Top 8 NFT Use Cases in Real-World Activities

May 5, 2022 04:39 PM ET
Top 8 NFT Use Cases in Real-World Activities

Non-fungible tokens are here to stay, given the ton of use cases they come with outside the typical application. These use cases are not limited to representing physical objects and digital content but also entail solving an array of real-world problems. The growing interest has also paved the way for many different use cases spanning various sectors.

As blockchain innovations evolve, they are likely to give rise to more use cases in the mainstream sector and become part of people's way of life. NFTs' popularity is expected to grow as they derive value from scarcity, demand, and uniqueness.

Below are some of the ways non-fungible tokens transform people's way of life.

Affirming products authenticity

Blockchain is the technology that powers non-fungible tokens. Given that the technology stores valuable information that cannot be altered, NFTs are increasingly being used to ascertain how authentic products are. Consequently, they are being used to store valuable information about the manufacturing process.

NFT ascertaining product authenticity

NFTs are also being used in the food and medicine industry to enhance the tracking and tracing of products right from the farm to the final products on store shelves. Scanning of simple QR codes on the products can shed more light on the entire manufacturing process of the product to the point it is shipped.

In the past, only wealthy people and museums could get a piece of the original piece of art. However, with the use of NFT technology, digitization of the original piece should result in unique digital copies that can be distributed to various people, therefore providing a way to be an official owner of a unique piece of art.

Proof ownership and transfer deeds in real estate

The real estate industry is one of the sectors benefiting a great deal from the use of non-fungible tokens. Digitization of title deeds has helped affirm proof of ownership as it becomes easy to track the actual owners. The tokenization that comes into play on the blockchain also makes it easy to keep track of changes in property value.

Introducing NFT in real estate

Given that title deeds are tokenized into digital assets, the transfer becomes much easy as everything can be done online while still being able to authenticate over the blockchain. In addition to simplifying and speeding up transactions, NFTs also enable smart contracts for properties, enabling automatic payments.

NFTs are increasingly revolutionizing the real estate industry by making it easy to know everything about a property with few taps on the phone. Everything is hosted in an immutable digital ledger that no one can alter.

Medical records protection

Privacy and confidentiality are of utmost importance when dealing with medical records. NFTs in the medical sector is proving to be the real deal in storing patient records on a digital ledger whereby it is secure and can only be accessed by authorized personnel.

Medical records protection

NFT applications designed to help healthcare professionals are increasingly cropping up to enhance the issuance and storage of crucial documents such as birth certificates. Hospitals, insurance companies, and other organizations are also exploring the use of blockchain innovations such as NFT to verify patient identities and record crucial medical procedure data while safeguarding patients' confidentiality.

Proving ownership of luxury items

Blockchain-powered NFT technology is expected to play a pivotal role in proving the ownership and authenticity of valuable items. The technology is not only helping customers verify how authentic some items and accessories are but also limiting the risks of creators having to compete with fakes in the market.

Apparel and accessories are some of the industries expected to benefit from NFT, whereby users will be able to scan a simple QR code on the price tags to verify how authentic an item is. In addition, the technology makes it easy for buyers to know the people who previously owned the asset.

Academic certificates authentication and preservation

Academic records are also being tokenized into non-fungible tokens for protection and preservation purposes on an immutable blockchain. The tokenization makes it easy to verify the authenticity of the certificates.

NFT on certificates and licenses

In some cases, NFTs are being used to create an immutable record of courses taken by issuing tokens for each course completed. They are also being used to verify degrees earned through the use of smart contract verification systems.

In the future, a paper certificate could be a thing of the past as everything gets digitized. NFTs could be relied upon to prove a record of academic achievement. In addition to academic credentials, licenses are also being tokenized, verifying their ownership and authenticity.

Enhancing gaming experience

Non-fungible tokens are also being integrated into the gaming industry, providing developers another way of expanding their brand and creating a new revenue stream. Gamers, on the other hand, are allowed to own in-game items giving them an incentive to continue playing.

The use of NFTs makes it easy to trade in games while still playing, therefore increasing the value of the items in the games. The fact that there are no middlemen involved ensures people only end up with authentic in-game items, and transactions happen instantly.

Sports and concert tickets

The sports industry is also poised to benefit immensely from the tokenization of tickets. The secure nature of blockchain technology used to tokenize the tickets should address critical issues around counterfeit tickets.

Chart showing NFT in ticketing

Concerts that are also prone to counterfeit tickets are also poised to benefit greatly from tickets being tokenized. The use of such tickets should curb incidences of unauthorized entries into sporting and concert events with fake tickets. The use of such technology is not limited to sporting and concert events but on occasions where entry needs to be controlled and derestricted

Bottom line

As NFT's popularity grows in the mainstream sector, new projects are expected to crop up, providing fresh and exciting use cases for blockchain technology. While NFTs are still in the nascent stages of development, they have plenty of room for expansion thanks to their ability to enhance the authentication and security of the items they represent. In addition, they continue to bridge the gap between the digital and physical world while enhancing interoperability and uniformity in blockchain platforms.

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