While the most popular—and expensive—NFT projects thus far are for visual art, there are many other use cases.
NFT owners will get access to the restaurant and various culinary, cultural, and social experiences. Not only that, they will be able to sell their access to other people who want to make a reservation. An event could create NFT-based digital tickets with beautiful commissioned artwork on each one.10 Feb 2022
We’re already seeing music NFTs gain in popularity. Jonathan Mann, who has been recording a new song each day for over 4,700 days in a row, is selling his video as NFTs. The popular band Kings of Leon sold lifetime access to VIP seats at their concerts. And musicians are doing this all while maintaining the rights to their own music.
NFTs can also be used to grant special access to online communities. Kevin Rose, the well-known investor and podcaster, recently sold 1,000 NFTs that gave owners access to his PROOF Collective community, a token-gated Discord group for serious NFT investors. Similarly, Invisible College, a learning organization I’m working on for crypto and web-curious builders and creators, is launching a collection of 10,000 NFTs called Decentraliens that will grant lifetime access to courses, events, programming, and the learning community.
Flyfish Club, founded by serial entrepreneur Gary Vaynerchuk, is a private dining club at a new sushi restaurant being built in New York City. NFT owners will get access to the restaurant and various culinary, cultural, and social experiences. Not only that, they will be able to sell their access to other people who want to make a reservation.
An event could create NFT-based digital tickets with beautiful commissioned artwork on each one. Instead of pinning them to a corkboard to display them in their house, fans could show them off as part of their online identities and prove that they were there. And depending on the event, they could even be sold to collectors, thus sending royalties that are split with both the event coordinator and the artist. Imagine if Arnold Skolnick, the designer who created the iconic art for the original Woodstock concert was still getting royalties for that work to this day.
The more you descend into the NFT rabbit hole, the more you realize how impactful they can be, especially as our lives become more and more tied to our online identities.
The future of NFTs
Like any new technology, it’s impossible to predict all the ways developers, creators, and businesses will utilize NFTs and their innovative underlying smart contracts.
We will almost certainly see NFTs used for tracking ownership of things like real estate, college degrees, professional licenses, event tickets, and countless other contracts that currently live on pieces of paper. All of those will take time to come to fruition. And in some cases, most people might not even know NFT technology is being used for them.
Ultimately, the limit to what is possible with NFTs is up to our imagination