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NFT Use Case – A Complete NFT Use Cases Walkthrough | [UPDATED]

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NFT Use Case - A Complete NFT Use Cases Walkthrough | [UPDATED]


Non-fungible tokens have been a trending topic for some time in the digital community. Business magnets and crypto audiences are invested in getting to know the beneficial factors of non-fungible tokens. NFTs popularity has skyrocketed in the past few years, likely due to the Covid-19 outbreak — we were invested completely into the world of digital media.

NFT is ruling the digital world domain. It’s the new explosive arrival into the digital media world, where musicians, artists, cinema, etc., all varieties of personalities are interested and can benefit from this innovative domain.

Non-fungible tokens have amplified the functioning of business models in terms of profit where NFTs are super flexible. Moreover, they can be applied to any field due to their popularity and flexibility among business domains.

Here’s a quick insight into the introduction of NFT development platforms.

What is an NFT?

Non-fungible tokens, also commonly known as NFTs, are digital assets, and they provide certification for the ownership of the digital asset that the user is purchasing.

These NFTs are built on a blockchain network that secures the transaction details — and to dive into the concept of NFTs, the difference between fungible and non-fungible assets is a must.

Fungible assets can be traded on equal terms, where the value remains the same.

For example, if a person trades a 10 rupee note for a different 10 rupee note from another person, the value of the fiat cash remains the same.

On the other hand, non-fungible assets are unique and non-identical; they cannot be traded on equal terms.

For example, a person owns a sports card of an athlete that was released 20 years ago. However, another person owns a sports card of that same athlete that was released a few months ago — the trade between those cards cannot be initiated as the cards possess non-tangible factors, such as the release year, the rarity of the card, and the sports moment that merged with the card.

This physical concept is converted into a digital form, and it is called Non-fungible tokens.

The Non-fungible token has opened the doors of opportunities for business entities and digital content creators. As a result, digital content has become a great platform for creators to showcase their talent and monetize their digital work.

These non-fungible tokens can be volatile and represent anything that has the ability to be digitized, including fungible and non-fungible assets. These non-fungible tokens are traded in decentralized exchanges and also in their special exchange platform called the NFT marketplace.

The high-quality, beneficial features of the non-fungible tokens have made this platform is flexible and can be implemented into varying domains. As a result, the complete NFT use cases vary drastically around different business fields. The most common NFT use cases are the real-estate domain, music domain, art domain, sports domain, etc.

Common Non-Fungible Token (NFT) Use Cases

NFTs in a Real-Estate Domain

The main primary beneficial factor of NFTs is the integration of blockchain technology.

The process of proving and validating real estate ownership is really frustrating and very tedious in real life. This is because multiple middlemen are involved, such as banks, real estate agents, negotiators, and government officials. In addition, the involvement of middlemen costs is a huge commission taken from the real-estate owner.

With the application of NFTs — the purchasing of real estate and the transfer of ownership can be a direct two-party involvement process, as it should be — and is where the NFT use case is applied.

Since NFTs are built on blockchain technology, the data and ownership of real estate are recorded and stored securely; thus, manipulation and replication of data is impossible.

Most importantly, NFTs exists in a decentralized environment; thus, it eradicates the involvement of intermediaries, removing high commission fees, and making the transaction a direct transfer of ownership between the respective two parties.

NFTs in Digital Art Domain

Piracyhas been a real issue in the domain of digital artworks. Many talented artists post their digital creations on the internet, and they are easily replicated and sold. Even worse, the ownership of the artwork is claimed wrongly and sold by someone else.

To rectify these issues, non-fungible tokens are introduced into the domain of digital artwork.

NFT manages a digital ledger known as a blockchain, where the ownership of the artwork is stored securely.

The digital ledger process eliminates the threat of plagiarism and theft. NFTs distribute the proof of ownership and take action against copyright infringement.

The arrival of NFTs in the artwork domain has been a great motivating factor for digital artists to express their talent and monetize their digital work.

NFTs in Sports Domain

Many sports leagues and companies have partnered with the NFT development sector. They have utilized the salient features of NFTs to their advantage — the creation of the sports NFT marketplace development platform is a good example.

The National Basketball Association (NBA) has developed its own NFT marketplace development platform known as NBA Top Shot. The breathtaking NBA moments are digitized as a digital collectible and sold on this special NFT marketplace.

Creating the NBA Top Shot platform has generated a massive sum of revenue for the NBA league. — and security for the creatives behind the collectibles.

