Tickets and attendance records
NFT ticketing is conceivably one of the NFT market’s most underappreciated segments. NFT ticketing is exactly what it sounds like: tickets in the form of an NFT living on a blockchain that serve as admission passes for any live (or even virtual) event. It is widely seen as being extremely advantageous for the future of live events.
Both ticket issuers and recipients can gain from NFT tickets in a number of ways. By using the blockchain as a ledger, issuers may keep a more thorough record of attendance figures while also communicating with ticket buyers in a novel and creative way using NFTs. By gathering information on the owners of a particular NFT ticket, Issuers may easily send out notifications, arrange unexpected giveaways, develop token-gated websites and services, and more.
On the other hand, people who show up to events without NFT tickets can still receive rewards after the fact. Users can produce and issue commemorative badge-style NFTs that can offer many of the same functions as NFT tickets using POAP, or the Proof of Attendance Protocol. The entry hurdle is extremely low and makes collecting a POAP accessible to those who are not familiar with blockchain technology. Users frequently only need to scan a QR code or type a certain word.
NFT ticketing and POAPs may appear to be only a lighthearted reward for event goers, but they have proven to be helpful for project creators in keeping track of early backers. It wouldn’t be a stretch to claim that both POAPs and NFT tickets are influencing how we view fans on Web3.
Membership cards
While it’s true that PFP projects and NFT-based memberships both grew and expanded at the same time, these memberships have subsequently matured into a distinct market segment of their own. These kinds of NFTs are typically used by brands and programs, and they serve as access keys to unlock incentives and prizes for their holders. NFT memberships are sometimes enforced by “token-gating,” which employs blockchain technology to confirm ownership of an NFT and give holders access to any member-only benefits on offer. This may be done in Discord servers, during live or recorded events, and other places.
The Bored Ape Yacht Club is one of the earliest examples of NFT memberships. Holders of BAYC NFTs get access to merchandise drops, music festivals, upcoming NFT releases, and much more simply by being the owner of a BAYC NFT. The most ambitious membership initiatives continue to be LinksDAO, LoudPunx, and Flyfish Club, while platforms like Friends With Benefits and OneOf have evolved into models for businesses wishing to introduce membership cards.
Even going beyond the concept of a straightforward membership pass, several NFT initiatives have included shared ownership and voting. Consider Rug Radio as an example. A decentralized Web3 media platform designed by well-known influencer and builder Farokh, the project’s concept is to be by the community and for the community as a platform controlled by its users. As a result, Rug Radio distributed Membership Pass NFTs, which allow their holders to cast votes and take part in significant decisions.
Tokens with a soul – Soulbound
As non-transferable tokens (NFTs), soulbound tokens are perfect for keeping track of permanent records. SBTs might offer us a more effective approach to validate crucial information on the blockchain rather than storing fragile paper records to be passed down through the generations.
But these NFTs, which were first proposed by Vitalik Buterin, a co-founder of Ethereum, have more uses than just replacing paper records. Should SBTs go live as planned, they would have a tremendous impact on our daily lives since they are intended to serve as a comprehensive suite of tools for internet users to retain and safeguard their identity. Through SBTs, any information can be created as an NFT with immutable and non-transferable ownership, including criminal histories, work histories, academic accomplishments, alumni status, and anything in between.
Although it’s possible that SBTs won’t be practical on a large scale until a fully decentralized society is realized, there is growing evidence to suggest that this might happen as early as 2023. And where? Well, in addition to Buterin himself implying that they might (have been) adopted by late 2022, businesses like Moonpay have already launched initiatives similar to SBTs. Perhaps the first successful real-world use case is just a question of time.
Digital and Physical – Phygital
The NFT market saw an increase in “phygital” items in 2022. As a merging of the physical and digital worlds, phygital has added even another layer to the idea of digital ownership by enabling creators to convert their physical works into NFTs and vice versa. Although the term “phygital” has drawn criticism for having harsh phonetics and being a simple portmanteau, the success of such goods cannot be disputed.
Phygital items come in a range of shapes and sizes. For Web3 artists, the distinction between physical and digital continues to blur across a variety of products, including toys, collectibles, and even more conventional forms of art like sculpture and paintings. Wearables, however, have become one of the most well-liked use cases to come from this new industry area. Companies like 9dcc and RTFKT, who continue to make shoes, shirts, and other items of clothing driven by NFT, serve as the best examples of this.
While wearable digital goods may seem a little futuristic, they have been around for a while thanks to video games like Fortnite. In fact, Gmoney, the founder of 9dcc, was originally inspired to explore the world of digital treasures by Fortnite skins. He saw the possibility of digital ownership and the significance of future generations understanding that potential. The rest of Web3 would be wise to follow suit if financial behemoths like him and fashion powerhouses like Nike are keeping an eye on phygital.
AI – artificial, synthetic intelligence
Whether you like it or not, artificial intelligence is a reality that seems set to endure. The AI boom we’re currently seeing feels similar to, if not bigger than, the initial NFT boom of 2021, with technologies like ChatGPT blooming across almost every field and AI-generated art becoming a popular and divisive topic among online forums.
However, it is almost certain that AI will have a greater impact on society as a whole than even NFTs can at this point. Of course, this also refers to how it affects Web3. In reality, several well-known artists in the NFT industry already include AI collaboration into their creative processes. The digital aspect of the NFT area in general, where developers, artists, and coders congregate, is to blame rather than the most recent AI surge. Why therefore should we be keeping an eye on AI in 2023?
Well, because it has come a long way in the past year alone. The morality of producing and disseminating AI art has come under scrutiny with the introduction of DALL-E, ChatGPT, and other technologies. While many reviewers are afraid of the new AI art paradigm, others accept it as inevitable. However, the “human authorship” required to grant the rights intended to protect the artist does not currently exist in AI-created works. a precarious slope, indeed.
Conclusion
As we are threading through 2023, the use cases mentioned above are indisputably prevalent in the NFT space. Some may fail, some may completely take over the market, or perhaps some unforeseen factor will manifest and further alter the ecosystem. However, each of these examples of NFT innovation has undoubtedly contributed, even if only a little, to moving the discourse about the value of blockchain technology in contemporary society from a specialized to a general level.