Top NFT Use-Cases

Why the NFT sector is not a cash cow business

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Coinmonks

3 min readApr 17, 2022

Only a year and a few months ago, the idea of having digital art and collectibles that are Non-Fungible and stored on blockchains was far-fetched.

Now, NFTs are becoming mainstream in more aspects of our lives.

More celebrities are getting in, more companies are adopting.

With its current adoption, there’s been a habit of flipping- minting and reselling almost immediately to gain profit.

The cash-cow mentality can lure people into the space who don’t know that there’s so much to NFTs.

I’ll discuss a few use cases and ways NFTs are making our lives better and might affect our future.

Asides from the already mainstream digital arts and collectibles, that are taking over the internet.

These use cases include;

GAMING

Gamers are now able to own their in-game assets (swords, avatars, and so on) as NFTs and can sell them whenever they choose to.

They can compete and earn more of these assets.

As of October 2021, Axie Infinity was evaluated at 3$ billion. And this is just the beginning.

This industry will undergo rapid growth this decade.

REAL ESTATE

This is an interesting use case because NFTs can be used for Real Estate virtually and in reality.

Virtually, on platforms like Decentralized, you can purchase pieces of land and estates. These could be rented, built on, or simply held for value appreciation.

In reality, Imagine you want to purchase a piece of land and you can see its previous transactions, real owners, and worth (all stored on the blockchain).

When you purchase this piece, the ownership NFT is transferred to you. Amazing.

MUSIC

This is having a slow adoption for some reasons. Big record labels and streaming platforms are yet to adopt and experiment with the idea.

Generally, Artists do not get a good share of their royalties, and NFTs can solve this in so many ways.

You can create a collectible piece of music by attaching audio to an NFT.

Streaming platforms could be based on Blockchains where the blockchain tracks the royalties.

PHYSICAL ASSETS

Just like the real-estate use case, Real-life possessions can exist as NFTs. This can be used for purposes like showing authenticity and for ease of sale.

Transactions can be made easier when they’re validated and stored on blockchains.

The corresponding NFT will be sent to you when you purchase an item.

This can also help with the logistics of these assets. They don’t always have to be moved around.

Of course, there are so many other ways this wonderful innovation can improve our lives.

NFTs were unbelievable at first, but have achieved an extraordinary adoption in a short time

As we gain more and more adoption, these will gradually become mainstream.

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Top NFT Use-Cases

Why the NFT sector is not a cash cow business

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Written by Chizuru Onwukwe