Nowadays, especially in 2024, NFT, NFTs, or non-fungible tokens, have gained immense popularity worldwide. NFTs provide an exclusive way of interacting with digital assets that are stored on blockchains and have numerous applications.

With a global NFT market valuation of about $68.39 billion, the market is expanding quickly. This article explores the top 10 use cases of non-fungible tokens in 2024. But before that, let us get acquainted with the NFTs.

What are NFTs, or Nun-Fungible Tokes?

NFT, or non-fungible tokens, are unique digital assets that can’t be replaced or exchanged with any object. These are one-of-a-kind assets, including photos, videos, artwork, music, quotes, or any other digital file, via a blockchain. Each NFT has a unique identification code, and you can purchase or sell NFTs for mostly cryptocurrency, money, or any other NFT (if feasible). People can make digital assets, encrypt them on a blockchain, and sell them online to earn money.

Top 10 NFT Use Cases in 2024:

After providing a brief explanation of NFT, let’s explore some of the most common uses for NFTs in 2024:

Music NFT

For musicians, non-fungible tokens can be quite advantageous and profitable. The musicians can tokenize their songs, tunes, and albums to provide special access to their fans. Using NFTs, musicians can also offer royalties to producers, artists, and creators and sell digital merchandise. It will help musicians build a strong community, keep their fans engaged, and stay connected with them.

Even the buyers (fans) can make huge profits by investing in popular albums and songs that they can sell later at higher prices.

Gaming NFT

Over time, NFT-based play-to-earn games have gained popularity. The players can battle with each other to earn in-game items, characters, costumes, avatars, and even the entire virtual world that is created on a blockchain. After winning such items, the players can trade them on other NFT or blockchain-based marketplaces. The developers can also earn some extra money by creating and trading these NFT-based in-game items. Some popular blockchain games with the most active users are The Sandbox, Axie Infinity, Decentarland, Gods Unchained, and more.

 

Virtual Real Estate NFT

Before understating virtual real estate NFT, it is crucial to understand what the metaverse is. In layman’s language, the metaverse is a digital 3D space that incorporates multiple digital platforms where people can socialize, work, play, and even shop in real-time. In the metaverse, the digital space or land is limited, like in the real world, and it can be traded using NFTs. The owner can create a house, open a virtual store, rent the land, or do anything for better economic opportunities. A few top NFT real estate companies are Decentraland, Polka City, SuperWorld, Cryptovoxels, and more.

 

Digital Art NFT

Nowadays, artists can create unique digital artwork that can be sold as physical art pieces. The digital NFT art can be verified and authenticated by blockchain, giving the artist ownership of the artwork in the digital space and allowing them to trade it for revenue. Artists can receive royalties from future sales of these digital artworks. They can trade the art pieces directly with buyers, without the need for middlemen.

 

Some of the famous digital NFT art are:

• Pak’s ‘The Merge’ for $91.8 million
• Beeple, Every Day: The First 5000 Days for $69.3 million
• Julian Assange and Pak, Clock for $52.7 million

 

Fashion NFT

Fashion NFT is a sector where buyers can collect and wear digital garments and accessories in the virtual world. Nowadays, fashion NFTs are drawing the attention of several top brands, allowing them to create digital fashion items, set up digital stores, launch limited-edition storefronts in NFT-based games, and more. The below-given are some examples of brands using fashion NFTs:

• An NFT bag on Roblox has been sold by Gucci for more than $4,000.
• Metaverse Fashion Week is hosted within Decentraland, and more than 70 top brands like Gucci, Tommy Hilfiger, and Dolce Gabbana participated in it.
• A nine-piece collection of NFTs has been sold by Dolce & Gabbana.

 

Supply Chain Management NFT

In general, supply chain management is the process of managing the flow of goods related to certain products and services, including the transformation of raw materials into final products and providing them to the end customer. Supply chain management uses NFTs to store the products’ data on blockchain technology, allowing them to verify and track the real-time movement of products. NFTs can represent physical assets and store information about their ownership, location, and history. This improves transparency, prevents data elimination, and ensures the exclusion of fake products. Blockchain technology is being used by many firms, including Prada and LVMH, to protect their client base, brands, and merchandise.

 

Collectible Goods

Many collectibles can be tokenized as NFTs, including art pieces, rare trading cards, historical documents and artifacts, sports memorabilia, and other items. The collectors can trade these collectible NFTs on blockchain-based or other marketplaces to earn money.

 

Ticket Sales

All the NFT-based transactions are on blockchain and recorded publicly to track every purchase, providing a secure alternative to traditional ticketing. With NFT-based ticketing, the ticketing industry can enjoy the following benefits:

• Elimination of intermediary ticket sellers or bots between artists and fans
• There is a reduction in scams due to the security, verification, and transparency provided by blockchain-based NFTs.
• Prevents ticket reselling
• A royalty program can be set up for artists, producers, or any other related party.
• NFTs can also help the event owner provide giveaways and exclusive perks to specific NFT ticket owners.

 

Identity Management

NFTs bring a new dimension to digital identity management by tying to a person’s digital identity and providing it with a unique representation in the virtual world. It is a kind of unique digital ID card that is stored on the blockchain and represented by NFTs, or non-fungible tokens. You can use this NFT ID to access online services, log into your accounts, control access to specific digital services or events, and more. Also, the owners will have control over their personal information, which promotes privacy and security.

 

Charity and Fundraising

NFT fundraising is similar to traditional fundraising, with the difference that it relies on blockchain technology. The organizers can sell and auction digital assets to raise charity funds. NFT provides transparency by tracking the ownership of digital assets and funds. One of the major benefits of using NFT fundraising is that it can reach people across the world, allowing organizations to raise more funds for charitable causes.

Conclusion:

 

From digital assets to virtual real estate, the NFTs have proven to be a great innovation in the digital era. Apart from the above-mentioned use cases, people can tokenize films, financial instruments, literature, domain names, intellectual property, and more with NFTs. The use of NFT will provide transparency and a sense of security to people in the digital world. With the emergence of the NFT market, several other industries will also incorporate NFTs to achieve global growth and success.