Non-Fungible Tokens, what can you do with them? In this article, we are taking a look at 5 NFT use cases that will change the world. If you are not familiar with NFT’s, then this video will help you get a good introduction! Let’s delve in.
NFT Use Cases That Will Change The World
Identification and other forms of documentation play a vital role in today’s society. Governments all around the world 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.
NFT’s are a solution. If every single document is minted uniquely as an NFT on a blockchain. This would speed up a lot of 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 always 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 selling your digital art in a physical way etc.
But turning your artworks 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 NFT’s. Real estate sales could be handled using NFT’s. 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.
Whether you are going to a concert, to the movies, a theme park, or even a parking garage, how would it be if the tickets that were used were all minted as Non-Fungible Tokens? Since all tickets have to do is prove that you paid for something, why not make them collectible?
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 even early investors. Why would parking garage tickets be sold after they are used? You never know! Maybe they contain some kind of cool 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 use keys in a traditional way. 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, NFT’s can be programmed today that as well. 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.
Last Words – NFT Use Cases
The ways NFT’s will change the world are sometimes obvious, most of the time difficult to fully understand but they are so much fun all of the time. Fun is easy to be underestimated 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.