How are NFT use cases evolving?
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That's a good point. I think that when you look at new technology, the immediate question is: is this something really new or is this a new acronym? Because what you described sounds like an early adopter loyalty program. <br><br>But the tracking capabilities of NFTs are awesome, so folks can also leverage the tech that way. Collectors want to be the only ones to own an item; that's part of the uniqueness of being a collector of things. When everyone has the item and the only difference is that yours has a barcode on the back that says it’s unique, it's less special. So I don't think NFTs will appeal to collectors in that way but it could be an authenticity component, as it is with that Snoop album. There’s a lot of potential for that use case.
Another interesting NFT that dropped was called Edible NFT. It was created by a chef, Christian Petroni, and getting this NFT gave you special access to parties at his pizza place in New York. I thought that was a fairly interesting way of blending the digital ecosystem with the reality of having special access to physical experiences. It even goes back to the original Bitcoin purchase in which someone paid 10K Bitcoin for two pizzas.
I could see NFTs being used as the original copy of something and then other people might be able to get a replication. I know people who created art pieces or clothing in Second Life, for example, and then sold them to fund their college education. That could be an interesting use case.
Metaverse use cases are where NFTs become important. I know people who specialize in this and get communities together. They own avatars that they won in a lottery, or they paid a certain amount of money for them and sold another one so they could fund their own. I’ve also seen them used in modern-day loyalty programs: Snoop released an album that's an NFT and those who have the NFT get special rights and privileges. They can get access to certain things that others cannot, so it's interesting how marketing has taken this tech and run with it a bit. The use cases don't always make sense, but it is how things have been trending.