How can humanity use NFT tokens?

May 06 19:18 2022


Non-fungible token (NFT) allows us to fix the individual right of ownership of a digital art object (a painting, song, or drawing) in the same way that we protect our ownership of tangible property in real life by making entries in public registries. Today, the central sphere of NFT application is art content, but due to their properties, tokens can be used in many other areas.

NFTs in digital art

The introduction of NFTs has already affected art. The COVID-19 pandemic has played its part in this process. Before the quarantine restrictions, live auctions were active. Today, the sphere of art sales has moved almost entirely to the digital segment. And the concept of NFT tokens fits harmoniously into this model. However, this does not mean that NFTs are valid only for Internet trading.

NFTs can be used to create unique pieces of digital art with exclusive properties. In addition, NFTs are useful for confirming ownership. The artist provides sufficient proof to the consumer that the NFT-based art file is one-of-a-kind. It is guaranteed thanks to the immutability of the blockchain. NFT also allows artists to receive a percentage of each sale of their work. It is possible to program a unique code to send a share to the artist from resale. 

NFTs in games

In this area, perhaps, NFTs find the most expansive field of application. With NFT, unique game items and spaces are created, allowing players to have a natural kind of property. Thus, this property can be disposed of at will, for example, exchanged or sold for profit.

Today several blockchains are used for NFT games development. However, the Solana blockchain is gaining the most popularity (because it has fast and cheap transactions and a developed community). Many NFT projects are moving from Ethereum blockchain to Solana. A great example is Solana Vegas Club – an NFT project that plans to establish its department in every major Solana Metaverse to provide everyone with a unique decentralized gaming experience! Now they are selling NFTs for their metaverse that provides their owners with early access to Solana Vegas brand new games, access to DAO, active participation in the company’s future, and other benefits.

NFTs in tickets

They are convenient and valuable when selling tickets to all sorts of events. This way, the possibility of losing your ticket is eliminated. NFTs also prevent any reproduction and counterfeiting of tickets.

NFTs in communities

You can buy an NFT token for a community you like in terms of views and goals. Buying such a token will be a guarantee of joining the community and an automatic agreement with its rules.

Depending on the purpose, communities can be of different types, such as mentoring or business communities. People can build such communities around various ideas, which will increase the value of NFT.

The NFT Bored Ape Yacht Club community is trendy right now. Many famous people in the crypto market have NFT tokens from this community, and more and more people want to get there. By purchasing an NFT of this club, the participant agrees to develop this community, support it, and invest in it. Participants jointly develop solutions to increase the value of the token club and find new solutions to create new products within this club.

NFTs in MetaVerses

This direction is still underdeveloped, but this will change in the next five years. Virtual entertainment and business solutions are actively developing now. For these solutions to work, it is necessary to ensure information synchronization between all existing projects.

For example, you bought a virtual identity that only exists on Twitter for now, but you want it to be present on other social networks. You need a whole ecosystem with data synchronization, so you don’t have to buy tokens on different platforms and have all the information you left in any virtual space present. The system would synchronize your virtual appearance data across all MetaVerses.

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