4 Fascinating NFT Utilities You Didn't Know About by@bensoncrypto

4 Fascinating NFT Utilities You Didn't Know About

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Non-fungible tokens (NFTs) are distinctive, blockchain-based pieces of code that are used to signify ownership of assets due to each token being unique. Subscription NFTs enable users to manage multiple subscription services through one app. One project is tokenizing real-life race horses for use in a gaming platform that aims to create a digitized horse racing metaverse. The Invisible College aims to provide access to its Web3-related curriculum via its NFT projects.
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Isaac Benson

Blockchain technology is changing the world and I'm here to document it

Non-fungible Tokens (NFTs) are distinctive, blockchain-based pieces of code that are used to signify ownership of assets due to each token being unique. When it comes to the utility of these tokens, many of us are familiar with the art, collectibles, and gaming projects that led to the technology gaining mainstream attention. However, there are a few lesser-known use cases that we're going to look at in this article.

Subscription NFTs

Online subscription services are one industry where NFTs can be used to manage memberships to multiple sites. Usually, a user signs up for multiple services (Spotify, Netflix, StarzPlay, Hulu, etc.) and handles subscription costs for each one individually. Subscription NFTs enable users to manage multiple subscription services through one app. Revuto, for example, has an app where users can buy subscriptions as NFTs, with the app paying for the subscription as long as the holder owns a “Revulution NFT”. 

This works by each NFT holder getting a Revuto Virtual Debit Card (VCD) to subscribe to an online service. Since the NFT is prepaid, the Revuto app will pay the subscription fees until the expiration period of the NFT, which also ends the accompanying subscription. If the NFT is sold or transferred to a new owner within the app, a new VCD will be made for that user and the services on that NFT.

The app will continue to pay for the subscription services until the expiration date. Once the expiration date is reached, the subscription will end and the NFT will expire, thus stopping any active subscriptions. This system makes it possible for users to manage multiple subscriptions in one place as well as transfer their subscription services to other users.

Online Education

Access to educational resources is another use case that is being explored by NFT projects. Invisible College, is an NFT project that aims to educate users on the principles of the Web3 ecosystem. The topics will cover the creation of tokens, tokenomics, principles of decentralized finance, minting of non-fungible tokens, and other Web3-related subjects. 

The college aims to provide access to its curriculum via its Decentraliens NFTs. These NFTs will enable students to access the courses offered by the college and once they've completed their courses, the NFTs can be sold to another student. In a way, this makes it possible for students to earn back their tuition fees as long as the value of the NFT remains stable or increases in value.

For crypto users who are interested in learning about Web3, this could prove to be a viable alternative to traditional online courses, as long as they find the subjects they're looking for.

Tokenized Real World Race Horses

Tokenized real-world assets are not entirely new when it comes to NFT use cases, with precious metals and real-world art pieces being backed by NFTs in previous projects. However, one project is tokenizing real-life race horses for use in a blockchain-based Play-to-Earn (P2E) gaming ecosystem. Silks is a gaming platform that aims to create a digitized horse racing metaverse. The platform works by creating digital versions of thoroughbred horses that are backed by NFTs which track their performance in real-life. This way, the stats and performance of a player's horse will reflect its real-life counterpart.

Tokens are awarded to players if the real-life counterpart of the horse is victorious in a race. When it comes to equine competitions, the platform operates in a manner that is similar to that of a metaverse-based parallel universe. The in-game version of breeding works in a similar manner to how the horse is bred in the real world, but with a small twist. If the real-world counterpart of the horse is used for breeding, the player will get tokens equal to a percentage of the selling price for the foal. The game also enables players to stake their horses to earn additional tokens as well as buy land plots for their virtual steeds.

This is a fascinating use case since the blockchain will be used to monitor real-world horses throughout their whole lives, beginning when they are foals (one year old) and continuing until they are old enough to retire.

Cross-Metaverse Travel & Interoperability 

Metaverse interoperability will make it possible for users to travel from one metaverse to another. MetaMetaverse is an NFT project that consists of 5,000 spaceship NFTs that enable its owners to travel between compatible metaverses. The project aims to enable travel between different blockchain networks. These NFT spaceships are known as MetaShips and each one is upgradeable and customizable with players being able to alter the speed, weapons, and defenses of their ships.

Metaverse interoperability could be huge if this project manages to pull this off since it could reduce the barriers to entry for users in the metaverse space. With many different metaverse projects being built, it will be beneficial for users to be able to switch between different metaverse platforms regardless of the underlying blockchain network.

Conclusion

As the NFT space continues to grow, we'll continue to see more unique utilities for projects that utilize the technology. From subscriptions to E-Learning, tokenized race horses, and cross-metaverse travel, the possibilities seem endless. 

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