As the market for digital assets continues to expand, more and more people are looking to participate in it in order to showcase and advertise their artistic and musical works, as well as to make money from it. Using NFTs’ common applications and everything they have to offer in practical applications is the goal. nft use

Perhaps many are still unaware of the most widespread applications for these hotly debated digital assets. Tokens are not all employed in the same manner.

What are the NFT?

The NFT Non-Fungible Tokens are digital assets that are certified to guarantee their authenticity, thanks to Blockchain technology, the same technology used in cryptocurrencies. These tokens are associated with a single file, and this file can be anything that can be digitised from a photograph to a tweet. This wide variety of possibilities has spurred a new area of digital expression and business.

A non-expendable good is one that is not consumed through use, cannot be divided or replaced by another similar good, but can be bought or sold. It is therefore unique. Compared to cryptocurrencies, cryptocurrencies can be divided into fractions.

In the case of cripto.art these are unrepeatable pieces, unique and irreplaceable by others. These individual units can be images, videos, audio, text or compressed files. This is possible because each digital asset gets an identifier in which metadata is recorded using block technology, which ensures that the part cannot be duplicated.

These files have attracted a great deal of investor interest. In 2021 alone, they generated more than 3 billion euros. The reason why the sale of non-fungible tokens has grown in recent times is because of the ease of access to them. For all these reasons, many artists, influencers, celebrities and companies have decided to take part in this digital scenario, making the common uses of NFTs visible.

Common uses of NFTs: real-life cases nft use

The NFT allows for self-custodianship of the owner, i.e., the owner has full right of possession of the digital asset without the need for an intermediary or web server for storage, which offers great ease of use and access to these assets. Perhaps this is why it has gained so much interest, and crypto-art is already one of the most common uses of NFTs, but there is more.

If you’re looking to invest in NFTs, be sure to do your research and store your assets securely using a hardware wallet like Ledger.

Digital art and fashion

There are many tokenized pieces of art. In this instance, the artists buy the authenticity certificate before selling or bidding on the digital artwork. This makes it more likely that buyers will be able to sell their digital creations again and verify the values of those creations in the future.

Moreover, in the midst of the metaverse boom, major brands have been creating their collections of non-fungible tokens in visual art or digital accessories, and even these unique assets have been linked to physical assets. A significant example was luxury brand Tiffany’s, which launched 250 limited-edition tokens linked to Yuga Labs’ Punks cryptocurrency, where Punks owners could see their pixelated characters transformed into a branded necklace.

Video games

Some companies in the traditional video game industry, such as Take-Two, Epic Games y Square Enix have embraced the idea of developing video games with these assets. The goal is to monetise their players’ time so that users feel a greater sense of ownership and activity in their achievements. On the other hand, there are detractors who comment that gamers already sell their accounts in various marketplaces and think that these assets are not needed in the gaming industry.

Sports

Tokenised assets also serve to prevent the acquisition of counterfeit tickets and fraud at sporting events. This new way of keeping entries in the digital age is contributing to time-saving verification and management processes.

Music  nft use

Musicians and DJs such as Steve Aoki and 3LAU believe that the traditional music industry needs an overhaul. Artists are paid a small percentage for songs streamed, which they must support with touring and live performances in order to earn more revenue.

As a result of the pandemic, the music industry suffered greatly, as they were unable to work live. In this context, some artists reinvented the sector by incorporating web 3.0 music platforms. Through these platforms, fans can buy songs or tickets to exclusive artist communities.

Cinema

The usage of such assets has benefited the film industry as well. Big corporations like Disney and Paramount have viewed tokenized assets as a new source of income for their intellectual properties, providing investors (and fans) with exclusive digital experiences or goods in addition to the return on their investment. Offering users streaming and digital files is an additional option.

Final Thoughts nft use

In conclusion, the world of non-fungible tokens (NFTs) has exploded in recent years, offering a new avenue for digital expression and business. The ease of access and the ability to certify the authenticity of digital assets through blockchain technology has made NFTs one of the most popular and sought-after digital assets, generating billions of euros in sales in 2021 alone.

NFTs have many common uses, and we have seen how they have been applied in various industries, such as art, fashion, video games, sports, music, and cinema. From preventing counterfeit tickets to creating unique digital experiences and assets for investors and fans, NFTs have proven to be versatile tools that can benefit both creators and consumers.

Therefore, if you are an artist, musician, or filmmaker seeking to showcase your work or monetize your digital assets, you should consider exploring the world of NFTs. With the potential for self-custodianship, certification of authenticity, and new revenue streams, NFTs offer a unique opportunity to stand out in the digital market and take advantage of all that they can provide in the real world.

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