Non-Fungible Tokens (NFT) have taken the digitization of assets to next level and lately, blockchain-powered infrastructure is simplifying the process of selling and purchasing them. NFT use cases till now were limited to users, but ever wondered how the B2B world can get benefited from this?
The article below will explain what are the use cases of NFT for enterprises and how businesses are leveraging it.
Top NFT use cases for Enterprises
It’s a well-known fact that NFTs have the potential to completely revamp the music and arts industry where artists can leverage NFTs to do a number of things –
- Tokenize their songs and music albums as an asset.
- Such tokenized music albums can be sold as limited digital merchandise.
- A royalty system can be followed where creators or artists can get monetary benefits.
- Additionally, creators and artists can encourage their fans to engage with their music thereby creating a good rapport with them through some additional benefits.
NFTs in fashion can work in a different way where users can have them as collectible items that can be used as virtual garments that someone can wear. Recently some fashion brands like Gucci and Dolce & Gabbana have started their virtual collectible collections in the fashion NFT segment and it has received a great response.
NFTs have achieved quite a good amount of popularity in the gaming arena, where gamers earn as they play. There are numerous in-game items that are made available to users like avatars, skins, and weapons that can be created on blockchain to provide game-altering to gamers.
As of now, traditional gaming companies are incorporating NFTs that enable players to buy, sell or swap these items with each other rather than wasting them which used to happen in traditional games. Ubisoft, one of the largest game developers have launched its NFT project on one of their flagship games, which lets PC players buy cosmetic NFTs that they could use on their account and sell them for real money.
The ability to store all the necessary information and function as proof of authenticity makes NFTs an ideal medium for authenticating luxury goods, which otherwise can be complicated.
Right from luxury collectibles to even wines, where there are numerous instances of counterfeit. NFT development can be done to weed out such issues, as they can store vital information regarding the authentication process of wine and each bottle of wine will have its unique NFT to prove its authenticity.
Improvement of the supply chain can be done with NFTs, as storing metadata of products in the blockchain will prevent unauthorized data manipulation. Koinearth is a new start-up that employs enterprise NFTs that enables the tracking of physical goods across the supply chain.
Ticketing and Ticket Sales
Ticketing and sales of tickets are always prone to black marketing for years, but the advent of ticket bots has made the situation worse. There are instances of close to around 40% of tickets in major events falling into the hands of such ticket bots that book them en-masse and later such tickets are resold for much higher prices.
This acts not just fleece viewers but even organizers are robbed off from earning additional revenue that can be used for providing a better experience to viewers. Further, there are instances of concert ticket buyers being scammed by the sale of fake tickets.
NFTs can completely reform the ticketing mechanism by removing any kind of the third party between the artists and viewers. NFTs can ensure that scams do not occur by ensuring transparency and authenticity verification. The development of Enterprise blockchain and smart contracts can ensure that ticket bots and scamsters are blacklisted by historical record-keeping and checking their transaction history. Further, the non-transferable nature of NFTs can also prevent ticket reselling and a proper royalty system can be made that pays the artist, producer, and organizers as per agreed terms.