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- May 31, 2022
The Top Industries Adapting to NFTs with Case Studies
With a constant rise in value and popularity, NFTs have now begun disruptions across industries worldwide. Industries are proactively adopting NFTs or are working upon their readiness to adopt them in the future. Big players like Adidas, Coca-Cola, and MacDonald are utilizing NFTs for their key product of Metaversal marketing. But what utility do these bring to the end-owners? How are these offline real-time businesses still maintaining their customer bases?
In this blog, we provide you with proof of the top industries and their big players, who are adopting NFTs hyperactively to mark their presence in the Gen-Z Metaversal world.
- The Art and Music Industry
The art and music industries have a long record of custodians who control essential components of intellectual property. Such people include brokers, galleries, agents, and labels. These arbiters regulate the sale and distribution of an artist’s work and also monitor the distribution of incurred earnings.
The possibility that NFTs offer artists in terms of ownership is phenomenal. They have the capability to modify this synergy. Artists can now actually deal with buyers (fans). They can retain intellectual property for every art piece, which can provide a consistent income stream in the form of resales. Many popular artists both from the art and the music domain have started catapulting from the benefits of NFTs. Examplewise, Mike Winkelmann or Beeple, previously a graphic designer, is now one of the most acclaimed NFT artists in the world. His infamous NFT “Everyday’s”, a collection of 500 of his artwork sold for $69 million dollars, making the artist a millionaire overnight. Another such artist is Mural Pak or Pak, who sold his NFT “Merge” for an astounding $91.8 million dollars.
As for the music industry, famous DJ Steve Aoki, Canadian Musician Grimes, rapper Snoop Dogg and multiple others, are actively selling their music as NFTs for millions of dollars.
- The Gaming Industry
It is unsurprising that the gaming industry would embrace NFTs. Most games have developed virtual businesses by incorporating in-app purchases. They essentially tokenize assets that can be purchased within the game, ex. Shields, skins, etc. NFTs provide the gaming industry with the capability to allow users to hold the assets they have bought in their games. The user can next choose to recur out their in-game assets/investments into fiat currencies.
Examples of such gaming use cases would be the newly developed Blockchain games Axie Infinity, Spliterlands, Sandbox 3D, and likewise.
Surprisingly, this industry is the closest to the Metaverse, and thus it has the most potential to profit from the evolving frenzy.
- The Fashion Industry
NFTs are no exception to the fashion industry’s tradition of setting the latest trends. 17 per cent of the brands featured in the Vogue Business Index have already started banding with NFTs. Dolce & Gabbana also acquired about $6 million for a nine-piece digital NFT collection, while Burberry released its NFT collection in the game Mythical Games’ Blankos Block Party.
The actual utility of NFTs to the fashion industry involves the power to tap into worldwide communities while providing them with value-based tangible revenue. NFTs also let the brands curate personalized experiences that fuel desirability. Such, resultantly make the customers more loyal to the brand. All this lets the enterprises build hype around their product launches, fostering more business returns.
- The Real Estate Industry
The problem of transferring property ownership is one of the major drawbacks of real estate investing. Buying a home or opening any estate chain presently necessitates a massive amount of documentation. Also, the scope of owning amounts of land gets much limited due to regulatory norms.
NFTs simplify this transaction process, allowing a buyer to claim control of land pieces in minutes. Not only that but buyers now can also buy limitless amounts of virtual estate properties, which they later can resell for quadruple amounts. The SandBox and Decentraland are two platforms that provide virtual real estate NFTs, with plots selling for as much as $4.3 million.
The practicality? Yes, that’s debatable. But hey so was Bitcoin before 2015. And look at it now.
Other industries diving into NFTs
- Domain Names
- Insurance companies, and many more…
At NFTICALLY, we believe that we are still in the initial stages of adopting NFTs. Decentralization has usability in every industrial domain, and NFTs have the ability to accomplish so. There will undoubtedly be far more enticing and exhilarating industry and NFT collaborations in the future. You as an individual, get to choose your part in this rousing yarn.
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