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The Common Uses of NFTs

• The increasingly broad possibilities of the triumph of NFTs in the field of video games, since the accessories that players can acquire proliferate, having generated an ecosystem of microtransactions that amount to billions of dollars in the present. However, this traditional gaming world so deeply rooted in society currently seems to resist the incorporation of cryptocurrencies, Blockchain technology, and NFTs in the prevailing ecosystem, in which fun prevails and not speculation.
• Utility NFTs, understood as a subcategory within NFTs that are characterized by the fact that they are used continuously since they are acquired to provide a utility beyond being stored or collected. The utilities are multiple, from attending a digital concert of a famous singer and interacting with the community of fans, to voting on important decisions of a brand.
• The explosion of NFTs in the world of music has come in two ways: on the one hand, the digitized sale of tracks or digital merchandising, and on the other hand, the opening to the democratization of the financing of musical campaigns. Together with NFTs and decentralization through blockchain technology, the crowdfunding model can drive a sea change in the way music is created and funded, without middlemen in the promotion.
• NFTs such as "proof of ownership" or ownership certificates. NFT proves that you own something and that something can be anything in the world, real or digital. This characteristic makes NFTs an ideal instrument for the traceability and logistics of something that is also exclusive and unique. Consequently, this feature allows authenticating tickets to sporting events or very exclusive events.
• The development of NFTs has allowed crypto art to emerge, as well as reviving the market for digital collectibles both as a piece of art and as a series. It could be said that these two use cases are currently the most developed since, due to their characteristics, NFTs are the ideal model for this sector: eradicate counterfeits and revalue due to the uniqueness of the token (unique virtual work or digital collectibles).

The Applications of NFTs in Businesses

CryptoKitties as an NFT Product

Popular NFT and Crypto-collectible Initiatives

• Decentraland is a decentralized virtual reality environment where participants may exchange virtual land and other NFT commodities. In Cryptovoxels, players may create, develop, and exchange virtual properties.
• Gods Unchained is a blockchain-based collectible card game. Unlike physical cards, each digital card is unique.
• Players may grow their heroes in My Crypto Heroes via missions and combat. Unlike previous MORPGs, in-game heroes are issued as Ethereum tokens.
• Enjin/Binance Collectibles are NFTs released on occasion by Binance and Enjin. 
• Crypto Stamps are issued by the Austrian Postal Service. But, unlike regular stamps, they are kept as digital pictures on the Ethereum blockchain. They are digital collectibles that may be traded.

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