NFT Labs:Application Scenarios of NFT

NFT Labs:Application Scenarios of NFT

Besides the part we talked in other chapter of this series,There are a few NFT application scenarios worth mentioning.

Sports

Counterfeit tickets and merchandise need a solution in the sports industry, and blockchain is providing the solution. The immutability of blockchain technology prevents fake passports and collectibles, and tokenized sports games issued for sale on the blockchain are a perfect practical case for NFT. In addition, some blockchain gaming projects have partnered with world-renowned sports clubs to issue tokenized player cards and highlight NFT collector cards, such as the NBA Top Shot, creating a worldwide craze among fans to collect NFT cards.

Practical cases: Sorare, NFT Top Shot, F1 Delta Time

Event Tickets

Currently, ticket forgery and mass hoarding is a big problem that needs to be addressed urgently. The immutability of the records kept by NFT on a distributed ledger allows tickets to be independently verified and authenticated on the blockchain, avoiding cheating methods. In addition, to prevent mass hoarding, ticket purchases can be tied to a specific blockchain-based identity to enable sales restrictions.

Practical cases: Mintbase, DigiTix

Fashion

NFTs related to the fashion industry can also be used on the Ethereum blockchain network to launch projects. A growing number of NFT projects are now working with fashion designers worldwide to provide them with intellectual property protection. Whenever someone buys their products, the designers get more royalties. NFT projects also organize product auctions for users to participate in. More and more tools and technologies will be released to allow designers and developers to collaborate on virtual clothing materials, patterns, interoperable games, and VR fashion assets.

Practical cases: DIGITALAX

Proof of ownership

Personal time/skills

Another practical case for NFTs is to monetize personal time or skills as a reward for engaging in tasks and time. The platform allows them to issue tokenized proof of ownership. For example, users can issue NFTs in various forms, including freelance work, podcasts, events, videos, newsletters, artistic creations, charities, and more.

Practical cases: The Microsponsors Marketplace

Intellectual property

Piracy, infringement, and plagiarism are significant media and entertainment industry challenges. NFTs can use blockchain technology to prevent fraud and plagiarism of ideas and creative works.

Practical cases: Blockchain App Factory

Domain name

NFTs can also be used for domain name services similar to .com domains, but the difference is that NFTs are based on decentralized technology. The Ethereum Name Service was launched in May 2017, funded by the Ethereum Foundation, and in May 2019, the team upgraded the ENS smart contract to be ERC-721 compatible, which means the name can be traded on the local open NFT market. Unstoppable Domains also launched a decentralized domain name system that raised $4 million in Series A funding from Draper Associates and Boosts VC. UnstoppableDomains were initially built on the Zilliqa blockchain.

Practical cases: Ethereum Name Service, Unstoppable Domains

The Ethereum Name Service (ENS) maps human-readable names to machine-recognizable identifiers for blockchain and non-blockchain resources, such as Ethereum addresses. To simplify it, ENS resolves the .eth domain name to an Ethereum address. ENS can make Ethereum addresses easier to remember, and ENS domain names can be bought and sold on the secondary market.

Unstoppable Domains can replace readable addresses with encrypted addresses and can not be tracked and reviewed