EMERGENCE OF THE REAL NFT
Last week, Google Trends data revealed that search interest for keywords “NFTs” and “Metaverse” has reduced drastically since the beginning of this year. It is not surprising because the hype around NFTs has been primarily focused on the art industry. This has left a wrong impression on NFTs. Many people think NFTs are just a piece/pieces of art used for profile pictures or displayed in virtual galleries.
Fortunately, with the increase in NFTs projects launched almost every day, the use cases are rapidly evolving. This has unlocked the real value of NFTs. Today, with an NFT you can have access to exclusive club/membership, attend events, get your license and certification… This has proven the use of NFTs across different sectors and industries. We will be looking at some of these industries and how NFTs are adding value to them.
BUSINESS
In real life, events and ticketing can be tiresome for organizers especially if you aim to further engage and build a long term relationship with the attendee. With NFTs, you don’t have to worry about ticket counterfeit or proof of attendance. Attendees can receive digital badges or tickets to enter your event. This cannot be replaced or tampered with. These NFTs can further be used to create a richer experience for attendees, hold another event or use to access private channels.
Blockchain addresses are not easy to find or remember because they are made up of random strings of characters. With projects such as Ethereum Naming Service (ENS), you can now change your blockchain address to your business name for easy readability.
EDUCATION
Diploma fraud can now be dealt with. Certification, licensing and identification can be stored on the blockchain. This will provide transparency and authentication of your credentials.
FASHION
In no time, the number of online events will exceed the number of offline events. The fashion brand sees the need for a virtual outfit. You don’t want to attend virtual events naked just because it is virtual. In the future, we might have a virtual wardrobe for our virtual outfits. Your outfits can be uploaded as NFTs.
HEALTH
Handling patients and medical data remain one of the delicate aspects of the health sector. Data can be stored on the blockchain as an NFT. This will provide security and accuracy of the data. However, patient data must be secured as public blockchains are transparent
FINANCE
NFTs can be staked just like any other crypto token/coin. They can also be used as collateral. Perhaps, in a few years to come, we may not need to worry about bank restrictions when seeking loans in banks.
There are many use cases for NFTs and it keeps evolving as the NFTs community grows. With new NFTs projects, we are likely to have new use cases. This is enough to capture the future and endless possibilities in the NFT world. If you are looking to get into NFTs this is the right time to step in and get involved.
