NFTs aren't just for people who create a thousand different versions of a digital monkey avatar. On the contrary, NFTs can be used for many other purposes, and it won't take long for the power of non-fungible tokens to take over the world in many forms.
Where can we use NFTs?
We're all familiar with platforms like Opensea, on which you can sell and buy an already immense amount of digitally-made avatars, from space monkeys to robots. But NFTs can be used in many different forms, on many different platforms.
Musicians, painters and other artists can earn royalties on future NFT sales through NFT marketplaces like OpenSea and Rarible. This means that the creator or owner of the NFT receives secondary sales fees anytime their NFT asset is sold. When the artist mints his artwork NFT, this percentage is set.
Fast-moving consumer goods (FMCG) are products that are sold in a short amount of time and for a low price, such as food and beverages. NFTs can be useful for FMCGs in three ways: long-term brand building, short-term marketing, and raising instant brand awareness. The key to each of these usage is to build an NFT that stands out and matches the brand well.
A virtual ticket is an example of an NFT that represents someone's right to attend a real-life event. Once the transaction is recorded on the Ethereum Blockchain, your ticket is 100% protected. It's unique. There's nothing to take. Nobody can scan a barcode on a bogus physical ticket and receive that seat at the event. The owner is set in stone, and only the individual with the correct digital wallet password can redeem their NFT and therefore the event ticket.
Both the general public and brands are increasingly interested in virtual goods. As more and more companies manufacture and sell NFTs, more excitement and brand interest are fostered, while the buying and selling of NFTs becomes more mainstream. Retailers across all industries are developing digital assets, such as NFT furniture that customers can purchase to furnish their virtual property or wearable NFTs that can help avatars stand out.