New Innovative NFT Use Cases that Might Change the World

NFTs accounted for more than US$16 billion of transactions in November 2021. The transaction volume of the entire NFT market was US$355 millions in 2020. That is a remarkable feat to have created a new asset category within crypto. In 2021 the crypto market was mostly dominated by trade cards and highlights from sports. However, NFTs began to take on different forms in the second-half of 2021, creating multiple market segments like virtual realty, avatar gaming, fashion and other niches.

As NFTs evolved and grew, investors began to invest in NFTs and other metaverse-based projects. Many NFT gaming companies, which aim to build virtual worlds, have raised millions. True Global Ventures, for example, invested US$10,000,000 in a metaverse leader called The Sandbox. They will launch their Alpha access towards the end of November 2021.

NFTs should be more than digital status symbols or art. Blockchain, the technology underlying NFTs, allows greater transparency and trust in ownership. It can also be used to create new business models, or make existing ones more efficient.

Even though it is early days in NFTs technology, there may be new applications that will change the course of the entire world. Some already make a difference.

Generative NFT Art Becoming More Innovative

Artists can create different versions of NFT art, while making each one unique and having different rarity attributes. Probably the most famous project so far is the 10,000 unique CryptoPunks that are used as a status symbol as they keep fetching higher and higher prices on the market places, and have made their way to top tier auction houses like Christie’s.

As more projects are created everyday, many of them have started to “innovate” for example a Bored Ape Yacht Club NFT holder would get digital vials of mutant serum, which they could mix with their Bored Ape to create another NFT – a Mutant Ape. This creates a community and encourages NFT holders to stay connected to this group.

Mauer is one example of another innovative project. They take historical and emotionally significant human history and combine it with art, creating unique NFTs. The extraordinary tales of divided society are told in this book, which is as current today as ever. Most of the profits will be donated to charity organizations that promote freedom and democracy beyond borders.

The Metaverse is changing with NFTs

Metaverse is the most exciting bet for this decade, with NFTs increasing their chances significantly. NFTs can be incorporated into a metaverse to allow users to become creators and monetize content. This allows them to take full digital ownership. They can use any type of content as long as they add value to the metaverse. They can also use NFTs to obtain access to exclusive events, groups, and virtual spaces.

Users can, for instance, control the future of a virtual environment like The Sandbox by creating and developing games assets. VoxEdit can be used to quickly create assets or convert them into NFTs.

Sandbox has over 500,000 unique addresses and more than 12,000 virtual land owners. It is the top NFT Metaverse for number of unique addresses. They generated over US$144 million in lifetime Gross Merchandise Valu (GMV) and this figure is expected to grow even further in 2022.

NFTs Make Music More Equitable

Uneven revenue distribution in the music business has been an ongoing problem. Additionally, streaming platforms are not transparent and have low royalty rates. Tokenizing music tracks can solve this problem. Music NFTs are a great benefit to artists as they allow them to release their albums on-chain at higher royalties, and not share a large revenue split with other parties.

Artists can also build passionate communities and involve their fans, in addition to the financial upside. Artists can create a network to connect directly with their fans, start crowdsourcing and crowdfunding ideas, and inspire them to make new albums. The NFTs artists issue can be used to generate funds for the artist and allow their supporters to receive a share of that revenue.

Mass NFT Adoption Is Just a Matter Of Time

With so many use-cases penetrating the real world and adding significant value to people’s lives, it is only a matter of time before we see full-on mass NFT adoption. We will see the creator’s economy change completely, as every creative takes back more control and can monetize in multiple ways with the help of a community. Metaverses & Play-to Earn Games will completely integrate NFTs into the economic model. They will also create the next generation gamers who can not only have fun but could potentially make money from these games.


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