In addition to the typical use cases, where NFTs are used for exchanging artwork and game characters, there are already a lot of other applications for the technology. Besides physical objects, non-fungible tokens (NFT) can also represent digital content and intangible concepts like intellectual property. However, there are some pragmatic applications for it:
- Aiming to ensure product authenticity
You can use NFTs to verify the authenticity of a product. Additionally, it can be used to store information about the manufacturing process to ensure fair trade practices. Food products like supplements and medicines are currently a problem in the world, and NFTs can help solve this problem by tracking and tracing them. You can scan a QR code and see a nutritional supplement’s entire journey, from manufacturing to shipping.
Among the most NFT-ready sectors is the real estate industry. Land deeds can be transferred, ownership can be proved, and property values can be tracked using NFTs. Additionally, smart contracts could be developed for properties (which would allow automatic payments) or even created for centralized home rental services.
With a few taps on your smartphone, you could access all the information you need about a property you are considering buying.
3. Verifying identity and medical records
Medical records stored on NFT ledgers can be kept confidential and protected from external interference since NFT transactions are validated on multiple nodes.
In recent years, hospitals, health insurance providers, and other organizations have begun looking at how blockchain technology can enhance hospital operations by verifying patient identity and preserving patient confidentiality without compromising patient care.
4. Property rights and patents
NFTs are excellent for protecting and certifying ownership of innovation or invention. Furthermore, they enable users to prove they are the owners of any content. As well as providing the necessary data for verification, NFTs can create public ledgers that document all patent transactions.
Additionally, NFTs can also serve as evidence of academic qualifications. Issuing paper certificates will soon become something of the past. As an alternative, NFTs will serve as evidence of academic success. It is possible for people to transfer their NFT education tokens to another individual, demonstrating their achievement.
NFTs can be appended to products using the blockchain. This generates an NFT identifier that cannot be altered. A company’s supply chain will stay transparent as well as customers will know what they are spending money on. Using this technology, companies may also be able to track their products from shipping to delivery.
Developers gain another revenue stream and a new way to expand their brands by offering NFTs, while gamers gain a greater incentive to play a game if they already own characters or items in it. In addition, NFTs make it easier to trade games. There are no middlemen involved, so NFT owners will be protected from scams. Transactions are performed instantly on the blockchain.
In the near future, will be able to use NFTs instead of tickets. They are issued with a unique ID which you use when entering or leaving restricted areas such as shopping malls, cinemas, or railway stations.
9. Tracking the artwork
NFTs will soon be able to track original artworks of old masters. NFTs will also track yet-to-be-created artwork. Tracking the originality of a particular piece, it can help reduce or eliminate counterfeit artwork.
10. A voting system
Several countries are disenfranchising voters because residents do not have copies of their IDs or other documentation that proves where they live. Using NFTs, individuals without physical documentation will be able to prove who they are and where they live. Furthermore, NFTs will be used as an official record of those who voted as well as their votes, thereby eliminating cheating and voter fraud.
Plus: the Metaverse
Metaverse is based on the NFT. An NFT is an avatar in your future and no one can take it away from you. It is also possible to buy NFT avatars of others, such as those of celebrities.
To sum up
This field will continue to develop in the next few years, and it is already here at the rate that it is. It will not only improve accessibility to many services but also increase transparency throughout many transactions.