Everything that exists is useful for something, otherwise, it would lose touch with relevance and go into extinction. Depending on this premise, there are arguments as to whether or not NFTs have the problems they are solving.

Doing justice to these questions would be a determinant in whether or not NFTs are merely bubbles that would not be known in the next couple of years.

When you hear that someone buys a Bored Ape, one of the most popular NFT collections, for $390k. You’d want to ask yourself, “What is the essence of NFTs to the person who bought it with that whopping amount?”

The purpose of this brief essay is to highlight remarkable use cases of NFTs and the possible reasons someone won’t mind buying one NFT for high prices like $390k. Let’s get into it.

Use Cases of NFTs

1. Fundraising Mechanism 

The old method of raising funds via donation to the bank account no longer works like it used to – and it will keep declining with time. On this note, elite organizations and clubs are already minting and selling NFTs to raise funds. 

Some football clubs like Atletico Madrid do not only have a governance token, but also mint NFTs as a way of receiving donations from their fans. At the moment, a lot of charity organizations like the Rose Knights Foundation are implementing this. 

With the look of things, experts are predicting that even Startups would be minting and selling NFTs in the future to secure funds. 

2. NFTs Are Items In The Metaverse 

The reason NFT hasn’t received its due attention is that the Metaverse has neither fully formed nor gained mainstream adoption. The utility and value of NFTs would spike when the Metaverse is finally here. 

We would all appear in the Metaverse as avatars. These avatars are NFTs each one would have bought and would have identified with. 

In the same vein, as humans would be transitioning to live in the Metaverse, they would need property – landed properties, cars, photos, gadgets, and even commercial items. All these items would be NFTs that are running on the blockchain. 

Therefore, there is more to NFT than meets the eye.