Where NFTs Are Used Today
NFTs have found their way into many industries and have created creative ways to own and trade unique items. Let us look at some of the popular places and sectors where NFTs are being used today.
- Music: NFTs are changing the music industry by offering artists a new path to earn money from their work. Artists can put out albums, tracks, or even concert tickets as NFTs. NFTs enable fans to claim music heritage or get exclusive benefits like VIP entry. For artists, it is a chance to connect directly with the fans and earn more money.
- Digital Art: Many artists have embraced NFTs to sell and mint their artwork directly to fans — agents or galleries are no longer required. This gives creators more control and allows them to earn more money from their art. And, with smart contracts, artists can earn royalties every time they resell their art.
- Gaming: In games like Axie Infinity, in-game items are turned into NFTs. Players can resell, exchange, or buy these items; the twist is that they own them. If you buy a valuable skin or gun, you can sell it in the future for a profit. In some cases, players have made thousands of dollars just from exchanging in-game items.
- Virtual Real Estate: Yes, you read correctly! People are buying virtual land in the form of NFTs. Platforms like Decentraland enable users to buy, build, and sell virtual land. But why would anyone pay for land that does not exist physically? Virtual property is used for parties, games, or as an investment. As hard to believe as it sounds, virtual property is a hot market.
- Collectibles: Collectibles are a huge use case of NFTs. Whether memorabilia or sports moments, NFTs enable fans to have unique digital collectibles. An example is the well-known NBA Top Shot, in which fans are able to buy and sell legendary basketball moments. Some of them have been sold for hundreds of thousands of dollars.