An NFT can stand for all sorts of things. Here are examples of how NFTs are used today and what possible implementations might look like in the future.
- Art: Many artists create incredible and innovative works using NFTs. For example, English artist, entrepreneur and art collector Damien Hirst created “The Currency,” a collection of 10,000 NFTs equivalent to 10,000 unique physical works of art.
- Profile Pictures (PFPs): Profile pictures are probably the most talked about projects you’ve heard of, such as Bored Ape Yacht Club (BAYC), Doodles, World of Women (WoW). These projects have now gained worldwide fame. For many people on the Internet, these PFPs have become their online identity. They not only identify with the community, but also strongly identify with their NFT. PFP projects also focus on benefits to the owner, such as the famous BAYC yacht party and community, or WoW, which donates a portion of your sales proceeds to women-specific charities.
- Collectibles NFTs give a new direction to traditional collectibles. Instead of a physical basketball trading card that you probably keep in some folder, you can now collect dynamic NFTs from the NBA’s “The Association” collection, where each card changes and displays on a screen depending on the performance of the player and team.
- Domain names Naming standards such as the Ethereum Naming Service (ENS) have been developed for naming wallets, websites, and other blockchain applications. This helps make the blockchain more user-friendly, with more readable names and built-in verification.
- Memberships Brands like Proof Collective, Coachella, and NFTARTHOUZE are using NFTs to offer exclusive tickets, passes, and memberships. Proof Collective is a members-only NFT community responsible for highly successful projects like Moonbirds. Coachella launched its NFT marketplace, collections and lifetime passes in 2022. ARTHOUZE Gallery allows its members to be part of an international gallery.
- Gaming NFTs for games are revolutionary because of their usefulness, ownership, and interoperability. This category is still relatively new and on the rise. Many players are excited about the possibility of using in-game items in multiple games and no longer being subject to the control of a single vendor. Aurory Project: A game studio that uses the Solana Blockchain to manage ownership of in-game items.
Virtual Worlds: Decentraland and The Sandbox are examples of blockchain-based Metaverse projects. The Sandbox: the virtual world building game sold virtual land NFTs that allow owners to create events and experiences within the game’s Metaverse. Decentraland: The virtual reality platform allows users to buy and sell virtual land parcels as NFTs. These parcels can be used for events, art galleries and more.
