The Use Cases of NFTs: A Deep Look Into the Fields NFTs Can Soon Do...

For most in crypto today, this is just an investment. Perhaps a short term one for some, thinking this could be easy money. Maybe the market is too speculative, but the foundations are growing stronger day by day.

Nobody can ignore cryptocurrencies these days. The different branches that have formed are scaling crypto into a sizeable industry and justifiably Crypto deserves a two trillion dollar total market cap.

DeFi, NFTs, and the various businesses and initiatives running within the Cryptoverse can’t be ignored today as in previous years.

The first time I discovered NFTs was with CryptoKitties, I tried researching, but I realized that besides the fact that Ethereum’s network was broken, maybe NFTs were just a phase that will pass soon. This was in 2017. I collected some and still hold about 50 NFTs in various ETH wallets. Some have a high price and can grow a lot, but as usual too many were later abandoned and lost all demand.

Cryptokitties was the first NFT collectibles that reached high adoption just because many Ethereum whales tried to make a point about this technology. NFTs were again pushed into the limelight in late 2020. Whales massively bought and exchanged between them NFTs and created artificial volumes in marketplaces. This was noticed and reported by independent crypto writers, but eventually, some top artists like Beeple were convinced to use the NFT format, and then NFTs reached Christie’s auction house where they sold for millions.

Again, there was a point to be made. Digital NFTs as an exhibition may or may not become widely accepted by the public. Perhaps an NFT museum will become a reality in a modern city and will attract many visitors, but perhaps there won’t be much interest in this form of art exhibition.

Fields where NFTs have a strong use case

Gaming

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Gaming is a top priority for the integration of NFT technology.

Ask the PUBG or MMORPG gamers how much convenient it would be to trade items, skins, and in-game credits, under an NFT format, that would give absolute control to the gamer.

This is the future of gaming. It is an inevitable model that will turn the previous controllable design obsolete. We already see how card games like Splinderlands and Axies transform gaming. It is better for the top producers as Blizzard, Electronic Arts, and the rest to seriously integrate the NFT model in all their games.

This will enhance the games industry and increase the profitability of these businesses.
I can’t stress enough how much the gaming world will evolve when the top gaming corporations relinquish control of in-game assets to the users. It will be a revolution.

Decentraland

Decentraland.org

Decentraland is a good example of how NFTs can work in gaming, but it has many disadvantages so far:

Lack of gamification of the platform. It is mostly a 3D walking simulator with limited interaction.
The high fees of the Ethereum blockchain hinder mass adoption. I would recommend to Decentraland devs to explore SmartBCH capabilities ASAP.
It is just a virtual world, with cute graphics, but rendering is slow. It needs fine-tuning, and this requires an budget increase.

I find Decentraland to be crude but also able to herald us in a new era of gaming, with the user at the center and decentralized economies for each platform.

Digital Art

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Digital art has been exploding ind demand by collectors recently.

The value of art is always in question. Prices change as demand changes. NFTs have the unique ability to provide verifiable ownership of digital art pieces. It is not just a jpeg, but a tokenized upgrade, verifiable through a decentralized and secure blockchain network.

NFTs exhibitions are possible in real life and museums. It requires a display screen, of course. Art comes in a variety of forms, though. It is not just painting or sculptures. Painting can be digital and sculptures will also find a digitized version in the future with the advance of holograms.

Music NFTs

There is also a huge use case in music. The current audio files, like mp3s, will be produced and released in NFTs. Rock band Kings of Leon have recently released an NFT version of their latest album (Rolling Stone Magazine).

Real Estate

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Any trade of real estate property has become a difficult procedure. Often buyers and sellers will agree, but the sale will not go through because of the difficulties in regulations.

The government has become a burden in real estate business and created a monstrous bureaucracy that can delay any real estate sale for many months. NFTs can integrate everything required, cut bureaucracy by 99%, and reduce the cost required for real estate, allowing this field to grow as a free market.

Real Estate is a top investment, but it is the governments that have turned it into an unfortunate event for most. Meanwhile, NFTs with the smart contract capabilities will execute instantly all contract rules, without intervention, and without delays by any parties involved. A property sale will take just seconds using NFTs instead of months.

There is this term called fractional ownership. A building, an estate, an apartment, or even land, a lot often, can be owned by more than just one person.

Eventually, in the future, NFTs will help anyone buy fractions of a property with ease and it will grow into an enormous market.

Threats in NFT adoption in real-estate

What may hinder NFTs in real estate, is again the governments. This technology offers an efficient approach to real estate, but the governments have grown deep roots in this field and strategically delay all advancements. There will be less centralization, but not complete decentralization since there are plenty of requirements and standards that have to be met and upgrade the smart contract status.

In Conclusion

NFTs will become a technology that will affect us in our daily lives.

Cryptocurrencies are not just about cash anymore, this is about decentralized finance and tokenization of assets. The modern economy is already moving to complete digitization.
There are more use cases that NFTs could apply and I didn’t mention them in this article. Ticketing, is one, with developers applying protocols that would improve this field.

Cryptocurrencies offer a decentralized vision, while governments are still planning a regulated, centralized, and controllable version. Cryptocurrencies have offered solutions to reduce costs and eliminate corruption produced by excessive bureaucracy.

When governments discuss digitization, they should explore decentralized smart contracts instead of adding new useless organizations that instead increase cost and procedures. It is taxpayers’ money wasted on additional and fake digitization that has only produced even more bureaucracy than previously.

DAOs will also become prominent shortly since they offer complete automatization of otherwise pointless procedures. It is a future that eventually the people will decide if they prefer less bureaucracy, taxes, government, or more with centralized digitization.