Music-
NFTs have the capability to change the music industry substantially. Artists can leverage NFTs to:
- Tokenize their songs and albums,
- Sell digital merchandise to create additional source of income. (Limited digital assets)
- Provide royalties to creators/artists/producers.
- Combine them with additional physical benefits to encourage their fans to engage with their songs.
The higher level NFTs provide higher ownership percentages and additional benefits such as VIP concert tickets.
Gaming-
Over the past year, play-to-earn games based on NFT have been incredibly popular. One such game is Axie Infinity (AXS), which has over 2 million active daily players. In the first quarter of 2021, it is estimated that $600 million worth of gaming NFTs were traded. Further, Axie Infinity also rewards token in the form of Smooth Love Potion (SLP) to its users to engage them more.
Metaverse-
Nearly every industry is anticipated to be impacted by metaverse, and its market worth is anticipated to surpass $1 trillion in the future. It is difficult to forecast when the technology will take off because it is still in its infancy. By 2028, the market for metaverse virtual properties is expected to expand at a CAGR of over 31%. Through NFTs, virtual lands are purchased and sold. The NFT that represents ownership of the purchased virtual land is transmitted from the seller to the buyer’s wallet. One of the virtual worlds, Sandbox (SAND), purchased the greatest piece of metaverse real estate for $4.3 million.
Fashion-
Fashion NFTs can be utilized as collection items and as virtual clothes that one can wear while out with friends, having a good time, or going to a meeting. NFTs are now being tested by fashion brands. For instance, a digital-only Gucci bag went for $4,115 on the metaverse platform Roblox. Similarly, Dolce & Gabbana sold its nine-piece NFT collection at auction for $5.65 million, it cleverly combined the real world and the digital one.
Ticket Sales of Events-
Tickets for popular events frequently sell out quickly, and the emergence of ticket bots has made the situation worse. Ticket bots are responsible for around 40% of traffic to ticketing sites. On secondary markets, the sold-out tickets are resold at a higher price. NFT transactions on a blockchain will be on a public ledger, allowing for rules-based validations before purchases and tracking of secondary sales. For instance, eligible buyers could need to have bought or be in possession of a certain kind of NFT.
For instance, Binance, a global cryptocurrency exchange is providing NFTs and rewards for the upcoming event of FIFA World Cup 2022 in Qatar.