NFTs were able to break records in 2021, and now we saw a price explosion in this area. These NFTs included artworks, tickets for events, valuable collections, etc.
In 2022, NFT-enabled projects became framed and targeted. One of the most important uses of NFT is to use them in the DeFi section, which is called NFTFi for short. In January 2022, Genesis began accepting NFT as collateral for lending and trading on this platform. With this, NFTs found a bigger and better position in the crypto market than before. The Drops. co platform also helps micro-investors to get loans in the NFT and Metaverse sections. Universities, governments, and institutions have begun exporting NFTs to combat fraud, while experts have suggested using NFTs as a vaccine certificate.
NFTs are used in markets such as music, or the production of music and even concert tickets. You can get the intellectual property of your favorite singer's music by paying in crypto, or you can even get the physical script of a movie from your favorite artist for a fee. Although NFTs are mostly short images and video clips, dynamic NFTs are expected to integrate real-world data such as climate change, stock prices, etc, into this area. These types of NFTs are affected by real-world changes. Brands and big companies can also build customer clubs or loyalty communities by using NFTs. A new generation of NFTs are avatars, which received a lot of attention in 2021. You can use these NFTs to work in the meta-world, or as a profile picture on social media.
The emergence of metaverse can catalyze the spread of NFTs. NFTs identify your assets in this virtual world; Of course, different brands could integrate the real and virtual worlds, for example, the Adidas clothing brand dedicates a special collection of its products to its NFTs holders.
Despite all these useful uses, there is also some concern for some issues, such as the legislation of the NFTs and Metaverse, the distinction and obedience of the avatars in this world from the real self of users, etc. Data show that musicians find NFTs as an attractive way to monetize than the options they have in the traditional music industry. For example, Snoop Dogg, the famous rapper, hold a concert on the Sandbox platform.
Unlike other markets, NFT holders determine the price of their work, on the other hand, they can make a profit by using the "Royaltie" option each time other people sell that NFT.
• Finally, we present 8 cases of using NFTs:
Ensuring Authenticity of Products. NFTs can be used to ensure that the product you are purchasing is authentic.
Real Estate.
Medical Records and Identity Verification.
Intellectual Property and Patents.
Academic Credentials.
Supply Chain.
Gaming Industry.
Ticketing.