NFT Use Cases

Non-Fungible Tokens are an enormous industry, and their use cases are growing each day. In fact, they have quickly become one of the most dominant assets in the modern world. With the invention of cryptocurrency, absolutely anyone with an internet connection can participate in the NFT industry. Making and trading art, building NFT communities, and blending digital and physical realities is what the NFT has quickly become known for.

What NFTs are and what they are used for

NFTs were originally created as a means to digitally store and trade different mediums of art back in 2014. Since then, the NFT industry has blossomed into an entire spectrum of art, data storage, property rights, marketplaces and communities, and cutting edge technology.

NFTs are used everyday as a means of trade, expression, and especially as a higher form of property thanks to many growing technologies like Web3 and the Metaverse. To put it shortly, they are a means by which you can store and trade information on a blockchain and have it live forever (as opposed to letting it subsist on the old internet). NFTs are primarily used to trade art, but they can be used for so much more than that!

Connecting fans and brands

If you’ve attended or watched any sporting event on television over the last year, you have almost certainly seen new logos through the stadium or on the player’s jerseys. One of the most exciting use cases for NFTs has been joining forces with sports clubs, full professional sports leagues, and individual players. The idea is to introduce NFTs and digital/physical merch in a new, more engaging way.

One of the most successful sports NFT communities can be found in the NBA Top Shot NFT collection. NBA fans around the world have connected with their team in ways never done before, and the partnership has amassed a value of $7.5 billion (Q3, 2021). These NFTs can be clips and highlights clipped and stored as NFT collectibles. The coolest part is that any play or player can pose as NFT material, and so sooner or later, a sports community may just be synonymous with a sports NFT community.

While sports and athletics are indeed launching their own NFTs projects, musicians, celebrities, and even full governmental bodies are building out NFT platforms to gain connectivity with a full on NFT community.

Metaverse

NFT metaverses are some next level tech. Metaverse participants can buy, sell, and trade items in the metaverse, including real estate. Anything you can do such things within the metaverse can, and should be minted as NFTs for security purposes. To give an example, in the metaverse it is entirely possible to trade each object (pen, car, piece of land, concert ticket, etc) as an NFT secured. Just like any other NFT, they would be secured by a blockchain/PoW or PoS, and could open up the possibilities for a frictionless economy.

Web3

One of the most productive NFT use case examples is with Web3. Web3 is rounding out to be an effort to return anonymity, censorship resistant, and permissionless technologies to the internet. One of the best ways to secure corners of the internet for websites, features, and personal data is through NFTs (which could allow you to own all your own data).

The core ingredient to NFTs, Proof-of-Work blockchains as immutable data storage, couples quite well with artificial intelligence technologies. Both of these could be great for protecting users from unwarranted tracking, targeting and data collection. In fact, the blockchains the NFTs and other cryptos use currently is why a decentralized Web3 is likely to succeed in the future.

Plus with Web3, and with new connections with fans, NFTs can be shared and traded with special features. Fayre helps RCD Espanyol, for example, by creating in-stadium NFT activations which engage the fans.

Important Documentation Storage

When minting an NFT on Ethereum, for example, the NFT can be created as a smart contract to be hosted on Ethereum’s blockchain + and IPFS (interplanetary file system). If done properly, the NFT will generate a Content Identifier (CID) which points to where the NFTs’ data is stored, whether on a decentralised source (IPFS) or on the normal internet. IPFS are decentralised forms of data storage and the internet as we know it right now is a centralised data storage or.

NFTs hosted in centralised storage are prone to attacks, data corrosion, and likely even more risk. Decentralised storage options protect NFT data via a peer-to-peer storage network (much like Bitcoin or Ethereum’s blockchain) that allows NFTs to be stored with immutable data. When coupled with DeFi smart contracts, NFTs can be incredibly useful tools for protecting sensitive data, earning passive income, and much more.

But going beyond the data storage use case, creating intrinsic value with decentralised security on a peer-to-peer network allows NFTs to be considered immutable, sovereign assets, which can be incredibly valuable for the individual. They usher in a new age of property rights and may help change the world for the individual.

Fayre is optimising NFTs for everyone

At Fayre, our NFT marketplace is designed for everyone. Anybody can participate thanks to our multi-chain options lowering minting, buying, selling, and trading costs to low to zero. Plus, when users take advantage of $Fayre, NFT enthusiasts gain more access to perks related to NFTs and the $Fayre governance.

Currently, one the most viral uses of NFTs is in athletics, but that doesn’t mean NFTs aren’t exploding elsewhere either. Personal data storage, Web3, metaverse, property rights, income earning, and community building also stand at the top of the NFT use case list.

While these aren’t all the use cases for NFTs, they are easily some of the most important ones to watch out for over the next couple of years.