10 NFT Use Cases Beyond Art
I’m sure you know all about NFTs, but if you don’t, no worries, here’s a quick recap to get you started.
NFTs, which means non-fungible tokens, are unique digital assets. A digital asset is a type of file created electronically. It only exists as data on a computer or cloud storage.
Non–fungible means an asset cannot be exchanged or broken down into units. Crypto tokens and paper currency are fungible. If you have 1 ETH, you can sell it in units.
NFTs can be collectibles, digital arts, a collection of music, or a mix of all three. As creators push the boundaries possible with NFTs, we decide to explore some of the use cases already out there.
10 NFT Use Cases Beyond Art
- Identification and Documentation
I’ve always had a problem with ID Cards, not the document, just the physical card. I can be forgetful, so I tend to lose my cards. Sure there are apps to store your IDs and documents, but they are a security risk.
As an NFT, your IDs and documents will be stored on the blockchain, which only you can access. Since it’ll be on the blockchain, you can be sure it’ll be next to impossible to steal or tamper with your data. Tokenizing documents will also help reduce the use of counterfeit and fake IDs.
2. Video Games
Although most of the attention regarding NFTs is on arts and entertainment, the truth is NFTs are also perfect for use in the gaming industry. There are over 2.7 billion online players, and they are all familiar with the concept of digital collectibles.
The gaming industry is a perfect target audience for NFTs since the ideas and concepts behind NFTs are things they interact with regularly.
3. Real Estate
Another real-life use case for NFTs is buying and selling real estate in the natural and virtual world. Digital real estate is growing in popularity. Users can create or buy areas in the virtual world. With NFT technology, you can identify the original owners and developers.
Last year, the world’s first digital house, “Mars House,” was sold for $500k. The owners can’t go in since it’s virtual, but it is proof of the potential of NFTs in real estate.
4. Ticketing
More than 10% of concert-goers get scammed trying to buy tickets online. NFTs can eliminate this issue since it’ll make verifying a ticket’s authenticity easier. They can also make tickets non-transferable, making them impossible to resell.
5. Supply Chain and Logistics
Supply and logistics companies can use NFTs to authenticate products, ensure quality, and verify their origin. NFTs can be used in logistics because all transactions are immutable and transparent. For example, if a company operates in the food industry, knowing the origin, i.e., where it’s been and how long it spent there, is vital, and NFTs give you access to all that information.
6. Music Industry
As a music fan, the use of NFTs in the music industry is something I look out for since it’ll allow artists to bypass the middleman (label companies) and give them complete ownership of their art.
With the help of smart contracts, artists can mint the copyrights of their work to NFTs, allowing them to receive royalty anytime someone plays the music. NFTs will finally give artists a chance to receive a fair share of the profit from their art.
7. Voting
In most countries, you’re asked to provide an ID and proof of residence before voting. However, many people don’t have copies of their IDs or are disenfranchised with nowhere to call home. As a result, these people lose the chance to exercise their right to vote.
But what if it was different? What if governments integrated NFTs into the voting system? It will solve the main problem since it’ll act as a means of identification for those without physical ID and also help curb voter fraud and cheating.
8. Intellectual Property and Patents
Think you’ve got the next big idea that’ll change the world as we know it? Whatever the case, NFTs are perfect for protecting your patents and intellectual property (IP).
NFTs will make it easy to prove ownership of an IP since it’ll contain timestamps, plus the history of the IP since minting. And since the NFT chain is immutable, the owner could easily prove that they are the original creator. But, of course, the same thing also applies to patents.
9. Real-World Assets
You can use NFTs to verify the originality and ownership of real-world assets like cars, property, bonds, etc. NFTs can also confirm the manufacture date of house or car parts, making it easier to predict when you need a repair or replacement.
10. Academic Credentials
That’s right! NFTs can store your degree, proof of attendance, and other important records from your school. It’ll put an end to paper certificates, and you no longer have to worry about losing your credentials.
Outro
There’s no denying the appeal of NFTs. Although it is a relatively new tech, there are already so many real-world applications. And as blockchain technology continues to grow, so will the use case for NFTs.
Forget about all the right-click tweets and jokes; NFTs are much more than just digital arts. Of course, NFTs are far from reaching their prime, but already it is clear that digital arts and video games are not the only industries that can benefit from an NFT.