainly digital art. With NFTs, artist have the ability to create digital scarcity and thus sell their digital art as NFT. The creator economy also includes fashion brands that uses NFT as a "digital twin" of a physical product that a customer bought. In the luxury industries, NFT can also be used to issue authenticity certificates.
Entertainment is a big industry for NFTs. They can be used to represent items in video games which makes the players the true owners of those NFT gaming items, while allowing them to trade them and even use them in another video game or another context. Another use case that is becoming more and more popular is ticketing. When NFTs are used for ticketing, it allows a better management of events ticket because they are on a public blockchain with a high level of traceability, but it also reduces fraud because users can verify that the NFT they are buying is authentic. Lastly, NFT ticketing also provides consumers with a better user experience.
Similar tho the ticketing use case for events, NFT can be use to represent airplane or any public transport tickets; but also membership cards to access any services and transport.
Loyalty program, exclusive content and vouchers are 3 practical use cases for NFTs in the Tourism and Travel industry. They are a great way to engage guests in a digital and interactive way as well as rewarding them.
Thanks to its traceability characteristic, NFT are of course perfectly designed for Supply Chain usage. Product tracking and product authenticity is made easy when physical products are associated with NFTs.
Digital art can be monetized by making unique digital assets that can have exclusive properties, on top of being easily sold or rented. In DeFi (Decentralized Finance), art NFTs can also be used as collateral for a loan
In a similar way to digital art, musicians and singers can link their music to NFTs which makes it possible to own a piece of a song or album and receive royalties from it.
Event organizers may issue event tickets using NFT, as it would avoid fraud (by providing an easy way to verify tickets), but it would also allow for a better traceability of all the tickets that are resold.
Property ownership documents can also be made (created and issued) via NFTs which would represent a digital and immutable certificate of ownership of a physical real estate property. In another fashion, NFTs are also used to represent virtual properties.
Items in online games can now be truly owned by the players, which offers many new possibilities such as selling and buying items outside of a game’s centralized marketplace, but also using those items in other digital environments like in other games.
Similar to the property ownership documents for the real estate use case, NFTs can also be used to prove the authenticity of any other physical products, such as clothing items, jewelry, cars, etc.
Foundations and charities have already started to raise money by selling their own NFT collection, but crowdfunding platforms are now challenged by NFTs as it allows startups to raise funds in a peer to peer way.
If you have any questions, feel free to .
