NFT stands for Non-Fungible-Token. At the most basic level, an NFT proves ownership of any digital or physical item, in part or in whole. NFTs cannot be counterfeited or copied. Here are 10 use cases you may not have considered.
1. Ownership of Property
Any residential or commercial property can be represented as an NFT, and even fractionalized. For example, you could own 1% of an apartment building and collect 1% of the total rent payments as a fractional property owner.
2. Proof of Purchase
NFTs could replace the need for traditional receipts. All receipts could be delivered to your digital wallet as NFTs, stored on the blockchain and visible only to you.
3. Gaming Assets
Any developer can make NFTs for their game. NFTs can be verified, which prevents scams and creates a more sustainable secondary market for buying and selling game assets.
4. Songs & Music
Any song can be represented as an NFT. Fans could then buy a portion of the rights to the song and collect fractionalized royalties along with the artist and other supporters.
5. Visual Artwork
Artists are already utilizing NFTs to push the boundaries of their work. For example, an NFT can include code that modifies a painting over time. Imagine the Mona Lisa, but she’s a child. Every year for 50 years, she ages, from a girl to a woman. The timer starts from the moment you buy the piece.
Most event tickets will soon be scannable and verifiable on the blockchain. This works for…
- Sporting events
When tickets are represented as NFTs, they can be safely bought, traded, and resold. VIP tickets could also be programmed to enable special perks at the event.
Bye-bye counterfeit tickets. Hello custom experiences and reselling capabilities!
7. Medical Records
Medical records can be stored on the blockchain as NFTs, keeping them verified, organized, and up-to-date. Access and censorship will be controlled by you alone. No other third party will hold the records.
Identity theft is a huge problem. NFTs could replace the current system of government-issued IDs. Along with an ID card, you would get an NFT version to match the hard copy. The NFT is your digital ID pair, which cannot be lost, destroyed, or stolen. It lives on the blockchain in your digital wallet, verified and immutable.
Any trackable behavior can be represented as an NFT. For example, if you buy things from Amazon each month, Amazon could track that behavior and automatically send you a free NFT for being a valued customer.
The NFT could act like a loyalty card, unlocking extra perks and discounts. The card could also be sold for profit or transferred to a friend as a gift.
All of this would be tracked and validated via the blockchain, and the cards would be distributed automatically based on each consumer’s unique behavior.
Here are some similar areas where this could make sense:
- Any loyalty program
- Tracking on any website
10. Proof of Achievement, Expertise, or Status
Any accolade, certification, award, verification, job role, etc. could be represented as an NFT. This would be useful for validating diplomas, testimonials, product reviews, official documents, etc.
A New Era of Ownership
We’re excited about NFTs because we’ve seen billions of dollars flowing through multiple industries that are already utilizing NFTs effectively.
The bad actors, snake-oil salesmen, and opportunistic marketers are clearing out. Soon, Web3 will power groundbreaking solutions to the world’s most challenging problems.
NFTs will redistribute wealth, bring art and culture to the forefront of society, and give power back to you — the individual.
We’re glad you’re on the journey with us! ✨