Different use case for NFT's

Discussions Learn web3
#1

NFTs have been a big trend for last few years. It was the biggest step for creator economy on web3 side of internet. Many creators used and benefited it is monetization ways. NFT marketplaces did billions of trading volume through their trading.

Dev Protocol is building a complete middleware for both creators and their supporters to monetize sustainably while devoloping a strong relationship together. In order to do this, the team is working on unique technology mechanisms. Minting NFTs, issuing social tokens, providing perks creating your DAO and unique individual staking mechanism are just few of them.

In this article i want to talk about current utilities of NFT’s and what can be the possible utilities especially on a complete ecosystem.

Even though NFT’s did billions of volume in secondary markets such as Opensea or Looksrare, most of the utility was just the art behind this tokens. It was mostly a hand drawn art or just a generated art from combinations of different traits. While some will generate value in long term, most will disappear over time. Some projects aimed to build games on these NFT’s.

On of the cool utilities of a NFT is it can work as a subscription based model. The token can work as a key for a locked content. This is super suitable on $DEV ecosystem. A creator can reward their long term supporter with an NFT which will provide special content for their fans to reach.

NFTs also has a really important utility. Which is their proof of ownerage. Being a proof of something is really important because it requires certification normally. NFT’s ease this process and gives the easiest and most secure way of proof of cerftification which is impossible to fake thanks to the blockchain technology.

Dev Protocol ecosystem also managed to give a whole new utility to NFT space. Which is proof of continues patronage. So basically whenever a supporter starts staking on a creator, their staking position turns into an NFT. Those NFT’s can be tradeable.

I want to explain this in an example. I am a fan of a musician and i put my staking position on him. The musician got popular over time and wanted to reward their old stakers. The authentication is those NFT’s which cant be faked. Why it is important to have it as a tradeable asset but not only a position is because to give value to this ownership. An other fan or collector can want to buy this position which can have value as the creator decides.

Over time, i believe NFT’s will gather different utilities. But this will mostly happen with technology and different needs. Dev Protocol is building a complete ecosystem for being the center of decentralised #creatoreconomy. I am more than excited to see new tools on this ecosystem. Lets build together :space_invader:.

Also i would love to hear new ideas for possible NFT utilities :slight_smile:

2 Likes
#2

Thanks for your interesting post!
I’d like to provide my supporters with the NFTs that have the utilities like the following.

  • NFT books : tokenized books, also rentable to non-owner (ERC4907)

  • Picture changing NFTs : The NFTs whose pictures change in stages according to the number of years of continuous staking by supporters.

  • Wearable NFTs : Each owner of the NFTs can wear an accessory like t-shirt, cap, shoes etc. that is represented by the NFT, in a metaverse.

  • Avatar NFTs : Each owner of the NFTs can download an avatar file (e.g., VRM file) that can be used as their avatar in plural metaverses.

2 Likes
#3

Interesting post, thank you.

2 Likes
#4

Could one case for NFTs be as a user identifier? So for example, by staking on a creator I am entitled to physical rewards (eg a t shirt). When I stake I provide my name and address and am issued with an NFT that proves who I am and my contact details.

2 Likes
#5

That is some real utility to give value to your NFTs, all of them are cool but especially the one that changes picture when more staking happens is intresting. It would be a dynamic nft and a good way to represent proof of continues patronage :star_struck:

1 Like
#6

That is a great way also. Especially the creators can write them to their perks place and you will be rewarded when you have the NFT. It would be like you are eligible (but in the blockchain language) :slight_smile: