Where Might NFTs Evolve Next? A Deep Dive into Exciting Use Cases

NFTs have grown significantly in popularity over the last two years. Collectible games like CryptoKitties and art projects like CryptoPunks and BAYC initially drove mainstream attention to NFTs. 

On the other hand, there are a great many additional applications that may be developed for this blockchain-based technology. So, where could NFTs evolve next? Let's take a look at some interesting new use cases for NFTs.

NFT ticketing

The traditional method of selling tickets entails users buying digital or physical paper tickets or wristbands to gain entry to an event. One of the drawbacks of the old method of selling tickets is ticket scalping in the secondary market. Ticket scalping refers to a scheme where people buy a large number of tickets to resell them at much higher prices.

Since NFTs are unique blockchain tokens, users can track ownership of an NFT ticket by viewing its transaction history via a block explorer. This makes it easier to know when and where the ticket was purchased and sold. Additionally, event organizers are provided with greater control over main and secondary ticket sales.

With a smart contract, a piece of software that operates on blockchain technology, an NFT ticketing system may also help control the value of resold tickets and the associated costs. This can be useful in preventing ticket scalping. A smart contract is a computer program that automatically carries out certain actions if predetermined criteria are met.  

NFT tickets can also be minted and sold individually to customers via the use of smart contracts. These smart contracts interact with the customer's wallet once they send a payment for the NFT. Users can also resell their NFT tickets on the secondary market, either through marketplaces or peer-to-peer trades.

A smart contract will be activated as soon as someone buys your ticket, at which point you will get cash while the purchaser will obtain the ticket. 

NFT tickets can also be used to reward loyal fans with additional benefits, for example, access to online communities and free merchandise.

NFTs to gain access to live-action media

Platforms are exploring NFTs for use within a social metaverse, including live-action video series. One of these platforms, Looking Glass Labs, is currently developing a live-action web series that will only be accessible to those possessing the associated NFT. The social metaverse that LGL is developing is entirely independent of blockchain technology and has the first ultra-realistic terrain.

Users can also upload 3D models of any additional PFP NFTs they own. The live-action television series GenZeroes is the first of its type. Combining a conventional Web2 format with Web3 technology created an exciting drama, a collaborative effort including real actors and artists.

The House of Kibaa website has posted the first episode of the first live-action NFT series. LGL will expand the project's scope to include ten episodes, each accompanying a motion graphic comic book. The series of events occur two hundred years in the future when an extraterrestrial invasion has left the planet in ruins, and ten different groups are battling to determine the course of human history.

Users must acquire an NFT from the House of Kibaa website to access the GenZeroes series. There will be a difference in the advantages associated with each level of NFT ownership, with the highest level allowing for fractional ownership of the series.

Overlords, a play-to-earn video game, Project Origin, a metaverse environment, and digital distribution service are currently being developed at Looking Glass Labs. Users can enter the metaverse with their NFTs, ready for 3D interaction to communicate with one another.

Users have the opportunity to interact with the developers and designers of the metaverse via live events. They can also participate in community gaming, exchange non-fungible tokens (NFTs), and earn cryptocurrencies.

NFTs in the Supply chain

Since its introduction, blockchain technology has been helpful in the management of supply chains. The capacity to build an unchangeable and transparent ledger of real-time events assists in optimizing supply chains across all industries.

In addition, counterfeiting and the waste of perishable products and commodities are reduced because of blockchain technology. NFTs, on the other hand, take this concept to a new level by producing on-chain representations of one-of-a-kind products.

NFTs offer the capability to track particular objects, as opposed to just identifying a consignment or a driver. This comes in handy in, especially when dealing with high-priced things. A distribution center or warehouse can assign an NFT to such an item by using information that describes the product throughout its full lifecycle and present location.

Every stage of the supply chain has given workers the opportunity to capture additional data. Before parting with their money, the prospective buyer can see the whole history of the commodity and verify its validity.

Because of their fundamental characteristics, NFTs are incorruptible and transparent, which is of tremendous value to the logistics sector. With blockchain technology, platforms may give perishable items a one-of-a-kind NFT that can be used to track when they were packaged and how long they can stay fresh.

Through NFTs and blockchain technology, it is possible to trace every aspect of a product, beginning with the time it was packaged through the number of warehouses it has visited and the location it has occupied.

Conclusion

Non-fungible have brought innovations and use cases into the blockchain industry. That's why I think we'll see some very fascinating developments as this sector develops.