How are NFTs used?

There are an infinite number of application areas for NFTs where we today only have scratched the surface. How NFTs are used will over time expand to cover most areas.

NFT world

NFT use cases

NFTs have connected creators and collectors in an unprecedented way and given rise to new opportunities for digital ownership. Through the blockchin, creators are given access to a global platform of collectors while NFT collectors can be sure of buying and selling authentic assets. Here we walk you through popular uses for NFTs.

NFT art

People collect digital art for the same reason people collect physical art – a mix of aesthetics, status, collecting and socializing.

NFTs have given creators increased freedom and access to a global market while the creators easily can see the crypto wallets owning their artworks, enabling an opportunity for creators to create a community around their collectors.

Collectors who buy NFT art can proudly display their collections in a completely different way in the digital world. Instead of artwork being stored in a basement, the real thing can be shared with the world daily.

Chatbot and Chill? – XCOPY

NFT music

Many artists are poorly paid with today's methods, such as recording contracts with record labels and streaming royalties, where middlemen keep the majority of the revenue. Releasing music as NFTs create opportunities for the artists themselves to control how their music is released while keeping a larger percentage of the revenue.

At the same time, the fans who buy an artist's NFT take part of the artist's future career journey and potential upside through ownership of the artist's music NFT.

Music nfts creates a common upside for collectors and artists
Hume Genesis - The Hume Collective

NFT gaming

Gamers annually spend billions on virtual items without actually owning the items. NFTs allow gamers to truly own the virtual items they purchase in the games, and thus also trade these items or use them in several different games.

NFTs enables the transformation of gamers from mere consumers to becoming a part of the games. This in turn creates opportunities for game developers to include their users more and build new games around the users and their preferences.

gaming nfts like CryptoKitties allow gamers to own the items in the game for real
CryptoKitty - CryptoKitties

Access and membership through NFTs

NFTs can be used as entry tickets to physical and digital events where you need to prove that you own a specific NFT in order to attend. These types of NFTs are often combined with art or pfp NFTs, for example Moonbirds which was created by PROOF is a pfp collection which, among other things, gives you access to a community.

The way this works is normally that you, through your crypto wallet, verify that you own a specific NFT which gives you access to various benefits. Benefits may include access to a private Discord server, a physical event, an information source, or the ability to purchase a new NFT issued by a specific creator.

access and membership nfts gives you access to different benefits depending on the nft collection
PROOF Collective - PROOF

Virtual land NFTs

Sandbox, Decentraland, Voxels and Otherside are virtual worlds where you can buy NFTs that represent a piece of virtual land. These work just like properties; virtual land can be bought, sold and rented.

The holders of NFTs that represent a piece of virtual land have the opportunity to build on their land in the virtual world where, just like in the real world, games, conferences, events and museums are created.

virtual land nfts act like real estate where the owners can build on their land, but in the metaverse
Land - The Sandbox

Fashion NFTs

Fashion brands have started to experiment with NFTs and the blockchain as it provides them an opportunity to connect with consumers from around the world in a new way. New revenue streams have been created through the sale of NFTs that represent both digital and physical objects.

Gmoney has launched the luxury brand 9dcc which pairs physical products with NFTs. Their first release, t-shirts, comes with a tag that links each t-shirt to a specific NFT, thus proving that the t-shirt is authentic while also enabling tracing ownership history of the t-shirt.

Tiffany, Louis Vuitton, Gucci, Prada, Nike, Adidas Burberry have all entered the NFT space in different ways. In addition, Prada, LVHM, Richemont, Mercedes-Benz and OTB have launched Aura Blockchain Consortium, a global blockchain for luxury fashion brands.

Fashion nfts provide fashion brands with new revenue streams and create opportunities for new brands
Iteration-01 looks - 9dcc

NFTs promotes creators

New source of income for creators

Creators can sell their works as NFTs and immediately establish contact and generate revenue from their fans, without going through middlemen. Creators can thus earn their fair share based on what fans are willing to pay, while not having to pay middlemen for distribution and publishing.

Proof of authenticity

NFTs do not replace the rights surrounding a creation, but they make it possible to easily identify the creator behind a certain creation and the current owner via the blockchain which plays an important role in determining value while authenticity can be easily verified.

Collective ownership

NFTs lay the foundation for a new model of collective ownership that transforms creator community members from consumers to owners. Creators and the fans who buy the creator's work naturally share the upside potential where both benefit from additional value being created.

New opportunity to make money

Before NFTs, there were three basic options for making money creating content on the internet; 1) Maintain copyright; 2) Get paid to create; 3) Advertising. NFTs introduce a fourth option; to sell the original digital creations.

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