Michale Jack

• Post By Michale Jack
• 1 year ago

What is a Non-Fungible Token?

Non-FUngible Tokens are Shortly Denoted As (NFT). is a digital asset on a blockchain with different identification codes and metadata that differentiate them from each other.

NFTs are developed from the ERC-721 Token Standard. It defines the minimum interface-ownership credentials, security and metadata.

Top 7 Use Cases Of NFTs

Music
Gaming
Metaverse
Ticket Sales
Supply Chain
Fashion
Luxury Goods

Music :



Artist Can Tokenize Their Songs and Music Albums
Sell Digital Commodities to create passive income
It Provides authorities to Creator/Music Artists/Producer

Ex : Lollapalooza

Fashion:

In these use cases nfts are used as virtual clothes that anyone can wear while meeting their Friends and business meetings. Some of the popular brands have started trials with NFTs.

Ex : Dressx

Gaming:

All of you know that NFT based P2E Games are booming now !!! In NFT Gaming Gaming Accessories such as gaming avatars, avatars skins and weapons can be generated on blockchain . Players can buy, Sell Or Swap these Tokens in NFT Marketplaces.

Ex: Axie Infinity

Metaverse :

You can buy and sell virtual land using NFTs. If someone purchase a virtual land in Metaverse, the nft representing the proprietorship of that troop is transferred to the wallet of the buyer

Ex : Samsung Have Purchased Virtual Land

Supply Chain:

NFTs can be used to raise supply chain management by storing metadata of products into the blockchain that provides data elimination and unauthorized data manipulation. It can enable all over tracking of the goods from their source to the destination.

Ex: koinearth

Ticket Sale :

The NFT Transactions on a blockchain will be on a public distributed ledger making secondary sales tracking and enabling rules based authentications before purchases.

Eliminating the intermediator ticket seller between the artists and fans
Reduce Scams
It Prevents Ticket Reselling
Platforms can set up restrictions to stop bots and scammers by checking their transaction history using smart contracts because of the blockchain's open nature and historical record-keeping.

Luxury Goods:

NFTs can hold all the essential information and serve as proof of authenticity because they are one of a kind. For instance, it can be challenging to authenticate expensive items.

In the wine sector, fake products are frequent. Data pertaining to wine can be stored on NFTs. As there would be one NFT to demonstrate the authenticity of each bottle of wine, it would simplify the authentication procedure for wine.

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