10 practical use cases of NFT in 2023

This article summarizes NFTs have many practical use cases in 2023 and beyond

NFTs are digital assets that, according to their particular use of blockchain technology, which offers a secure, decentralized record of ownership, cannot be imitated or substituted. NFTs are often used to track ownership, both physically and digitally because they cannot be reproduced or altered. However, they started gaining popularity when they started keeping track of who owned digital artwork that could be bought and sold on NFT marketplaces. Physical objects, digital content, and even ethereal ideas such as intellectual property can all be represented by NFTs. It is absurd to consider it beyond digital things, beyond 2D or 3D graphics, but there are also more use cases of NFTs in 2023. This article aims to collect ten practical use cases for NFTs

1. Art and collectibles: The first use cases of NFT begin with the art world. Many artists use them to sell their digital creations as unique, one-of-a-kind assets. By 2023, we expect more artists and collectors to leverage NFTs to buy and sell digital art and collectibles, such as music, virtual reality experiences, and in-game items.

2. Virtual Property: As virtual worlds grow in popularity, NFTs can be used to buy, sell and trade virtual real estate. Imagine owning a piece of virtual land in a game or virtual world and using NFTs to verify your ownership and monetize your property.

3. Sports memorabilia: Sports fans are passionate about collecting memorabilia from their favorite teams and players. By 2023, we may see NFTs being used to authenticate and verify the authenticity of sports memorabilia, such as jerseys, autographs and trading cards.

4. Digital identity: NFTs can verify digital identities and establish digital reputations. For example, a social media influencer can use an NFT to verify their identity and sell exclusive access to their content to fans.

5. Property: In the real estate industry, NFTs can be used to buy and sell digital representations of real estate, such as blueprints and 3D models. This can enable buyers to own a piece of property without having to be there physically.

6. Event tickets: NFTs can be used to sell event tickets, which can help prevent ticket fraud and scalping. With an NFT ticket, the buyer could verify their ownership and transfer the ticket to someone else without the risk of duplication.

7. Certificates and diplomas: NFTs can be used to verify the authenticity of certificates and diplomas, such as degrees and professional certifications. This can help prevent fraud and make it easier for employers to verify the qualifications of job candidates.

8. Game: In-game items and virtual assets can be represented as NFTs, which can be bought, sold and traded. This can create a more robust in-game economy and enable players to earn real money by playing games.

9. Donations to charity: NFTs can represent charitable donations, with donors receiving an NFT as proof of their contribution. This can help increase transparency and accountability in the charity sector.

10. Royalties and Licensing: NFTs can represent ownership of intellectual property, such as music, art and literature. This can facilitate the licensing and distribution of creative works, with the owner of the NFT receiving royalties for any use.