But there may still be a burning question on your mind: “Why would I actually want to own an NFT?” After all, who would spend money on an NFT when you could just right-click and save the same exact thing for free?
The simple answer is that owning an NFT means a lot more than just having a digital picture on your computer. NFTs can have all sorts of use-cases, ranging from functionality as access passes for exclusive communities and events to implementations in next-gen gaming experiences, and much, much more.
In this article, we’ll dig into some of the many use-cases for NFTs, from the entertaining to the practical, and beyond.
Art and Collectibles
To-date, most popular NFTs have been art or collectible-related.
This category includes an eclectic array of projects, from Beeple’s one-of-one “The First 5,000 Days” collage which sold for $69M at Christie’s and Justin Aversano’s “Twin Flames” photography series, to trading card-inspired NBA Top Shots and 10,000-edition generative profile picture projects like Bored Ape Yacht Club.
Art and collectible NFTs are especially appealing to creators, as they provide an unprecedented means of monetizing their creations even beyond initial sales. With NFTs, creators receive royalties on every resale, meaning that they actively benefit from the continual aftermarket success of their creativity.
At DoinGud, royalties can also be split across multiple creative collaborators, and an additional 5% of every initial sale (and 2.5% of every secondary sale) goes towards a world-changing social cause.
This way, collectors can buy confidently, knowing that their purchases are directly supporting their favorite creators and doing good for the world at large.
What really sets NFT projects apart from traditional art and collectibles is their adaptability for new use-cases. Many NFTs provide their owners with access to exclusive communities, events, and opportunities.
For example, owning a Bored Ape Yacht Club NFT gives collectors access to an exclusive community section of the official BAYC website. Ownership also makes collectors eligible for exclusive airdrops and free mints for spin-off projects like Bored Ape Kennel Club and Mutant Apes.
But perhaps the best example to-date of NFTs’ access potential is entrepreneur Gary Vaynerchuk’s VeeFriends project. Every VeeFriends NFT doubles as a two-year access pass to a real-world convention that Vaynerchuk plans to hold in the future exclusively for his collectors.
On top of that, some special VeeFriends NFTs give holders additional access to Vaynerchuk, like the opportunity to play one-on-one basketball or have lunch together.
“I think over time, creators will get more experimental with the ways they can monetize their work and their craft, specifically from their audience and their followers. It’s giving ownership to your community and audience. And I think there’s something to be said about that.”
— Kyle Gordon, Co-founder of DoinGud
Gaming and the Metaverse
NFTs will play a huge role as next-gen online experiences like virtual reality (VR) and augmented reality (AR) become more prominent.
As major tech giants like Facebook turn their sights towards the Metaverse -- a broad term for virtual environments accessible via the internet -- it follows that true digital ownership enabled by NFTs will grow increasingly important.
Current Metaverse games like The Sandbox already utilize NFTs for multiple purposes, including as digital wearables for in-game avatars and as property deeds to in-game plots of land.
In the future, it’s also likely that we’ll see NFTs replace traditional video game downloadable content (DLC). Whereas traditional DLC is tied to a specific game’s servers, NFT items can theoretically be carried and utilized across multiple games in perpetuity.
Real-World Ownership and Beyond
DoinGud recognizes that we’re still very early to NFTs as a ground-breaking new technology.
But one thing is for certain: NFTs aren’t going away. We’ve only scraped the surface of the many potential use-cases for true, radical digital ownership.
Take, for instance, director Kevin Smith’s new indie horror movie, Kilroy Was Here, which is using an NFT to secure distribution rights. Effectively, this means that whoever owns the Kilroy Was Here NFT will own the rights to exhibit and stream Smith’s movie.
From here, it’s not a huge stretch to imagine a future where NFTs could function as deeds to physical land, with transfers and ownership taking place entirely outside the control of centralized banks.
Of course, these are just examples. The creative possibilities with NFTs are limitless, and at DoinGud, we’re beyond excited to help facilitate the journey.
DoinGud is an NFT ecosystem focused on inspiring creativity and positive social impact. We pride ourselves on accessibility and sustainability, providing next-gen Web3 tools to empower our community to create, curate, collaborate, and connect with one another in the digital space.
Thank you for being part of this amazing journey with us.
Article also published on our Medium blog.