Beyond Apes: 5 Diverse Applications of NFTs in 2024
NFTs, or non-fungible tokens, have been a hot topic in the past few years, especially with the rise of the metaverse. However, many people still associate NFTs with expensive digital art, such as the Bored Ape Yacht Club collection. In fact, the applications of NFTs are much more diverse than that. Here are 5 key areas where NFTs are being used:
1. Redefining art and music royalties: Sustained income, co-creation of value
Traditional art and music transactions are often one-time affairs, making it difficult for creators to continue to benefit from their work. NFTs offer an innovative royalty mechanism for artists and musicians. Once an artwork or music is minted as an NFT, the creator receives a percentage of the royalties every time it is resold. This breaks from the traditional sales model and establishes a sustainable revenue stream. Imagine that when you collect an NFT artwork that appreciates in value, you can also share in the appreciation, forming a virtuous circle that encourages creativity and co-creation of artistic value.
2. Securing identity and ticketing: Safe and convenient, empowering the real world
NFTs are not just limited to representing virtual assets. They can also be seamlessly integrated with the real world. For example, certificates, event tickets, even personal identification and commercial licenses can be minted as NFTs, enabling secure, convenient storage, transfer, and verification. Imagine that you never have to worry about losing your tickets or documents again. With just a tap of your phone, you can enjoy a safe and worry-free travel experience, improving efficiency and convenience.
The Hong Kong government announced in 2023 that it is considering using blockchain technology to issue and verify various electronic licenses and certificates. NFT technology is likely to be used in this application.
3. Securing metaverse assets: Real ownership in the virtual world
The rise of the metaverse provides a broad stage for the development of NFTs. Virtual assets such as land, homes, and clothing can be minted as NFTs, giving players the right to truly own digital assets in the metaverse. Imagine that you can buy a piece of land in the metaverse, build a unique home, or even rent it out or sell it, creating a new economic model and enjoying the appreciation of digital assets.
4. GameFi: Earn while you play, games are no longer just for fun
GameFi, or game finance, integrates NFTs and blockchain technology into games, allowing players to earn real economic rewards in the game. For example, players can win NFT equipment or props, trade them for cash, or even build game guilds to enjoy new game experiences. Imagine that you can earn money in the game, turning games from leisure and entertainment into a channel for investment and financial management, expanding your profit margins.
5. Tokenizing assets: Breaking down barriers, making investment accessible to all
Finally, NFTs can also be used to tokenize real-world assets. For example, high-value real estate and artworks can be divided into small NFTs, making them more accessible to investors. Imagine that you can just buy a small piece of NFT to enjoy the appreciation of real estate, breaking down traditional investment barriers and allowing more people to participate in the asset market, realizing the vision of making investment accessible to all.
In 2018, the art platform Maecenas successfully auctioned 49% of the ownership of a painting by Andy Warhol (Andy Warhol) valued at hundreds of millions of dollars after dividing it into thousands of NFTs. Because the price of a single NFT is only a few hundred dollars, it has attracted a large number of investors who could not directly purchase high-value artworks in the past.
The applications of NFTs will go beyond the scope of collectibles and lead the new era of digital assets. From art creation to the metaverse, from gaming to asset investment, the potential of NFTs is endless. Let's embrace the era of NFTs together and open a new chapter for digital assets!
Embrace the new era of NFTs, and let UD lead you to a new chapter of digital assets!
NFTs have limitless potential for application. Whether you are an artist, a gamer, an investor, or anyone who aspires to digital innovation, UD can be your best partner to realize your NFT dreams!
UD is a leading blockchain company in Hong Kong, committed to providing comprehensive NFT solutions for businesses and individuals. We have an experienced technical team, advanced development platforms, and a keen insight into market trends, which can help you create unique NFT projects and realize various creative ideas.
