The general public has gotten to learn NFTs in 2021 in the form of Jpegs that could simply be right-click-save-as ed while flipping these pictures could make you some good income in the NFT bull market. Much has changed since then, as 2022 and 2023 were basically the opposite of 2021 and prices that are down 70% or more from their all-time high.
At Sayl we never were big believers of the sustainability of the run on FOMO NFTs. Instead, we did what builders do: we created a platform where digital marketers can focus on the core element of their job, which is the creation of a long-term relationship between brand and customer. We help marketers to introduce digital collectibles for their brand, without any technical complexity and thereby smoothing the path between web2 and web3.
The domain of web3 and NFTs is wide and extensive, and while we are focused on bringing the best NFT loyalty and digital membership solution on the market, we recognize there are multiple other use cases that make sense for enterprises. We therefore took the liberty to sum up a list of 10 NFT use cases.
- NFT in fashion. For anyone that read about NFTs, we’re sure you didn’t miss the efforts that Nike is doing with RTFKT Studios. And there’s much more, with a lot of fashion brands like Ralph Lauren, Dolce & Gabbana and many more. The use case can be about original artwork, it can be to trace origins of garments, or even track inventory.
- NFT in Real Estate: real estate goes from buying land in platforms such as Upland or Decentraland, to fractionalised investments where you buy a piece of a real estate and not the whole real estate itself, thereby enjoying the potential uplift in value throughout time. Of course, like with any investment, a downward risk always exists. In any case, NFTs make investments in real estate much more liquid and give you the ability to resell your NFT at any moment.
- NFT for events and tickets: the ticketing industry hasn’t evolved like in 30 years, because there was never an incentive to do so. Blockchain-based NFTs however bring a new dimension to this old recipe and we even wrote an earlier blog article about NFT tickets. Authenticity validation, no fake tickets, easiness to sell on marketplaces, extra experiences that can be linked to the ownership of the NFT ticket (eg. meet-and-greets, …).
- Entertainment / Music NFTs. We kick in an open door when we say that artists have a hate-love relationship with streaming services. Streaming services are used by millions of people but at the end of the day do not pay out much to the artist, who is obliged to do a lot of live concerts to go from a mediocre income to a good or even great income. Selling NFTs can bring in new revenue streams, doing live concerts in a metaverse can bring in revenue, but especially the possibility of directly earning royalties upon each resale will sound like music in the ears of the artist (pun intended).
- Logistics : this use case is rather blockchain based as the blockchain can prove provenance, and tracking throughout the supply chain. The immutability and transparency are the two main elements that make the blockchain an ideal tool in logistics, in order to make data trustworthy and legitimate.
- Hotel / Hospitality / Restaurant industry or retail: this is one of the use cases that Sayl fully supports and embraces, with for example NFT-powered loyalty programs for restaurant or hotel customers. Hotel guests could receive NFTs upon booking for special occasions and receive a NFT to unlock certain perks. For retailers, the support for POAP hunts or Proof of Purchases could open new doors in the relationship with the client.
- Authenticity industry: there is not really “a” authenticity industry, but there is in any case a large industry in “fake products”. For example, in the wine or champaign industry, what if you could add a QR to each bottle, where the authenticity of the wine is checked on the blockchain.
- Books and literature: basically this is the same story as music artists, where in this case of course are not distributed by streaming services, but via old-school monopoly distribution channels that are hard to circumvent. The possibility of sublimate literary masterpieces into unique object with additional levels of value presented by NFTs, in addition to their inherent utility as digital asset, they also give artists freedom to experiment with various deliver mechanism, such as unlocking content, adaptability of publishing format that allows users to buy specific work like poetry, essays, short stories, and opportunities for authors deepen and add value to his interaction with readers and collectors.
- Healthcare: most of the use cases come down to advantages that are brought by the blockchain and this in terms of trackability, proving authentic products, showing provenance. Thanks to the ever increasing focus on privacy and data, representing your data via a NFT on the blockchain could be extremely helpful in this respect. One only needs to exchange their token and not their whole set of data.
- Digital twins: Digital twins are exact replicas of actual goods or assets that can be used as ownership documentation or to interact with some goods in creative ways. We already wrote an article about the use case for digital twins.