The NFT hype may be seeing a gradual decline as is reflected in the search for the 2021 buzzword. Nevertheless, the concept of digital ownership continues to solidify its presence in digitization as more NFT use cases emerge. From digital creators to investors to financial and real estate markets, different means have been devised to use NFTs in accomplishing set goals.
We've put together some of its present use cases and their importance to various markets.
- Ensuring authenticity: The representation of ownership of digital assets is one of NFTs biggest perks. These assets can include art, music, or videos. The idea behind this is that with NFTs it can be verifiable that someone is the original creator of a digital asset, thus reducing the incidence of piracy.
- In-game assets: Gaming has proven to be a fertile ground for NFTs. A practical example of this would be the creation of a game character as an NFT, and the said would be transferable to another player if the original owner decides to sell it on.
- Utility tokens: NFTs as utility tokens mean that they can be created to access a particular service or content. Access to such services or content is denied until the tokens are purchased. This will help content creators to monetize their content in a new way.
- Decentralization: The decentralization of various markets will be facilitated through NFTs. The creation of a virtual land or home as NFT in a virtual world is a prime example of this. When someone buys an NFT, they own the particular land and can decide to sell it on or put it to other users.
- Carbon credits: With global warming on the rise and efforts being made to curb pollution from carbon emissions, individuals and companies can be assigned NFTs that represent their carbon emissions. The movement of the NFTs will suggest how much carbon an individual or company is emitting, and hence handled properly in whatever formerly agreed way. This will help in reducing carbon emissions from individuals and companies alike.
- Representation of Physical assets: A real estate or car company can issue an NFT on the sale of a house or car to an individual. This NFT will become transferable to a new owner when the property is resold.
- Loyalty points: Companies can issue NFTs to customers who turn in the NFT for discounts or extra packages. This provides incentives for customers who are encouraged by such gestures and continue using the company's services.
- Storing medical records: NFTs can also be used to store patients' medical records without risking confidentiality or having to worry about them being tampered with. An example of such will be the issuing of NFT birth certificates on the delivery of babies. This NFT creates a long blockchain in which their medical history and reports are stored for life. The blockchain is designed to prevent tampering and will provide a viable option for record-keeping in healthcare.
- Academic NFTs: Records of attendance, academic performance, social participation, and overall behavior could all be stored as an NFT. They could also be offered as certificates, and since they always bear the tag of the owner, it is easily verifiable, hence reducing the chances of a forged certificate being passed as proof of academic excellence