Nike Just Did it

Additionally, top shoe companies like Nike also have adopted the concept of NFTs, by introducing CryptoKicks. The NFT method allows shoe enthusiasts to purchase the physical shoe and also gain access to the NFT form of the shoes. Armed with the NFT — the user can edit and customize the shoe and produce a real-life shoe product.

NFTs in Online Gaming Domain

The online gaming realm is one of the most rapidly growing industries in the world. The concept of NFTs is not new for the gaming domain, as they already have experience in trading and purchasing digital assets in the game. However, those assets cannot be monetized.

The non-fungible tokens allow the gamers to monetize their in-built purchased digital collectibles by playing NFT based games.

In the NFT based online gaming platforms, the in-build purchases are represented in the form of NFTs. Therefore, by purchasing these digital assets, they can be traded in any NFT marketplace development platform.

NFTs help gamers are more motivated while playing NFT games by producing rare digital collectibles. NFTs are scarce in nature, and this idea of providing rare gaming NFTs makes the gamers more motivated and gravitate towards the field of NFT.

NFTs in Memes

The growth of NFTs and social media has risen parallel to each other in the past few years. The social media domain gave birth to an entertaining concept called memes.

Memes are one of the most interesting NFT use cases. The memes posted on social media sites can be converted into NFTs, by minting them in any NFT marketplace development platform.

NFT minted memes have been a great opportunity for meme creators to monetize their entertainment work. Since the memes are minted into NFTs, they cannot be replicated or manipulated, as they are developed on the blockchain. It verifies the ownership of the digital collectible for the purchasers.

NFTs in Certificates and License

NFTs in Certificates and Licensing are useful for verifying authenticity and ownership of the certificates during a job intake or university admission process. However, the respective committee can only check and authenticate the certificates submitted by employees and students to a certain limit.

To eliminate these issues, and provide a complete authentication of the certificates, NFTs are implemented in this domain. This NFT use case consumes very little time compared to the traditional way of verifying certificates and authenticating them. The same NFT application is also applied for license verification and registration process.

NFTs in Ticketing Industry

The ticketing industry has always faced huge obstacles. The involvement of scalpers has been a massive problem for years. The scalpers buy online tickets of the respective show in bulk and sell them to the audience at a very high rate. The mere scalping act questions the authenticity of the ticket.

The only way the audience attendee can verify the ticket’s authenticity is by reaching the concert or live event directly.

The introduction of non-fungible tokens into this industry has benefited tremendously for the ticket sellers. In addition, NFTs help the audience to verify the authenticity of their bought tickets and eliminate the inconvenience caused by scalpers.

NFTs in Fashion Industry

Counterfeiting of assets is a huge hindrance in the fashion industry. There are numerous sales of counterfeit products that have been sold to customers. Now, thanks to NFTs — this obstacle is eliminated.

NFTs verify the ownership of the product bought by the customer. The NFT verification provides the details about the place of manufacture, and the details of the previously owned owner of the product. The NFT application also increases the welfare of employees in protecting customers.

NFTs in Marketplace Development

The rapid development of NFTs has paved the way for developing their own decentralized exchange, called the NFT marketplace.

The NFT marketplace is a special marketplace where the trading of digital assets like NFTs takes place.

The massive popularity gained by non-fungible tokens has encouraged business entities to create their own NFT marketplace development platform. The new methods of gaining profit have proven to be very effective for business entities in the digital world.

Conclusion

The complete NFT use cases are very marveling because, in all industries, the main hurdle is the falsification of authenticity.

It’s clear that the NFTs have been a game-changer for many industries. NFTs, help business entities to rise up in their respective domains and claim the monetary benefits of what is theirs in the first place — its personal property. Without the use of Non-fungibles — a huge cost has been paid by businesses. By implementing non-fungible tokens, everything has changed, where the verification process is done effectively quickly and enabling industries to boost their profit.

In the near future, NFTs are expected to take over almost every industry. This system is still growing and very flexible; thus, it can adapt to any type of business and provide assistance. The enormous popularity of NFTs has paved the way for bridging the gap between digital world business and physical world business.

Image Credit: Provided by the author; thank you!

Linda John

Linda John is a Senior Technical Writer in Blockchain App Factory, tangling through a wide range of cryptocurrency analysis and forecasts. Based on Chicago, Linda John’s astute mind and counsel is most sought after among blockchain enthusiasts for guidance into new avenues.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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