Unless you have been hiding under a digital rock, you must have heard about the popularity of NFT. Right?
Well, the term is getting tremendous appreciation all around the world due to its ability to make tons of money. Even popular brands are seeing the potential in investing in NFT, especially after the decision of Louis Vuitton to team up with NFT projects.
This means NFT is an emerging technology that has seen hundreds of practical use cases outside the usual NFT application. It can be used to represent digital content and even intangible concepts like real estate as well. I know it’s little weird and crazy to think about the application of NFT beyond digital collectibles and 3D images, but there are plenty of other applications and uses too, which make NFT a unique asset to hold.
Let’s find out some practical applications of NFT that you might not know before.
Increased Security with Smart Contracts
You can use NFTs to tokenize your traditional assets, which include certificates, diplomas, and other documents.
This will keep your files and documents secure on the blockchain while they were still being exclusively identifiable by different institutions or employers.
Once you create NFT for the diploma, it will remain unattainable to people but the owner while being verifiable by other parties will have full rights and ownership.
NFT and Real Estate
It looks like NFT and real estate are simply made for each other. Now you must be thinking how can we relate NFT to real estate?
Well, very few people know that you can use NFT to transfer land deeds. It provides proof of your ownership and it can even keep track of changes that arise in the value of the property using timestamped NFTs.
The real estate sector is the most NFT-ready industry in the world. These digital assets can be used in real estate to speed up your transactions and allow smart contracts for properties. It can even make decentralized home rental services – while offering protection to sensitive data such as credit card details.
Imagine you want to know everything about the property you need to buy at your favorite location in only a few taps on your phone. You can learn when the property is established, who was the owner, and what modifications have been done. In fact, you can learn every detail about the property before claiming ownership.
Best for Protecting Intellectual Property
That’s another smart application of digital assets.
Now you can use NFT tokens to prove the ownership of any special piece of content. It is not possible with some random IP rights tools such as trademarks and copyrights.
Ownership of the IP can easily be distinguished, especially after using the timestamps, you can check the entire history of the IP. The NFT chain is totally immutable. This means that the owner can easily prove that they are the original creator of this specific piece of artwork whenever they want.
Things go same for patents. You can use NFT to protect and certify the invention ownership. These NFTs can provide some essential data for verification, and thus create a public ledger which states that all the transactions are related to patents.
NFT Education Tokens
You can even represent your academic credentials with the help of NFT tokens.
These digital assets give proof of attendance, the degree you earned, as well as detailed information that is stored on the NFT chain and cannot be changed or hacked into. NFT helps create solid immutable records for different degree courses taken while issuing tokens for every course completed after verifying any degrees earned via smart contract verification.
So, this means, that issuing some random paper certificate will no longer be a possibility in the future. People will use NFT as a record of their academic achievement.
NFTs can be used to ensure the correct ticket sales as well as advanced access to events – while decreasing any risks associated with counterfeiting.
NFT tickets can work similarly to paper tickets but they also comprise tags that allow complete access to the events. This way, a person doesn’t need any physical copy of the ticket for verifying their authenticity – because it will be already stored safely on the blockchain.
Now this same concept will be applicable with bus tokens and different forms of transportation when the verification of payments will occur at various points during the journey through scanners.
NFT Can Solve the Problem of Voting
Yes, there is no exaggeration in that. NFT can solve voting issues as well.
In different countries, people are required to bring their identity cards and proof of residence before going to polling booths for casting votes. But the fact is, many people are being disenfranchised because they don’t have any copy of their IDs or they failed to give any kind of documentation that can prove where they live, who are their parents, or if they are even registered to cast vote.
NFT has solved the problem efficiently. You don’t have to go through these traditional tactics now.
People can now provide their digital identity without giving any kind of identity card or physical documentation for proving who they are and what’s their location.
By doing this, there will be lesser risks of fraud and cheating. Because NFTs will serve as an official record for people who have cast votes. So, NFTs have removed all the possibilities of cheating and fraud while casting votes.
This further makes NFT a desired digital asset for people.
Besides that, there are tons of practical applications of NFT that can be considered today. If you are interested to learn more about them, then stay tuned to our blog page where we will share more information about the topic.