So, you’ve heard about Blockchain technology, and how it’s going to revolutionize everything? Well what has real-world effect is the tokens that are being created on top of these blockchain platforms. NFTs have recently come into vogue as people realize they can use them in a multitude of different capacities. Here are ten ways to use non-fungible tokens.
1. Collaborative Ownership of Art
A great example of this is the startup Patron X, where you can buy both digital and physical artworks which are stored on the blockchain, so no one can copy them or forge ownership. These would be great for collaborating artists to own works together with cryptographically-rooted contract creation
2. Artistic Attribution Authentication & Proof of Authenticity
An example is the startup Ascribe, which was one of the first websites to implement this technology for artworks in particular. When you sign up for their service, you upload your artwork and ascribe it to a digital token that you own. You can then hypothecate the ownership of that artwork, and track who has bought it on their platform.
Using this information, you can actually prove who owns what artwork and for how much.
3. Online Gaming Collectibles
One of the most popular examples of NFTs is in online games like CryptoKitties or Decentraland. Many people own collectible items in these games, which are stored on the blockchain, forever. This means that you can truly own them, and nobody else can take your items away.
Another advantage of this is that it’s all on the blockchain, which gives security to these digital assets.
4. Decentralized Gaming Stores
Another benefit of store these in NFTs is when it comes to transferring ownership, you can do so much more easily than traditional digital assets.
Another good example of this, is Spells of Genesis, which connects your physical card game to the blockchain. You can buy cards and use them in the game for their own value, which you can trade on marketplaces like Rarebits or OpenSea.
5. Reputable Digital Collectibles
Not all NFTs are just for game items though. For example, you can create an NFT on top of any unique work of art, so if it’s especially rare, you can use the blockchain to store this information and make sure people cannot forge ownership. It also means that it’s hard to steal or lose this digital asset.
Another good example of this, is the startup Guardian Circle. They are creating a service so you can instantly call up to three friends if you are in danger. This way, instead of having to create new accounts every time you need help, your NFTs will follow you everywhere.
6. Proof of Ownership & Licenses
One example of a verified product, coming from the startup Monegraph.com. They validate that you own a certain digital token and give it a “digital thumbprint” which is cryptographically signed onto the blockchain as proof of origin. This way, if someone ever tries to sell you something as real on some other website or marketplace, you can prove that it’s not real due to the lack of this stamp.
Another good example of this would be CryptoCars, where you own virtual cars on the blockchain that are your proof-of-ownership, and transfer them to others if you want to sell them. The article goes into detail about how it works here .
7. Digital Collectibles as Rewards
A great example of NFTs being used for rewards, is ProjectICO which uses them to incentivize people for donating to charity and other philanthropic causes. Another good example would be CryptoKaiju, where you can create your own virtual pets and sell them on the marketplace. This way, if you had a particularly cute design, you could make it and sell it as a virtual pet!
8. Software Licenses
An example of this is on the website CryptoZombies, where they are using NFTs to create software licenses. This way, if someone ever tries to steal your source code or redistribute it without crediting the original author, the NFT will be “checked out” and it won’t work anymore.
9. Proof of Authenticity
Another example of this, is with something like a limited edition artwork, where you can create an NFT that represents ownership and track who bought it and how much it’s worth. This way, if someone ever tried to sell a counterfeit, you could prove that the painting was not from the original artist.
10. Proof of Authorship
Another example of this is on the website CoinAuthIcon where a limited number of autographs were made by Satoshi Nakamoto, and each one is an NFT so they can have full ownership over it. This way, you could have a physical asset that proves who the creator was.
You can do all sorts of things with NFTs because they’re one of the most versatile digital assets out there. They’re not just for games but can be used in many different applications and use-cases. In this article we have looked at 10 ways you can use NFTs, to transfer ownership in many different ways.