Non-fungible tokens or NFTs are a way to represent any unique digital data. However, it now goes beyond the digital world. It can now be anything from a work of art to music, video, sneakers, fractionalized real estate, and almost anything in the real world. The latest NFT examples will show you what this technology is most commonly known for, as well as other applications you might not be aware of.
- READ MORE: What is an NFT
Latest NFT Examples
The latest NFT examples show you it is possible to create an NFT for almost anything. And as a creator, entrepreneur, or small business it highlights many possibilities to generate income.
Take a look at these NFT examples and get inspired.
While many people may not call the most popular NFTs art, they do hold value to the people that own them. And many of them are worth millions of dollars. However, they are not the only type of art being minted as NFTs. There is very traditional art being sold as NFTs too. So, just like the real world, you have many options when it comes to choosing NFT art.
The sneakers resale market is expected to grow to $30 billion by 2030, from the $6 billion of 2020. You can now add NFT sales to the trend as sneakers are being sold for $100,000 and more as NFTs.
In 2021 the global video game market size was valued at $195.5 billion, and it is expected to grow at a compound annual growth rate of 12.9% from 2022 to 2030. When you add in-game item purchases the valuation of the market will even much higher. Having NFT in-game items makes selling them easier and more secure.
Real World Item
As the name implies, real-world items can be anything. From a Rolex watch to a car.
Fractionalized Real Estate
Selling fractionalized NFTs allows the seller to break the item into many different parts. This means a fractionalized house can be owned by 10, 100, 1,000, 10,000, or even a million people. For real estate investors, it means they can now make it affordable for people with limited income to start investing. One fractionalized token can start at $50 or more depending on how many times the seller wants to fractionalize the property.
image: realtBeyond these NFTs, you can also create:
- An essay
- A digital collectible
- A domain name
- A ticket that gives you access to an event or a coupon
- Degree Certificates
- Music royalties via NFTs
- Move 2 earn
- Digital identity
As more people and businesses begin to realize the flexibility and security of NFTs, the technology will be ubiquitous in the real and digital world.
- READ MORE: Where to Buy and Sell NFT
NFT Smart Contract Example
An NFT smart contract is a way of implementing a sale agreement between the NFT owner and the buyer. Since the smart contracts are self-executing, they can check the terms of the contracts have been satisfied. This means they can execute the terms without having to deal with an intermediary or central authority.
Here is an NFT code example for a smart contract courtesy of Ethereum.
Making NFTs Work in the Digital and Physical World
With an NFT you can assign ownership of any unique piece of digital data. Similarly, you can also do the same for non-digital assets. An NFT could represent digital art, music, videos, GIFs, and more in the digital world. In the real world, the NFTs can represent signatures, legal documents, items, tickets to an event, and even deeds to a car.
Coachella is selling an NFT with Key to the VIP Compound with lifetime guest passes for two along with huge perks.
image: coachellaTicketing for events will be more secure, easier to keep track of, and better to engage with attendees long after it is over. Promoters will be able to offer more merchandise and additional events uniquely tailored to each person.
Early NFT Adoption for Business
The NFT technology is early in the adoption stage by businesses, but there is huge potential if it is properly applied. With proper implementation, small business owners can take advantage of the many benefits NFT provides and will provide in the future. As an entrepreneur, exploring every option to increase your revenue streams will ensure the long-term survivability of your business. And NFT is one of the tools that can make it possible if you start now.
This article, “The Latest NFT Examples from Businesses and Entrepreneurs” was first published on Small Business Trends