Two other practical uses for NFTs are POAPs (proof of attendance) and membership utility tokens.
With POAPs, an artist can host an event and issue NFTs to those who attend. The NFTs then become a badge of honor that could rise or fall in value over time. A one-time event, either physical or virtual, where all attendees receive a POAP just for showing up can serve as its own kind of memorabilia. No longer will people say, "Been there, done that, got the T-shirt". It will be, "Been there, done that, got the POAP".
With membership tokens, people can join an exclusive club. When they get tired of being members of that club, they can sell their membership to someone else, who then receives the token and the membership is transferred. If the original holder got in on the groundfloor of a club that later became very popular and yet exclusive, the value of that NFT could go up tremendously. The seller could profit from selling the membership.
Another take on the membership token is the loyalty card. Businesses can use NFTs to track purchases and reward customers who reach certain spending benchmarks, or offer discounts based on product preferences. The information will be more secure and more valuable than current loyalty cards.
All potential use cases that could have value and utility in the marketplace.
Not all NFTs are going to be worth a fortune or be used for speculation. Forget proof of attendance, the NFT could be the access token that gets one in.
So many possibilities.
The possibilities are the true value. I don't think we've yet seen all the creative ways NFTs can be used.
Yeah. We havent even begun to see the innovation behind NFTs. People will be able to come up with some incredible use cases.
I can hardly wait to see them. :-)
It will be interesting to watch.