NFTs
How have NFTs opened up new business opportunities?
Exploring the innovative frontiers of business, we’ve gathered insights from founders and CEOs on the impact of NFTs across a range of industries. From monetizing user-generated content to transforming business models with digital collectibles, here are eight key perspectives on how NFTs are creating new opportunities in unexpected industries.
- Revolutionizing Event Ticketing with NFTs
- Innovative Animal Rescue via NFT Framework
- Virtual and Digital Real Estate Diplomas
- Expanding the reach of art with blockchain
- Democratizing art sales and royalties
- Negotiation of virtual land in digital real estate
- NFTs in interior design and virtual properties
- Digital collectibles transform business models
Revolutionizing Event Ticketing with NFTs
NFTs have revolutionized the event ticketing industry in ways no one anticipated. Traditional tickets still struggle with issues of counterfeiting and scalping. NFTs bring a level of security and transparency that drastically reduces these issues. Each ticket is unique, transparent, and easily verifiable on the blockchain. This ensures authenticity and allows for the tracking of ownership history, eliminating counterfeits.
Not limited to just security, NFTs also open up avenues for fan engagement. Event organizers can embed additional content directly into NFT tickets, such as exclusive videos, backstage passes, or collectibles. Fans now get more than just entry to an event; they get an experience. This added value can make events more engaging, further increasing revenue and building stronger connections with the community.
Founder and CEO, Lido.app
Innovative Animal Rescue via NFT Framework
NFTs aren’t just about epilepsy-inducing graphic images that raise your blood pressure. I think a lot of people make this 1:1 association between the two, and that’s flawed thinking. It’s the underlying non-fungible structure that matters, and there are many ways it can be used.
For example, NFTs could be used to rescue animals from animal shelters by creating and marketing an animal rescue marketplace, where each animal is an NFT (through the use of a collar solution or possibly an NFC chip, which would require more consideration). Setting up a donation wallet for each animal and the shelter as a whole could yield some interesting fundraising results.
Instead of marketing images of monkeys, we can raise awareness in certain sectors that are in dire need of marketing but have very little budget (like animal shelters).
Owner, Mike Bonadio Consulting
Virtual and Digital Real Estate Diplomas
NFTs have unlocked new, innovative possibilities for themselves and their industries in unexpected ways. One of the most famous examples is virtual land and assets bought and sold as NFTs — an early application of the technology, but still quite innovative. Real estate in virtual worlds like Decentraland and Cryptovoxels is created and sold, leading to a new form of digital real estate investment.
Similarly, universities and educational institutions are experimenting with using NFTs to issue tamper-proof digital diplomas and certificates, such as French state high school diplomas. A college in the US is issuing an NFT with one of its English poetry programs. Even publishers are using NFTs to release limited editions of digital books and manuscripts, creating new revenue streams for authors, contributors, and collectors with unique digital assets.
Founder, Cupid Digital PR
Expanding the reach of art with blockchain
The sheer potential of blockchain technology is fascinating. It operates 24/7, regardless of age or gender, and everyone has an equal opportunity to participate and create something meaningful. NFTs have brought a new revolution to the art world, using NFTs as a medium of expansion, allowing them to connect with a wider audience.
From art, entertainment, and gaming to real estate and identity verification, NFTs have the potential to completely transform a variety of industries. They offer a versatile solution for representing ownership and authority in the digital space. Here are a few examples of how NFTs have broken ground in areas that introduce innovative uses:
- CryptoOracle and CryptoMondays have deployed the use of NFTs by engaging NFTVIP’s immersive authentication system. NFT-VIP.io has transformed ticketing by employing NFTs as tickets, offering authenticity, security, and a unique experience for attendees. These digital tickets come with perks such as content, merchandise, or access to exclusive events, enhancing the overall user experience.
- In healthcare, the use of NFTs is being explored to manage patient records and data. Through tokenization of information, patients can have control over their data, ensuring privacy and secure sharing with healthcare providers.
