XP.network allows you to build NFT dApps for very different audiences and markets. In this post, we’ve collected our favorite use cases – some of them may surprise you!
How XP.network works: a short reminder
Sometimes people ask what our ‘NFT dApp’ will do. The answer is that XP.Network isn’t a dApp – it’s a platform for creating NFT dApps. What’s more it’s blockchain-agnostic: we are building on Polkadot, but you as an XP.network user will be able to design and deploy your application on just about any blockchain, be it Ethereum, Polkadot, BSC, Elrond, etc.
The best part is that using XP.network doesn’t require any coding: even non-techies will be able to design beautiful dApps using our platform thanks to a user-friendly drag-and-drop editor. We’ll have many ready use cases to choose from: marketplaces, lending apps, collateralization services, and so forth. But instead of going through them, let’s look at XP.network from a human angle: which categories of users will profit from it most?
1) Art creators
When people think of NFTs, they think of digital art. Be it Beeple’s collage that sold for $69M or basic-looking (but very expensive) CryptoPunks, any digital artworks can be sold as NFTs, creating a steady stream of income for creators. And while the primary market prices are usually much lower than those in the secondary market, if you want to make a living as an artist, NFTs are the way to go.
2) Beginner online entrepreneurs
An artist’s fortunes are unpredictable – but those of an auction operator are far more reliable. If you’ve always wanted to start an online marketplace but worry about the sky-high competition on Shopify, this is your chance. The NFT marketplace and auction industry still offers huge windows of opportunity: and with XP.network you can easily design an attractive app and start listing NFTs on several blockchains at once.
3) Collectors and investors
Digital art appreciates fast: it’s not uncommon to re-sell an NFT at double the original price after a few months. Of course, NFTs are a risky investment for the short term, because if the price of Bitcoin falls, NFTs will fall, too (as we’ve just witnessed). But if you are willing to wait for a year, you might make a nice profit.
4) Influencers
NFTs are a goldmine for Instagrammers, TikTokers, YouTubers, and bloggers. Just about any piece of content can be made into an NFT: a video, a recipe, a picture, etc. Loyal followers will queue to buy an exclusive photo collection or a secret eBook. In fact, this February the famous YouTuber Logan Paul sold a collection of his own NFTs for $5 million.
Source: Cryptoslate
5) Borrowers
If NFTs are so valuable, why can’t you use them as collateral to borrow money? Of course, we aren’t the first ones to come up with this fantastic idea: DeFi lending apps that support NFTs as collateral already exist. But with XP.network, it will be possible to create lending dApps on different blockchains and migrate them as needed.
6) Gamers
The CEO of Big Time Studios recently stated that most major gaming companies are researching NFTs. Artifacts, skins, and whole accounts in games like DOTA2 and Fortnite already sell for a lot of money, so the idea to turn them into NFTs is very natural. This will allow gamers to trade their valuable in-game items in the wider crypto market.
7) Event organizers
Selling tickets to concerts, festivals, and theater plays as NFTs makes total sense now that we have blockchains with low fees that support NFTs, such as Polkadot and BSC. (It would be silly to issue tickets on Ethereum, making people pay $5-10 extra as a mining fee.) Such NFTs can be very versatile: for instance, if the organizer is worried about skalpers, they can make them non-transferrable until the day after the event, and then unlock the possibility to resell the NFT as a digital collectible.
8) Musicians
NFTs allow for a very creative way to earn more with royalties. The first step is to attach an NFT to a song (though this works for other types of creative content, too, such as texts or videos). Next, every time the NFT is sold on in the secondary market, the original creator is paid a royalty as a percentage of the sale price. Creators can’t rely on these earnings as a constant source of income, because there’s no way to know how frequently a song or video NFT will change hands – but every time it happens, the creator will get a nice surprise!
The XP.network website features many more NFT dApp use cases – check it out! Remember that you can always ask your questions in the official Telegram chat!
Follow us on socials:
No comments:
Post a Comment