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Why would someone want an NFT?
Like most things, it really depends on the use case, the individual, and their motivations. The practice of making and maintaining collections is as old as civilization itself.
It makes sense that this drive to collect and display items of meaning would follow us into the virtual world since many people use the digital world for interacting with friends, coworkers, and other Internet communities.
For what can NFTs be used?
NFTs may play an important role in the future of retail, social media, entertainment, and commerce.
They have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce.
NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors.
The most popular use case of NFTs are NFTs as collectable art pieces. NFTs have given artists a way to easily sell their art to a global audience while ensuring ownership rights.
Art NFTs can be broadly split into two categories: Non-Generative Art and Generative Art.
Non-Generative Art refers usually to unique collectibles while Generative Art can give rise to a group of NFTs that are similar in a common theme but share generative variations.
Our Yield Ones NFT is a Generative Art collection.
The integration of NFT technology with gaming has led to the creation of a new paradigm in gaming: Play-To-Earn/Play-And-Earn/GameFi.
This paradigm as yet to prove himself viable. So far there are no sustainable in-game economies where a player could make a living professionally out playing a game in a decentralised environment. This may become a possibility soon!
Music NFTs are an emerging use case for NFTs. Just like Art NFTs, Music NFTs are key for artists to capture a larger portion of the value that they create.
Sports NFTs are a growing and thriving use case of NFTs. Similar to baseball trading cards, sports NFTs allow fans to build a collection of their favourite teams and players.
Due to the ease of authentication and ability to verify ownership, NFTs can act as access passes.
Our Yield Ones NFT also shares this trait, they are a Generative Art collection first and an access pass second, to our future platform that we are building, Community Market.