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NFT Business use cases

June 6, 2022

Learn the different use cases for NFTs and how businesses can profit from them

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NFT sales of over 17.7 billion dollars in 2021are a clear indicator of the financial possibilities this new technology provides. 2022 is the year in which many businesses are really dipping their toes into the NFT waters, while some have already dived straight in. But everyone is still in the process of figuring out what are the most beneficial NFT use cases for their business, here is a breakdown of some of the top ones business are excited about.

Community

This is one of the major NFT use cases everyone recognizes because it is already out there. A successful collection has to have a vibrant community. Because this information is public, it is a dream for marketers, as the NFTs people hold in their wallet is an expression of their interest.

Usually it is very difficult to know which people are interested in certain brands and types of services. Now there are thousands of those people in one community, they can be targeted by businesses with products that match those interests. This is a major emerging use case for NFTs.

Retail

Fashion brands have come to the NFT space. If top NFT collections, like Bored Ape Yacht Club, are selling real world merchandise for thousands of dollars, it can also go the other way around. Brands can sell NFTs to go with certain exclusive collections, collaborate with artists and designers and reward them financially. Because of how Certhis enables businesses to sell NFTs like a regular product on their website, an NFT version of wearables and other items can go hand in hand, benefiting each other.

Luxury items like Rolex watches are worth 20% less without the original box and certificate. The ability to provide an NFT alongside that Rolex is a more durable and elegant solution. We are already seeing these types of use cases for NFTs in the retail market. 

Fractional ownership

A car, a house, a watch, an NFT. They each have an owner, or do they? How about several owners? Because of the nature of digital assets, fractional ownership has already been successfully implemented with NFTs, allowing a group of people to jointly own a certain product. But this can also be applied to a real world item.

The Mona Lisa is the world’s most famous art piece, worth around 900 millions dollars. It could potentially be sold in this fraction method, where 9 million people each invest 100 dollars and get to own a piece, like a company share. They can then buy more shares or sell. You can also do this for something that is generating passive income like an apartment with rent, and split that rent automatically among the NFT holders with a smart contract. And that brings us to…

Real Estate

This is considered one of the most ready sectors for NFT use. Imagine knowing everything about the property you are buying in just a few taps on your phone. Know when the property was built, who owned it first, what modifications were done, and everything else in the property’s history.

When you do choose to purchase or rent, this can be done via an NFT and a smart contract. 

Intellectual property 

This is one of the most challenging fields in law as it is very difficult to assess who owns ideas and patents. The blockchain enables timestamps that provide a step by step evolution of a certain idea and who owned it, allowing them to claim ownership over their intellectual creations. In general use cases for NFT are already being experimented with as a way to sell ideas and knowledge.

Academic courses provided in an NFT for example are a great way to monetize knowledge and enable buyers to resell that course once they have learned all they need to know.

Metaverse and gaming

Huge NFT business is already taking place in these fields, as now people can actually own their very own part of computer games and digital worlds through NFTs. Play to earn games are a major feature of this NFT use case, since any owner of an asset earned in a game can be sold as well. While in the digital worlds known as the metaverse, central properties in these digital worlds are beginning to fetch prices as high as those in the real world.

Conclusion

These are some of the use cases for NFTs that are already being implemented, and they are just the tip of the iceberg. Many more NFT business use cases are emerging, as early technology adopters are looking to gain advantages over competitors. The platform available at Certhis is designed to cater to ant NFT use case by solving the technological financial complexities, so that all business can use NFTs to grow.