Some people might think NFT is just digital art in blockchain technology. Actually, NFT is not only a digital art; NFT has many utilities that benefit its owners. This article will explain about NFT's unique utility that many people might not know.
1. Digital assets
NFT can be a choice for people who wants to have a digital asset. As mentioned in a previous article, NFT is also a cryptocurrency but unlike Bitcoin or another fungible coin. One NFT has a different value from other NFTs even though they have the same visual because they have unique characteristics and cryptography.
NFTs can also introduce scarcity and exclusivity to the digital realm. The creator can create a sense of rarity and value by tokenizing a limited number of copies of a digital asset, such as a piece of artwork. This concept of scarcity can drive demand and increase the perceived value of an NFT. The more unique and rare NFT, the more expensive its price.
2. In-Game Items
NFTs have also been utilized in blockchain-based games or well-known as play-to-earn games, where players can earn real-world value through their in-game activities. NFTs allow players to own unique in-game assets such as characters, weapons, and virtual lands. These assets can have varying levels of rarity, attributes, and capabilities. Players can buy, sell, and trade these NFTs in decentralized marketplaces, giving them actual ownership and control over their digital assets.
Play-to-earn games often reward players with valuable NFTs for their in-game achievements, participations, or contributions to the game's ecosystem. These NFT rewards can represent rare items, special abilities, or even virtual currency that can be traded or used within the game or exchanged for real-world value.
3. Concert Ticket
This one is unique because owning some specific NFTs allows us to watch concerts for free. Let’s take an example from Prambanan Jazz Festival that created some NFTs for their ticketing system: The Emperor, Supreme, Roro Jonggrang, and Hanuman. This festival makes an exclusive program for people who own those NFTs.
The program will give the NFTs owner many benefits, such as free concert tickets for an entire life, merchandise discount, VVIP access, and meet & greet with the performances. Are you interested in getting one?
Moreover, NFT has many benefits, but remember to note that the worth of NFTs can be subjective and influenced by market trends, popularity, and individual perceptions. NFTs have received significant attention and hype in recent years. Still, as with any investment or digital asset, it's essential to conduct thorough research and consider the potential risks before engaging in NFT transactions.
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