NFT Use Cases 2022
NFTs have rapidly become one of the crypto industry’s most prominent features, and as highly flexible tokens, they have a vast number of use cases. As such, we’ll take the following sections to explore more about NFT utility. However, it would be challenging to cover all aspects of NFTs in this article, and for this reason, we’re going to focus on the following five 2022 NFT use cases:
- Membership Exclusivity
- Clothing & Wearables
- Music NFTs
- Digital Art
- Digital Identity
If you’d rather watch a video covering these aspects of NFT utility, check out the Moralis YouTube channel. The following clip provides a deeper understanding of how you can utilize NFTs in 2022:
Nonetheless, let’s continue and take a closer look at how NFTs can represent exclusive memberships for various different organizations, clubs, and events!
NFT Utility: Membership Exclusivity
A significant use case for NFTs in 2022 will be providing exclusive access to organizations such as DAOs. DAO is an abbreviation for decentralized autonomous organization, and it’s the governing body of a particular blockchain project or protocol. As such, if you hold an NFT providing access to a DAO, you additionally receive exclusive rights to participate in the governance of a particular platform, project, or Dapp.
Moreover, NFTs can further be used as an indicator or sign that someone is part of a community, has won a competition, or shows loyalty to particular brands. Once you hone your skills through this process, you can receive awards in the form of NFTs to showcase your proficiency in Web3 development.
Lastly, NFTs can also provide exclusive access to certain events. This isn’t solely applicable in digital settings but for physical events and real-life happenings alike. A great example here is the Flyfish Club which is branded as the first member’s only dining club where exclusive access is bought on-chain in the form of an NFT. As such, holders of a token will receive access to cultural and social experiences.
NFT Utility: Clothing & Wearables
Wearables and clothing comprise the second category of example use cases for NFTs in 2022 that we’re going to explore. This sector has already been quite popular and has received an abundance of attention in the past year. Moreover, this is also a sector monitor as we’re sure to see digital wearables grow further in 2022.
NFT Utility: Music NFTs
Another exciting sector that can potentially benefit from NFTs in the music industry. As you might be familiar with, this can be quite a profitable industry for larger conglomerates and record labels. However, their profitability often comes at the expense of the individual artist and through disadvantageous penny-per-stream business models.
Moreover, suppose you have further interest in music NFTs and would like to learn more about the opportunities of these tokens.
NFT Use Cases 2022: Digital Art
As we mentioned in the introduction, most people probably associate Non-Fungible Token Development Services with digital art. This association isn’t unfounded as this is a use case that has received an abundance of attention from traditional media. Moreover, NFTs have been used to represent digital art for quite some time now, meaning that it’s an established field.
NFT Utility: Digital Identity
The last of the 2022 NFT use cases we’re going to take a closer look at our digital identities. So far, NFTs have primarily been used to capture and claim ownership of digital assets like videos, artwork, tweets, etc. Previously, we also briefly mentioned NFTs representing physical assets, something that we’ll most likely see an increase in the future.
NFT Utility – Exploring NFT Use Cases 2022: Summary
NFTs have rapidly become one of the most prominent features of Web3 development, and the number of use cases is continuously expanding. Many of you might associate NFTs with digital art; however, this is only one of many instances where NFTs can be helpful. In fact, in this article, we presented five separate use cases for NFTs that might be worth keeping a closer look at in 2022:
- Membership Exclusivity
- Clothing & Wearables
- Music NFTs
- Digital Art
- Digital Identity
These are only five examples, and there are other sectors, such as Defi (decentralized finance), that can positively adapt NFTs. As such, this demonstrates the flexible nature of NFTs and that these tokens have the potential to influence many sectors of the economy.
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