NFTs have been mentioned a lot this year, and their growth can’t be overlooked. I’ve noticed that some people constantly say that NFTs aren’t more than just internet images.
First, the art market is more than just ‘internet images’, it gives artists a voice and power to monetize their art, build a community, create collectibles, earn passive income with royalties, easily connect with others and both collectors and artists can prove their originality of the art on the blockchain. But if you want to know other use cases NFTs have, this article is for you.
Without further ado, here are some future concepts that NFT tech can help with and make it massive:
First, there are 4 main businesses models:
— B2B (business to business)
— B2C (business to customers)
— C2B(Consumer to Business)
— C2C(Consumer To Consumer)
We currently have some NFT projects in these sectors.
And yes, projects/businesses can be both at the same time too. That’s possible. NFTs can be easily used for almost any type of business model. Not just these 2.
- Ticket industry
It’s estimated that around 12% of people buying concert tickets get scammed (fake tickets, or the “seller” disappearing after they got the money). And that happens every year, at many, many events.
NFTs solve this. How?
— NFT smart contracts prove the originality of both the ticket and owner and can confirm if it’s original on the Blockchain.
— Both parties receive the money and official ticket agreed upon at the same time. No seller running after getting paid.
A real example of this is Gary Vee’s project VeeFriends which made tickets as NFTs recently for an NFT conference for VeeCon, you can check here.
2. Medical healthcare
It might sound crazy, but I’m not the one saying this. Medical ethicists are actually considering the potential of NFTs to protect people’s healthcare data and looking at how patients could monetize their own data. There are pros and cons of course, as the highlighted article link on “Medical ethicists” explains.
Patients have limited agency in deciding which of their data is shared, with whom, and under what conditions. Within this context, new forms of digital ownership can inspire a digital marketplace for patient-controlled health data. We argue that nonfungible tokens (NFTs) or NFT-like frameworks can help incentivize a more democratized, transparent, and efficient system for HIE in which patients participate in decisions about how and with whom their PHI is shared.
— Science researchers study
3. Memberships
The Sports industry is valued at around $500 billion in 2022 and some sports projects plan to launch passes that give their holders football games, chances to meet athletes, private meet-ups, and more. Imagine all the industries that use exclusive memberships!
The sports industry is just one example, but many businesses use subscription-based payment. What if they integrated that with NFTs? And the NFT would be the “access” for a service?
4. Business gifts
If businesses/consumers want to give a present/discount to a certain number of people it can be stressful collecting every email, using difficult tools to remember customer names, etc.
@SnapshotLabs allows teams to take a snapshot of all the wallets in their collection easily to do airdrops. Coca-Cola already made this with their NFT project, (they didn’t use snapshot), but they released loot boxes that contained iconic gifts (some of 1948) of the brand for the highest bidder of the NFTs.
5. Academic credentials
NFTs can provide course certification, proof of attendance, degree earned, and more academic important information on-chain which can’t be altered. A project that delivers NFTs for proof after finishing a course level is @LearnWeb3DAO.
6. Gaming industry
This one isn’t a secret. The gaming industry is MASSIVE, and NFTs lets players:
— Actually own their skins/weapons for their characters
— Chance of selling it if they don’t want it anymore
— Get rewarded for playing (not only play2earn).
7. Physical products
Think of all the industries that offer physical products that will try NFTs. The fashion industry in NFTs is slowly growing, and I believe it has great future potential. Some fashion brands have already entered NFTs and plan to merge both physical and digital products.
Conclusion
We still haven’t seen the true potential of NFTs, and that’s exciting. This bear market is tough, but I’m a huge believer in NFTs, and I think we’ll see amazing things come out of this innovative tech.
We’re still early.
