NFT technology beyond the digital world
The NFT technology has been making waves in the digital world for a while now, but its potential use cases extend far beyond art and collectibles. Here we provide an introduction to 5 real-world use cases for NFTs that have the potential to revolutionize society.
NFTs can be used to represent ownership of physical assets, such as real estate properties. This can streamline the process of transferring ownership and potentially reduce the need for intermediaries. The first home sold using the NFT technology was sold in South Columbia during 2022 for $175,000. The first of presumably many to come as the NFT technology provides security and transparency to a otherwise arcane and slow market.
NFTs can provide ownership and provenance of in-game assets, creating a secondary market for rare or valuable items. In the gaming industry, payment for in-game items has existed for a long time despite the fact that there was no secure way to offer true ownership, instead it constituted consumption. With the NFT technology, gamers can own their items, sell and exchange them on their own terms. Many game companies are now focusing on trying to make NFTs an integrated part of upcoming releases.
NFTs can be used to represent tickets to events, reduce the risk of fraud and enable easier transfer of ownership. Anyone who has missed a concert with their favorite artist has been exposed to the risk of buying fake tickets. With NFTs, the risk of this becomes 0%, and you can easily verify the authenticity and rights associated with the tickets.
NFTs can be used as digital identities, enabling secure and verifiable verification of personal information. Who doesn't yearn for an international digital verification system? Right now, many countries have their own or several different digital verification systems, but with the NFT technology, the problem could be handled in a considerably smoother way.
NFTs can be used to represent charitable donations, providing transparency and accountability for contributors and recipients. With NFTs in the charity industry, the donated money will be more efficient as less will go to transaction and administrative costs.
The future of NFTs
As the NFT technology continues to evolve, these use cases are just the tip of the iceberg. The potential for NFTs to improve traditional industries is huge and we are likely to see many more innovative use cases emerge in the coming years. Follow news from NFTPORTAL for more in-depth analysis of more real-world use cases evolving over time.