NFTs can be implemented for use in both the digital and physical art world. Digital art can be minted as an NFT by an artist so that the artist can sell an original copy of their artwork. They can even set up the NFT such that when/if it is resold, the original creator makes royalties on transactions of that NFT after the original sale.
Furthermore NFTs can also be used to attach a digital token to physical art pieces. One can sell an original physical piece along with its digital twin NFT that proves ownership of the original artwork. Sotheby’s auction house is one of the first to sell physical pieces of art along with an NFT digital twin in their latest Picasso auction.
NFTs have the potential to become a huge disruptor in the music industry. Currently musical artists generally have to sign with a music label who produce and distribute their music taking a sizable portion of the revenue to be made on a song/album. Through NFTs, Artists can sell their music direct to end users in the form of an NFT. They can also follow other models such as selling the rights to their music as an NFT to the highest bidder who can then distribute the music. Each time the music is distributed, the artist can also make royalties on those transactions.
In the sporting world NFTs can play a massive role from teams and leagues minting their NFTs down to individual players minting NFTs. NFTs are a fantastic way to improve fan engagement, whether it be giveaways of collectible NFTs if fans purchase tickets to games to auctioning the goal winning ball from the World Cup with a digital twin NFT to prove its provenance. The boundaries are limitless from mass NFTs to fuel fan engagement to rare collectibles.
More or less any modern day video game allows for in game purchases for players to obtain upgrades, cosmetics, and other in game items. However players never really own these assets as game developers have ultimate control over them. NFTs can introduce a new era in ingame items. It will allow players to own the in game purchases they have made. Furthermore there is an opportunity to link real world items to in game items. For example, if I were to purchase a Supreme backpack, I will also get an NFT that will allow me to show off my new backpack in a game like Fortnite.
NFTs also have the ability to replace or at least improve a lot of government/legal processes. For example if I wanted to sell property I would have to go through some central authority that verifies I own the property and then verifies the transaction and the new owner. This requires time, paperwork, and patience (and can be quite a hassle). However if my property were an NFT, the transaction can be easily executable because the blockchain would be able to verify my ownership, the transaction, and the new owner in a fraction of the time.