Although NFTs have been around since 2014, they have only become popular in recent years. Some people know that NFTs are blockchain-based digital assets, and others are aware that they can be minted from digital and physical objects. However, many people still do not truly understand what an NFT is, the value of owning or creating one, or what you can do with an NFT once purchased. With this in mind, here are four amazing things you can do with an NFT.
What is NFT?
So, what is NFT? Before diving into the diverse things you can do with an NFT, you need to know what it actually is. NFTs, (non-fungible tokens), are digital assets that exist on blockchains. They act as a certificate of authenticity for digital property. They are often bought with cryptocurrency and can be bought and sold online, usually via NFT marketplaces. An NFT can be minted from a variety of tangible and intangible items, such as art, games, music, GIFs, and even Tweets. What you do with an NFT is entirely dependent on the buyer.
Create NFT Artwork
It doesn’t matter if you’re an illustrator, a painter, a graphic designer, or someone who simply enjoys dabbling with the creative arts. Anyone with interest in creating digital art can create NFT artwork. Artwork is one of the most popular types of NFTs. Artists can mint their artwork into NFTs and sell them on a variety of platforms. Not only will artists receive payment for the NFT, but they can also program the NFT in a way that allows them to receive royalties. In turn, if the artwork is sold to other buyers, the artist will receive a percentage of the sale.
Improve Customer Retention
NFTs can be used to engage with consumers and improve customer retention. By incorporating NFTs into rewards programs, companies can give loyal customers more. For example, artists can use NFTs as a vehicle for buyers by giving them an exclusive glimpse of new artwork or admittance to their latest exhibition. This can include real-world or virtual exhibitions.
Create a Collection of NFT Collectibles
NFTs are unique digital assets that are indivisible. This makes them incredibly valuable to the right buyer. If your product is in demand, you can create a collection of one-of-a-kind NFT collectibles. NFTs can be minted out of valuable collectible items. These items can range from authentic sports trading cards, autographed pictures, or even rare Pokemon cards.
NFT Ticketing
NFTs are essentially smart contracts and offer digital proof of ownership for digital items. They can also be set up for smart event ticketing. In other words, using an NFT, you can get into life or virtual event, sports games, or a music concert. NFT ticketing is already being supported by platforms such as NuArca Labs and TicketMint. By purchasing an NFT for an event, the NFT can be used to purchase added extras at the concert, like food, beverages, and even merchandise.