It’s no secret by now that the excitement centered around non-fungible tokens has led to an influx of people looking to own crypto-collectibles and NFT artworks. Whether crypto whales, celebrities, or normies, these scarce entities have become mighty popular, with the chatter centering around them still growing. Though artwork and collectibles shine as the most popular assets to invest in at the moment, they are not the only applications available for NFTs.
In fact, the sky’s the limit when it comes to possibilities for NFT use cases. Music royalties, logistics, real-world documents like deeds, agreements, and leases, and so much more, exist for potential NFT usage. As the use cases expand over time, the importance of a reliable system of verification will only grow, with Quoth’s protocol arriving to the scene just in time.
Creating digital scarcity for assets had not been an easy task before the rise of the NFT. With expert technological hackers out there and the ease of copying artwork, music, collectibles, and so on, copyright protection policies have taken a back seat to piracy. As the world continues to become more digital, this issue has only increased. And so entered the NFT, allowing assets to have clear proof of ownership and a digital “paper” trail confirming it through the blockchain.
ARTWORK
So what are the most popular uses for non-fungible tokens at the moment anyway? Let’s start with the most obvious, NFT artwork. I’m sure by now you’ve seen NFT artwork taking over the internet, with digital ducks, pixelated punks, and computerized rocks. Digital art has come about as an excellent alternative for storing assets without the upkeep that comes with protecting and maintaining physical artwork, presenting an exciting opportunity for collectors. But what about the power of right-clicking art, copying and saving it? Seems too simple right? Well though these digital pieces can in fact be copied and saved, the real value that comes with owning a piece of crypto artwork is in the proof of ownership. Thanks to the blockchain, ownership of NFTs can be easily identified, as can any previous ownership through trades and sales. With Quoth’s indexing of all NFTs, timestamps and other proprietary AI data collected can easily prove ownership for collectors, helping to weed out any knockoff tokens and scammers.
COLLECTIBLES
Collectibles are another huge area for NFT use cases. Imagine the hype of collectible baseball cards except in digital format. The NBA shook up the scene last year with the Top Shot collector NFTs.
FINANCE NFTS
Beyond collectible items and artwork, the team Quoth are seeing how NFTs can provide a financial link within the ever-growing crypto community with it only being a matter of time before it permeates into real-world financial institutes. These financial NFTs, though often presented as artwork, have their value tied to utility. For example, in the case of trading within liquidity pools, some platforms will offer an NFT as a reward for staking and as an entrance ticket to access the next pool.
GAMING NFTS
Gaming seems like an obvious area for non-fungible tokens to flourish, with a huge demand for unique items for trading and purchasing. Micro-transactions and trades within gaming have already generated a multi-billion dollar industry with huge potential to tap into the NFT market for further expansion. NFTs blend artwork, collectibility, and utility in the world of gaming, providing an exciting opportunity for gamers as well as the future of the industry itself.
MUSIC NFTS
With the ease of downloading and streaming music these days, rightful royalties for musicians have become a major issue. It’s no wonder that audio is being linked to NFTs to create a collectible piece of music. These types of NFTs basically take on the role of a digital-first edition of record. Every trade and sale thereafter perpetuates royalties for the artist. Though this area of use is dependent on the adoption by major streaming platforms, it has great potential for success.
REAL-WORLD ASSET
There is so much potential for NFTs within the real world. Ultimately, proof of ownership has so much potential whether it be for major agreements like house deeds or business licenses or smaller items like jewelry pieces or vintage clothing items, tying NFTs to the items will guarantee that digital paper trail, providing history of transactions and ultimate proof of ownership. In the event anyone would want to try to resell the item, would need to provide the certificate to confirm its authenticity. Without it, the seller may end up having issues convincing buyers that they are the rightful owner.
LOGISTICS
Non-fungible tokens can also play a major role in the logistics industry as well. Known to be immutable and transparent, NFTs can be paired with food, commodities, and other perishable goods to assist in tracking. With the importance of knowing where items have been and for how long, NFTs could be a game-changer! The same can go for high-end luxury items that have a value dependent on their origins. With NFTs, authenticity and logistic journeys can be viewed and proved.
As I said, the potential for NFTs is massive, with new ideas popping up as the development of the metaverse expands. As ways of tokenizing different assets becomes vaster, the need for a clear and easy way of proving authenticity and ownership is imperative. That’s why Quoth has been hard at work preparing the necessary artificial intelligence technology to be able to support these different use cases.
