NFT Functions

Current NFT use cases focused on:

Digital content

Game supplies

Domain names

Physical assets

Investments and collateral

Maximize Creators' Income

The majority of applications for NFTs is toward digital content. Content creators in the industry noticed that their profit and revenue were swallowed up by the platform.

Artists on social media make money by selling ads to their followers. They get exposure in return, but exposure doesn't pay all their bills.

NFTs provids the impetus for a new creator economy, in which creators do not give ownership of their content to the platform. Ownership has been incorporated into the content itself.

When creators sell their original content, the money goes directly to them. If the new owner sells an NFT, the original creator can automatically earn royalties. This is a guarantee every time you sell, because the creator's address is part of the token metadata - metadata that cannot be modified.

Resolve Replication Issues

Will searching for Picasso's Guernica images on Google cause you to be a proud owner of multimillion-dollar art piece?

Ultimately, owning something in physical form is as valuable as the market. The more times a piece of content is captured, shared, and generally used, the greater the value it has.

Having something, with authenticity verification, is always more valuable than not.

Boosting the Potential of the Gaming Industry

NFTs caught huge attention from game developers. NFTs will provide the ownership records of in-game items, drive the in-game economy and lead to great benefits for gamers.

In many normal games, you can purchase items in game. If you are using NFTs in games, you can recollect your money by selling it after you exit the game. Players can make money if an item gets popular later.

As for the game developers and issuers of NFTs, they can earn royalties every time they resell the NFTs on the public market. This creates a more mutually beneficial business model, in which both players and developers can profit from the secondary NFT market.

This also means that if the game is no longer maintained by the developers, the NFTs the game players collect still belong to themselves.

Ultimately, the items you develop in the game will outlive the game itself. Even if the game is no longer maintained, your items will always be yours. This means that in-game items become digital souvenirs and have their value outside the game.

Decentraland is a VR game in which you can purchase NFTs. NFTs represent virtual lands that you can use freely.

Community Circle Expansion

The series of popular NFT auctions of art and collectibles in 2021 has improved NFTs' market visibility and appreciation value, while the development of gaming, music, sports, ticketing, and other application scenarios continue to introduce NFT concepts into the real world. From the simple NFT sales to interactive NFT Dapps, these daily application scenarios enbale NFTs to have higher user retention ratio. The gradually digitized lifestyle comes with the introduction of the game, music, fashion and other industry communities into the world of blockchain. Furthermore, it will quickly connect the crypto community to the real-world users and applications.

Digital Identity and Reputation

In comparison with the simple way of purchasing and trading NFT assets, the existing platforms can create a new digital identity based on the NFT assets purchased and held by users. Users can use this digital identity to access and interact across platforms and transfer NFT assets in varied application scenarios. NFT technology can also be used as a starter kit for users to create a new identity, information sharing and essentially a different channel for self-expression. NFTs will not only be purely closed data. Users' personal information, habits, preferences, and much more will be stored in the chain as data and become part of holding assets. The integration will include platform, user and assets all together.

Synthetic Products and Derivatives

Use of NFTs may create new business model, under which NFT develops into a combined product or derivatives. Saint Fame Dao, Zora, and Foundation are the early adopters in this sector. The audience can customize or hold a certain NFT asset and combine it with another NFT for many times to mint a new NFT asset, which can either be exchanged for physical goods through the corresponding supply chain or sold in the open market. This kind of NFT is less likely to bring speculative activities. So, it can be accepted and acquired by more people.

Asset Categorization and Liquidity Provider

NFT technology can be used to digitize assets. In addition to non-standardized art collections, real assets including real estate are also being digitized with NFT technology to alleviate liquidity and other problems. For example, a property located at 5828 St. Louise Wise Avenue in the United States launched at NFT trading platform Mintable at the price of about 42.426 ETH.

NFT technology can basically solve the ownership certificate problem of most tangible assets, including real estate, and after digitizing the assets, it is easy to split shares to reduce the threshold of asset investment. At present, NFT is trying to take real estate assets as the entry point to continue to strengthen its attempt to digitize the long tail assets. In fact, far beyond digital art, collectibles, and games, NFT is a digital technology that can be used to toketize and exchange any item with the characteristic of uniqueness.