Crossing Over: NFTs Beyond the Metaverse
While the most well-known use case for NFTs is art, there is a lot more to the underlying technology, and many benefits that are yet to be fully realized. As smart contract creators gain a better understanding of the potential of NFTs, we are seeing broader and more inventive ways to utilize them in everyday life. We explored gaming and art as use cases in one of our previous posts, but here are four more exciting applications for NFTs that demonstrate both their versatility and potential.
1. Proof There Is a Demand for a Creator-Driven Marketplace
Instead of a marketplace where demand is dictated by superstores and big brands, NFTs have allowed a creator-driven economy to rise up and fight for its place. With smart contracts facilitating easy and immutable proof of ownership and creation, it is simple to take this further and allow NFTs of every digital file type to be traded on an open marketplace.
2. Fashion and Wearables
Luxury brands are already making plays in the NFT space. Dolce & Gabbana, Karl Lagerfeld, Burberry, Louis Vuitton, and Gucci are just some of the big names that have dipped their toes into the water. With the imminent rise of an avatar-centric Metaverse, one of the key markets will revolve around customization. But creating digital fashion items is just the tip of the iceberg: imagine minting something digital and also receiving the physical copy from that label or company, or vice versa. The possibilities are still to be defined.
3. Verifiable Digital Identity Documentation
Blockchain technology allows for the creation of assets that are both unique and unreplicable, which is a major boon for the security and verifiability of information. For example, if educational institutions, medical practices, or government identifications are issued as NFTs, this then becomes documentation that cannot be forged. Once it is embedded on the blockchain, all you need is your keyphrase to access your documents, which prove without doubt that the information they display is true.
Imagine purchasing a ticket to Beyoncé or Ed Sheeran as an NFT. This would mean the eradication of fake tickets, but that’s just the start. If the smart contract is written in such a way that all staff have been paid out through its coding, this would cut out several unnecessary steps and have a knock-on effect on the ticket price to customers. Your ticket could also provide a discount at the bar, be chosen for VIP access, or even be part of a profit share from the concert’s revenue. The possession of those extra perks is easy to prove on the blockchain, and you could then choose to sell your ticket for a profit, giving you the chance to earn from supporting that particular band or artist.
Of course, these core applications of security, proof, and utility can be applied to a great many sectors: real estate, music, fantasy sports, and even areas like health care could benefit enormously from using NFT technology.
About The Grow Group
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