With the growing popularity of non-fungible tokens (NFTs), many people are attempting to jump on board and ride the wave.
As more people and companies enter the NFT market, it becomes increasingly challenging for them to develop new methods to use NFTs and ascribe the greatest value to them in order to attract and engage their communities at their best.
If you’re looking to enter this industry, but don’t know how to make NFTs offer special benefits to buyers, keep reading.
In this blog article, we’ll go through some of the best examples of NFT use cases in 2023.
Let’s get right to it.
7 Top NFT Use Cases in 2023
1. NFTs as entrance tickets to in-person events
The use of NFTs for conferences, concerts, and events has become more and more significant.
NFTs have since taken the place of standard tickets.
Therefore, event planners are implementing so-called NFT tickets or NFT passes to provide participants with cutting-edge technology and a way to permanently access and save memories of that event on the blockchain.
2. NFTs as proof of authenticity
The prevalence of counterfeiting, especially in the luxury sector and with well-known firms, makes it difficult to confirm an item’s authenticity.
NFTs have been shown to be the solution to this dilemma.
Many businesses and well-known brands have begun to use NFTs as proof of authenticity when delivering goods to customers.
This way, buyers are certain that they are purchasing an original product, and because the information is saved on the blockchain, they can prove the authenticity forever.
3. NFTs as proof of ownership
Proof of ownership is a challenge similar to proving the authenticity of a product.
This may be very useful in the used market to determine how many owners the product had.
As an example, the used car market might benefit greatly from this feature, since an intending buyer could use an NFT to verify the information recorded on the blockchain and discover how many owners the car has been through.
4. Access to private groups or community
Increasingly, private groups are forming as Discord and other community platforms become more popular.
The NFT is now used as a means to gain access to such private groups and benefit from everything they have to offer.
5. Access to beta products or beta versions
Access to beta goods or beta iterations of services can likewise be granted through NFTs.
NFT holders in this situation get the chance to test the product or service first and reap the rewards of all the advantages and changes that come with just being first.
6. NFT as coupons for discounts on products and services
NFTs are gradually displacing standard coupons.
This means that NFTs are issued and used by users to gain access to special discounts and promotions.
7. NFTs for use in virtual environments/metaverse
Some NFTs are also intended for usage in the metaverse.
It is an example of NFT clothing, accessories, and things that avatars in the metaverse can wear or use.
Exploring the Diverse Applications of NFTs by Companies in 2023
As the NFT market continues to evolve, new use cases have emerged, showcasing the versatility and potential of non-fungible tokens in various industries. Here are some company examples of NFT use cases in 2023:
1. Starbucks: Loyalty Program
NFTs have found their way into loyalty programs, offering unique benefits to customers. Brands like Starbucks have introduced NFT-based loyalty programs, where customers can collect digital tokens that represent points or rewards. These NFTs can be redeemed for special discounts, exclusive merchandise, or even personalized experiences.
2. Australian Open: Match Data Tokenization
Sports events have started leveraging NFTs to tokenize match data, creating unique collectibles and opportunities for fans. The Australian Open, for instance, has introduced NFTs that represent specific match moments, player statistics, or memorable highlights. Fans can own these NFTs, which serve as digital souvenirs and enable them to relive iconic moments from the tournament.
3. Ticketmaster: Tickets as NFTs
Ticketing systems have embraced NFTs to enhance the security and ownership of event tickets. Ticketmaster, a prominent ticketing platform, has integrated NFT technology, allowing tickets to be issued as unique digital assets on the blockchain. These NFT tickets ensure authenticity, prevent fraud, and provide verifiable proof of ownership for concert-goers and event attendees.
4. NFTs as proof of authenticity and ownership: Luxury Brands
Luxury brands, such as Gucci, Dior and Louis Vuitton, have adopted NFTs to combat counterfeiting and provide verifiable proof of authenticity. By associating unique NFTs with their high-end products, customers can verify the origin and ownership history of luxury items, ensuring they are purchasing genuine products. This transparency helps protect brand reputation and build trust with consumers.
5. Access to exclusive communities: Discord and Metaverse
NFTs are increasingly being used as a gateway to exclusive communities and virtual spaces. Apps like Discord and Spotify apps offer access to private groups and token-enabled content, where NFT ownership serves as a ticket for entry. These communities provide members with specialized content, networking opportunities, and unique experiences, fostering a sense of belonging and exclusivity.
6. NFTs for beta product access: Tech Companies
Tech companies often use NFTs to grant early access to beta versions of their products or services. By owning an NFT, individuals can participate in testing and provide valuable feedback. Companies like Microsoft and Adobe have used this approach to engage their user base, incentivize early adoption, and reward participants with exclusive perks or limited edition NFT collectibles.
7. NFTs for virtual assets in the metaverse: Fashion and Accessories
In the metaverse, NFTs are enabling the ownership and customization of digital assets. Fashion brands and designers have embraced NFTs to create unique virtual clothing, accessories, and virtual items that users can purchase and showcase within virtual worlds. Examples include virtual fashion shows by luxury brands like Prada and Balenciaga, where digital outfits are auctioned as NFTs.
These updated use cases demonstrate the expanding utility of NFTs beyond traditional applications. Brands are actively exploring new ways to engage their communities, offer unique benefits, and leverage the potential of blockchain technology to enhance authenticity, ownership, and customer experiences.