The NFT trend began to rise back in 2017 with the now famous blockchain game CryptoKitties. With the beginning of the crypto winter in 2018, the excitement subsided, but already in 2021 a real NFT-HYIP thundered.
According to DeFi trackers, the total sales of NFT at the end of 2021 exceeded $ 13 billion, but how to participate and succeed in this trend too?
Let’s analyze the ways of using NFT and talk about how technology can change the world we are used to: music, art, advertising, games, etc.
Non-interchangeable tokens helped solve the problem of illegal distribution of digital art. How to preserve the uniqueness of virtual works if they are so easy to copy?
In the case of NFT, the value is determined not by the work itself, but by the ability to prove ownership of a particular asset through a blockchain that will store all information about the creation, the creator and all movements. This is what makes crypto art one of the most popular ways to use NFT.
Just create an NFT on the DecimalChain blockchain with your author’s digital content and put the exhibit on the marketplace.
Along with NFT art, collectible tokens account for a significant share of sales on NFT trading platforms.
One of the most striking examples of NFT-collecting is the purchase of the first tweet in history from the creator of Twitter. If collecting CryptoPunk characters carries artistic value, then Dorsey’s NFT tweet is valuable solely for its uniqueness and historical significance.
You can create a unique collection of your first tweets or posts, drafts or pager messages right now. Anything that can be given value to collectors. And as long as your name fits into history, NFT can be delegated to any validator of the DecimalChain network and generate new DEL coins at the expense of the reserve. With the same success, you can collect a collection of exhibits of rising authors and calmly wait for their stellar triumph, while your NFT delegated to the validator brings you a liquid asset.
Collectible NFTs can be not only images or videos, but also audio files – they can be considered the first digital edition of a song. Creating an NFT with music is similar to creating an NFT with art, however, the use cases for these tokens may differ.
If you are a songwriter or a musician, then before sharing your work on streaming platforms, you can sell it in the form of NFT to the most loyal fans. Many are willing to pay a lot of money to be the first to listen to a new album or the title track of a favorite artist and turn it on to their closest friends at a private party.
The popularity of this model will grow when it is adopted by major streaming services. Creating NFT music will be an excellent use of non-interchangeable tokens.
NFT Physical Assets
Combining physical assets with NFT implements the process of confirming ownership. For example, in real estate, physical documents on the ownership of property are used, but the creation of NFT as these documents can move a house or land to the blockchain. So far, regulatory authorities are not seeking to provide support in this matter and this method of applying NFT requires serious study, but already now it seems promising.
NFTs are used not only for the purchase of art and collectibles. For example, in decentralized finance (DeFi), they can provide unique financial advantages.
With the implementation of Decimal Smart Chain and the advent of DEX, it will be possible to implement the NFT staking model. The user will be able to add a pair of tokens to the betting pool for a certain period and get an NFT to access the next pool, where the NFT will serve as an entrance ticket and be destroyed after joining the new pool. This creates a secondary market for the sale of NFT with the function of providing access.
It has long been common among gamers to purchase digital items, the cost of which is determined by their rarity. Microtransactions and in-game purchases have created a multibillion-dollar gaming industry that can use NFT and DecimalChain blockchain technology.
Several games with NFT mechanics are already being developed on the DecimalChain blockchain. You can become a developer of your own game or upgrade your NFT character in someone else’s. If you are not a gamer and not a developer, then there is always an opportunity to buy an in-game item in order to sell it later with a profit to avid players.
And what ways of using NFT do you know or use? Share in the comments!