5 NFT Ideas Beyond Digital Artwork
Non-fungible tokens (NFTs) are a new technology that has already seen a wide range of applications outside of the traditional NFT application – which is currently mostly used to trade artwork and gaming characters. However, physical objects, digital content, and even ethereal notions like intellectual property can all be represented with NFTs. In this article, Tokenize Xchange will bring you to the top 5 NFT ideas you might not know.
1. Luxury fashion
Luxury companies are already making their way into the NFT market. In the fashion sector, the combination of high fashion with blockchain has started to generate a revolution.
The collection includes both physical and digital assets, such as retail clothes and other accessories, as well as their digital counterparts in the form of NFTs. A new line of digital garments has emerged as a result of the integration of technology such as NFT and augmented reality with physical couture, and it is swiftly gaining favor among industry insiders.
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These collections, which are set up as NFTs, contain dresses, tops, and fashion accessories.
The first nine sections of the “Collezione Genesi” NFTs collection, valued at up to $5.6 million, were sold out within hours of the store opening, in classic Dolce & Gabbana manner. This is a terrific inventive marriage of high fashion and blockchain, as can be seen.
Because of its immutability and transparency, blockchain technology can also be valuable in logistics. It ensures that the data in the supply chain is accurate and trustworthy. It is critical to understand the features of important commodities and perishable goods, as well as how long they will be useable. NFT’s ability to represent unique goods is an extra bonus.
Furthermore, NFTs can enable businesses to trace their items from manufacturing to shipment and delivery. This allows customers to see what they’re spending their money on while also ensuring supply chain transparency.
>>>Read more: 5 myths about NFTs you should know
NFTs and real estate are a match made in heaven. Timestamped NFTs might be used to transfer land documents, offer confirmation of ownership, and even track changes in property value over time.
The real estate industry is one of the most NFT-ready businesses. NFTs can be used in real estate to simplify and speed up transactions, enable smart contracts for properties (allowing automatic payments), and even establish decentralized house rental businesses, all while protecting sensitive data like credit card details.
Imagine being able to learn everything you need to know about the house you’re buying with only a few phone taps. You will know when the house was built, who initially owned it, what changes were done, and anything else that happened before you bought it.
4. Autonomous Identity
Autonomous Identity – SSID is one of the most appealing applications for blockchain technology, and NFT is the key to unlocking this door.
You can connect your Instagram, Twitter, and other social media accounts to ENS using the SSID integration. You can own your favorite name and make it visible to other people because it’s decentralized.
They are classified as utility NFTs by Lagrasse. This means that, unlike a work of art or a collectible, you won’t be able to sell them for money, but they do exist to indicate that you own something. OnlyFans, for example, provides users with the NFT profile image function.
To create a collectible piece of music, musicians can link their audio pieces to NFTs in the same way they can attach photographs or movies. It’d be similar to a digital album’s first release. It’s difficult for musicians to get a fair share of royalties. It is probable that their music will not always be adopted by larger streaming services. As a result, this strategy is well-positioned to address all of these issues, and artists will no longer be dependent on third-party services.
The utilization of NFT will surely enhance the future of the music industry. When Shawn Mendes and Snoop Dogg first started participating in the NFT, they saw this potential.
This will allow us to discover new things, monetize our material, and engage more directly with our followers.
In the foreseeable future, NFTs, DeFi, and music are all predicted to converge. Consider what would happen if each song’s ownership was held as a non-transferable trust (NFT). You may help the artists earn money by purchasing those NFTs.
Although the use cases for NFT are still in their infancy, it is apparent that not only games, but also average people going about their daily lives would benefit. Not only will this make many services easier to use, but it will also boost transparency in many transactions, particularly when it comes to the ownership of tangible objects like artworks, real estate, concepts, and ideas.
Let’s see further a few years later, you might not even notice that NFT is already here.
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