From the very appearance of Bitcoin in 2009 as the first cryptocurrency until today, the world of cryptocurrencies has been enriched every day. New altcoins are being mined, more and more are being invested, and thus the opportunities for earnings are significantly increased.
However, what, in a way, brought a real revolution in the crypto universe are the NFTs or Non-Fungible Tokens. These are non-interchangeable data units stored on digital lagers, most commonly Blockchain for total beginners.
Even though in the beginning, NFTs were mainly in the form of photos, audio, and videos, nowadays, they can be seen as memes, tweets, and even GIF-s. Today, big stars from movies, music, and sports have their own Non-Fungible Token, such as Jake Paul NFT example.
Due to their vast popularity, many people are interested in them. However, did you know precisely where NFTs are most commonly used? Let’s find out!
Undoubtedly, you’ll find NFTs primarily in digital art. It’s no surprise that high-profile auctions of Non-Fungible Tokens linked to digital art have drawn a lot of attention. The most expensive NFT so far was a work named “Merge” by Pak artist. It had an auction price of an incredible $91.8 million.
Keep in mind that some NFT collections, such as the famous CryptoPunks and EtherRocks, represent examples of generative art that include various images created by simple components in different styles.
For example, in 2021, Injective Protocol company purchased “Morons” by Banksy, an original screenprint, for $95,000 and filmed someone burning it with a cigarette lighter. That video was minted and sold as an NFT. The person who’s done it called themselves “Burnt Banksy” described that event as an excellent way for transferring a physical work of art to the universe of Non-Fungible Tokens.
Besides games, NFTs are heavily used in the game industry. NFTs can also represent in-game assets, such as digital plots of land. These NFTs are controlled mainly by users instead of game developers if they can be traded on third-party marketplaces without any need to seek the game developer’s permission.
Once again, the famous CryptoKitties game represents an early successful blockchain online game where users can adopt and trade virtual cats. To understand how powerful this game was, it’s enough to hear that the monetization of NFTs that were in-game assets raised an incredible amount of $12.5 million, and some kitties have been sold for more than $100,000 each!
For that reason, CryptoKitties online game was added to the ERC-721 standard that was finalized in June 2018. After that, many other games were launched with a similar goal as CryptoKitties, such as Axie Infinity.
Besides digital art and games, NFTs are also used in the music and film industry. When it comes to the music industry, Non-Fungible Tokens generated approximately $25 million, with artists selling their music and artwork as NFT tokens. For example, 3LAU, an electronic musician, sold 33 of his NFTs for $11.7 million.
NFTs are also used in the film industry. For example, in 2018, there were limited-edition Deadpool 2 digital posters released by 20th Century Fox and Atom Tickets to promote the movie. Adam Benzine’s documentary “Claude Lanzmann: spectres of the Soah” from 2015 has become the first documentary film and the first motion picture to be auctioned as an NFT in March 2021.