DeFi offers users a number of benefits that can help to improve confidence, security and trust in cryptocurrency-based transactions and applications, including the following:

Gaming

The global gaming industry generates massive revenue across mainly three market subsets: PC, mobile and console. Altogether, the video games industry generated sales of 134.9 billion US dollars globally in 2018. Virtual economics has been thriving for many years. Games like Fortnite and World of Warcraft are the mainstay in the global gaming market. Marketplaces, currencies and in-game items remain the main focus of these games and are required by gamers to level up or progress in their gameplay. Blockchain gaming allows players to transfer in-game assets and provide proof of authenticity safely. NFTs provide the solution for the digital ownership of unique and rare in-game assets. Users also get the chance to participate in governance to decide future developments in the game.

Sports

Blockchain provides an effective solution for eliminating counterfeit tickets and merchandise in the sports industry. Blockchain implements immutability to prevent counterfeiting by leveraging NFTs. Tokenized sports game tickets issued on the blockchain make a perfect use case of NFTs in sports. Every game provides similar tickets to the audience, but each holds unique information about its registered owner on the blockchain

Art

It is challenging for digital artists to maintain their work’s copyright. Through NFTs, it is possible to resolve this issue. A user can buy a creation and proudly display the asset on any virtual space with its entire history. The copyright information can hold the details of the artist, date of origin, previous owners and asset value.

Media & entertainment

The internet has generated numerous frauds in the entertainment industry related to content copying, copyright theft, etc. The entertainment industry has been battling such issues for a long time. The advent of blockchain technology and NFTs has made it possible to link each film or piece of media to the blockchain as an NFT. In this way, NFTs could help prevent files from being copied or shared without permission. Moreover, NFTs are also used to eliminate fake news as they provide proof of origin.

Real estate

With the help of NFTs, real-world assets like real estate are tokenized on the blockchain. It would ensure smooth transactions while buying/ selling houses without the involvement of any third party. With NFTs, there will be no possibility of having conflicts over ownership of lands or other assets.