- Charitable initiatives use NFTs for fundraising purposes through asset auctions. This strategy attracts donors while providing a means to track contributions.
- Educational institutions are leveraging NFTs to issue diplomas and certificates. NFTs offer a verifiable method for individuals to showcase their skills and achievements.
- NFTs are now being used to digitize real estate properties, allowing for smoother ownership and transactions. This method can streamline the processes of buying, selling, and investing in real estate, making it more accessible to a wider audience.
- The legal and intellectual property field is exploring the use of NFTs to manage intellectual property rights and legal agreements. By tokenizing IP assets, creators can effectively protect their rights with transfer or licensing options.
These instances show how NFTs are pushing boundaries by finding applications in industries that may be unexpected. The possibilities and applications of NFTs are expanding as various industries delve deeper into their potential.
Head of Events, CryptoOracle Collective
Democratizing art sales and royalties
NFTs have dramatically transformed the traditional art market by providing artists with a new way to monetize their work. What makes this so revolutionary is how it overcomes many long-standing barriers in the art world. Artists no longer have to rely solely on galleries or auction houses to sell their pieces. Instead, they can place their work directly on NFT platforms, reaching a global audience in minutes.
This change not only democratizes access for artists and buyers, but also introduces smart contracts. These smart contracts ensure that artists continue to earn royalties every time their digital art is resold. This feature provides artists with an ongoing revenue stream, something never before seen in traditional art transactions. For artists who often struggle with financial uncertainty, NFTs present an innovative opportunity to build a more sustainable and rewarding career.
Owner and Digital Marketing Specialist, Casey Meraz
Negotiation of virtual land in digital real estate
One unexpected sector benefiting from NFTs is real estate, particularly in the realm of virtual property. Platforms like Decentraland and The Sandbox allow users to buy, sell, and trade virtual land and property using NFTs. These virtual spaces are becoming valuable assets, with some properties selling for hundreds of thousands of dollars.
Companies are also using these virtual properties for advertising, hosting events, and creating brand experiences. The concept of owning and trading virtual real estate has introduced new business models and opportunities, expanding the traditional understanding of real estate ownership and investment.
CEO and Founder, Toggl Inc
NFTs in interior design and virtual properties
We’ve seen the integration of NFTs into the interior design and décor industry. Designers and artists are now creating unique digital art and virtual furniture that can be purchased as NFTs and displayed in people’s digital living spaces. This has opened up new revenue opportunities for creatives and allowed homeowners to curate and personalize their virtual environments in innovative ways.
Another application of NFTs that we’ve seen emerge is in the realm of digital real estate. Entrepreneurs have been quick to recognize the potential of NFTs to represent and sell virtual properties, often in the form of metaverse experiences or digital twins of physical homes. This has allowed property owners and developers to create additional revenue streams by offering unique tokenized properties that can be bought, sold, and even rented in these burgeoning virtual worlds.
NFTs have also enabled entrepreneurs to explore new business models, such as fractional ownership of assets, royalty-based revenue streams, and innovative financing mechanisms. These emerging opportunities have the potential to disrupt traditional industries and create new avenues for growth and innovation.
COO and Co-Founder, Best Online Cabinets
Digital collectibles transform business models
NFTs have shaken up the business world, and one of the sectors that has been surprisingly impacted is digital collectibles. Entrepreneurs can now create unique digital items, from art to virtual trading cards, and sell them directly to consumers without a middleman. This shift has empowered artists and creators, giving them a way to monetize their work on a scale never before possible.
What’s even more intriguing is how NFTs have added a layer of authenticity and ownership to the digital realm. Buyers gain proof of ownership and rarity, which has increased the value and demand for these digital assets. This dynamic is giving rise to new markets and business models, including virtual real estate and exclusive online communities. In short, NFTs are not just a trend; they are a game-changer in how we think about ownership and value in the digital age.
Director of Operations, Webris