Not a digital artist? Here are 6 other things you can do with NFTs

Many have found exciting use cases for NFTs. The most popular most of us have heard of now is digital art. Digital artists were the first professionals to be identified with NFTs.

If you’re the type of person who struggled through many art classes or can’t for the world’s worth draw a cup on a table without it looking like a horse, then you might be thinking that NFTs have nothing to offer you. Well, you’re wrong.

Since its inception, we have seen NFTs being used in many different ways, meaning that everyone can find their place in this rapidly growing industry.

Here’s a list of other ways you can be a part of the NFT ecosystem without holding a brush or trackpad.

1. NFTs for games

Gaming NFTs are the second most popular type of NFTs after art NFTs. These NFTs make up a large part of the web3 gaming ecosystem, but are not that different from traditional games. The main difference is in the control they give you ownership of gaming items and a chance to earn while you play.

If you’re a gamer, this could be your perfect entry into the NFT ecosystem. There is a huge demand for tradable items in the game, and owning one of these unique items can earn you some money if you want to sell them. If you’re not sure where to start, check out this article on best free-to-play games.

2. Music NFTs

Music NFTs are one of the fastest growing use cases in the NFT ecosystem. It’s a new way to have ownership and bragging rights over a song or album or collect royalties on their sales. These types of NFTs also solve many problems currently facing musical artists in terms of monetization and royalties. In most cases, it is often musical artists at the mercy of large companies which takes most of their income.

To create music NFTs, the links to the images and sounds of the said song or album are embedded in the NFTs, which are then offered for sale. They are then sold as individual songs, a limited collection or an entire album that you can later resell to someone else.

Although this gives you exclusive ownership of the piece, the song will still be available on platforms such as Spotify or Apple Music. If you’re not sure how to get started, start by learning about the best NFT music marketplaces.

3. NFT collectibles

Humans have always loved to collect things, be it cars, wristwatches, stamps or paintings. Often, collectors focus on the rarity and uniqueness of the pieces they have in their collection, which is why NFT collectibles have become so popular.

The more exciting part is that almost all NFTs qualify as collectibles. Recently, NFT collectibles have grown in popularity, especially in sports. But the reason for their popularity goes beyond the benefits of owning an NFT.

NFTs generally offer a more exciting experience to their holders. Not only is it a show of ownership, but it’s also a key to an exclusive community, or a way to flex your ownership of the collected item.

Bored Ape Yacht Club (BAYC) is perhaps the world’s best-known NFT collection. BAYC NFT holders enjoy exclusivity and real benefits such as invitations to exclusive parties and events. There is also high demand for these exclusive NFTs, making them collectable and investable.

If you have the money and the enthusiasm, this could be the way to go.

4. NFT domains

NFT domains are another fascinating application of blockchain technology. These domains are different from traditional domains, which we are more familiar with. For context, domains are the addresses of websites we enter when browsing the internet.

While the functionality of these addresses is cool, they can do a lot more. Unfortunately, buying these addresses does not mean you own them; instead, it is a license to use them. The power to make full use of they are controlled by a few. But all that changes with NFT domains.

Built on the blockchain, this category of NFTs gives users more control over their addresses rather than serving as addresses alone. It can be an alternative to your long and complicated wallet addresses, login access to multiple addresses and even receive coins and tokens.

The best part is that this domain class has yet to peak in popularity, but it is sure to rise in the years to come. One of the best ways to use them is to create domain names you think someone will find valuable enough to pay for in a few years. If you are looking for where to start, Ethereum Name Service (ENS) is one of the best platforms to use for yourself.

5. Finance NFTs

Sometimes many people mistakenly assume that an NFT is about digital objects and nothing more. However, the truth is that anything that is transferable, accessible and verifiable can be made into an NFT.

The world of finance is one of the sectors where NFT applications are being deployed and used in the real world, especially in tokenization of loans in DeFi (Decentralized Finance) place.

Finance NFTs allow users to tokenize their loans, which they can trade on NFT marketplaces. Furthermore, the NFT holder can set interest on the loans they will earn on during the loan. This conveniently solves the problem of loan movement across networks and does not restrict users to a particular network.

Finally, NFTs can also be used as tokens for insurance in DeFi’s hedging protocol to secure users against losses or unexpected events.

6. Real World Asset NFTs

Proof of ownership is one of the core features of NFTs. Because of the blockchain they are built on, they are immutable, unique and an ever-present proof of ownership. This means that records of who has had an item or currently has it will always exist in the chain.

Proving ownership has been a long-standing problem in ownership of assets in the real world. Determining true ownership often involves long stretches of going through files and certificates. But with NFTs it can be confirmed in minutes and with an additional history of previous owners and how much the asset was transferred for.

Creating tokenized digital assets from these real assets can move these real assets onto the blockchain. Imagine a deed of a house tokenized and live on the blockchain for aspiring owners to view. It can further serve as a sales register where aspiring owners can confirm previous ownership of the land and costs.

Although regulators have not shown much support for this due to existing laws governing certain transfers, it is a tool that will favor people in general. There is therefore a chance that more attention will be paid to it in the years to come.

Learn more about NFTs >> The Ultimate NFT Guide

Want more? Connect to NFT Plazas

Join the weekly newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.

A blockchain maximalist who believes that technology is necessary for the future we are heading towards. An avid researcher and author who uses his writings to inform the outlook in the blockchain space.