What can you do with non-fungible tokens? In this article, we are looking at 5 NFT use cases that will change the world.
If you are unfamiliar with NFTs, this video will help you get a good introduction! Let’s delve in.
Table of Contents
NFT Use Cases That Will Change The World
1. Documentation
Identification and other forms of documentation play a vital role in today’s society. Governments worldwide spend a lot of resources to create, store and verify all sorts of documents.
Not only governments but all industries like insurance companies, car rentals, hospitals, or restaurants are in contact with different forms of documentation. With all the differences between industries, countries and their policies comes a lot of friction.
NFTs are a solution. If every single document is minted uniquely as an NFT on a blockchain. This would speed up many processes since an NFT is easily verifiable. No need for copying documents, no need for translating, and no need for suspicion since you either own a driver’s license NFT or you do not.
When every institute, company, or government in the world can verify and trust the same code, the world may be an easier way to get around than it is now.
2. Digital Art
Digital art is the first use case that comes to mind thinking about NFT’s. Art is constantly changing, and though art within the digital age has always been a thing, proof of ownership was difficult.
Since everything on the internet can be copied and pasted, how can an artist make a living? It is definitely possible through donations or by selling your digital art in a physical way, etc.
But turning your artwork into Non-Fungible Tokens is not only how you put your signature on a piece. It gives you the options to sell, store, display and, transfer your work whilst earning revenue from all future sales.
If Leonardo Davinci would have minted the Mona Lisa as an NFT he could have gotten a small percentage of the revenue from the Louvre. In case you profited from Options trading on Bitlevex you may want to get yourself some of these Monas.
3. Real Estate
Real estate may change forever with the implementation of NFTs. Real estate sales could be handled using NFTs.
They are easy to transfer, and the owner(s) of the NFT, which represents a piece of real estate, could keep it up to date with all the renovations and damages. This will create an easier-to-trust and more efficient environment for agents, contractors, buyers, and sellers.
When all renovations and damages are reported in a digital, responsive, 1:1 scale of some physical real estate, it is more likely that buyers and sellers will get a fairer price.
Agents may be able to get more deals done instead of trying to get as much out of a single deal and contractors have a better overview of the state the property is in. Of course, it would also just be really cool to walk around with your house in your pocket.
4. Tickets
Whether you are going to a concert, to the movies, a theme park, or even a parking garage, how would it be if the used tickets were all minted as Non-Fungible Tokens? Since all tickets have to do is prove that you paid for something, why not make them collectable?
The same concepts from digital art can be applied to digital tickets. The art/ticket NFT could be programmed to send a small percentage of all future sales to the initial creator and/or, for example, a charity or early investors.
Why would parking garage tickets be sold after they are used? You never know! Maybe they contain some kind of fantastic artwork. And if they do there will probably be people that would want to collect them all.
5. NFTs as keys
You probably are aware of the cars that do not traditionally use keys. Instead of having to turn your physical key in a hole to unlock the door or start the engine, now keys communicate with the car, and simply with the push of a button, the doors unlock and the engine will start.
You probably guessed it already; NFTs can also be programmed today. But since they are tokens, they have a history on a blockchain, they can be customizable, they can be transferred and if you have a way good way to store your private keys, your car keys cannot be lost or stolen.
Demystifying NFTs: Frequently Asked Questions
Non-fungible tokens (NFTs) have taken the digital world by storm, but their applications can be a bit puzzling. Here's a breakdown of some key use cases and FAQs to shed light on the potential of NFTs:
What is the full form of NFT?
NFT stands for Non-Fungible Token.
What are NFTs being used for?
NFTs are being used in a variety of ways, but here are some of the most common applications:
Digital Art and Collectibles: NFTs have become popular to buy and sell digital art, music, and other collectibles. By owning an NFT, you have a verifiable record of ownership for a unique digital asset.
In-Game Items: The gaming industry embraces NFTs, allowing players to own unique in-game items like virtual weapons, skins, or avatars. These NFT items can have value within the game and potentially be traded or sold to other players.
Event Ticketing: NFTs are being explored for ticketing events. NFT tickets can offer benefits like exclusive content or merchandise for holders. They can also help prevent ticket fraud and scalping.
Metaverse Applications: The concept of the metaverse, a virtual world where people can work, play, and socialize, is gaining traction. NFTs are seen as a way to own virtual land, avatars, and other items within the metaverse.
Fashion and Retail: Luxury fashion brands and retailers are experimenting with NFTs to offer unique digital experiences or limited-edition digital merchandise alongside physical products.
Supply Chain Management: NFTs can track the origin and ownership of physical goods throughout a supply chain, providing greater transparency and security.
How do NFTs make money?
There are a few ways to make money with NFTs:
- Buying and Selling: The most common way is to purchase an NFT in the hopes that its value will appreciate over time, and then sell it for a profit.
- Creating and Selling: Artists and creators can use NFTs to sell their digital artwork or other creations directly to collectors.
- Royalties: Some NFTs are coded to provide the original creator with a royalty every time the NFT is resold.
Why would anyone buy an NFT?
People buy NFTs for a variety of reasons, including:
- Supporting Creators: Fans can use NFTs to support their favorite artists or musicians directly.
- Owning Unique Digital Assets: NFTs provide a verifiable way to own a unique digital item, similar to owning a rare piece of art in the physical world.
- Investment Potential: Some people believe that NFTs have the potential to be valuable investments in the future.
What is the future of NFTs?
The future of NFTs is still uncertain, but they have the potential to revolutionize the way we own and interact with digital assets. As the technology matures and new use cases emerge, NFTs could become an even more significant force in the digital landscape.
Last Words – NFT Use Cases
The ways NFTs will change the world are sometimes obvious and, most of the time, difficult to fully understand, but they are so much fun all of the time.
Fun is easy to underestimate, but to quote Elon Musk – ”The most entertaining outcome is the most likely’’. These are only 5 NFT use cases, but they are all entertaining enough to change the world.
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About the Author:
Meet Angela Daniel, an esteemed cybersecurity expert and the Associate Editor at SecureBlitz. With a profound understanding of the digital security landscape, Angela is dedicated to sharing her wealth of knowledge with readers. Her insightful articles delve into the intricacies of cybersecurity, offering a beacon of understanding in the ever-evolving realm of online safety.
Angela's expertise is grounded in a passion for staying at the forefront of emerging threats and protective measures. Her commitment to empowering individuals and organizations with the tools and insights to safeguard their digital presence is unwavering.
