| May 10, 2024

We are breaking down the overlooked utility & real world use-cases of NFTs.

Non-fungible tokens (NFT) are a technology that has a wide range of applications outside of the conventional NFT application, which at the moment mostly involves trading animated characters and works of art. As the industry matures, we can converse a vast array of unique and disruptive use cases for NFTs.

Our team has compiled some of the most prominent use cases that go beyond just art.

Real Estate

With the use of timestamped NFTs, land documents can be transferred, ownership can be established, and property value changes can be tracked over time.

The real estate market is an ideal fit for NFTs. This is attributed to the fact that while preserving sensitive information like credit card numbers, NFTs can be utilized in the real estate industry to streamline and speed up transactions, enabling smart contracts for properties (allowing automatic payments), or even developing decentralized house rental services.

In essence, you can know everything about the property you are going to buy – When it was built, who owned it and any and all changes made to the building.

The first NFT Real Estate project was auctioned back in 2017 under a company named Propy.

The apartment was held by Michael Arrington, the creator of TechCrunch and Arrington XRP Capital, and it was the first piece of real estate to be sold utilizing blockchain technology back in 2017. In order to further demonstrate the ability of blockchain technology to transform the real estate sector, Arrington chose to sell the apartment (located in Kyiv, Ukraine) as an NFT.

Authenticity Verification

NFTs can be used to verify the authenticity of the product you are buying. Due to the blockchain’s ability to retain product information forever, physical products will soon be able to check their rarity and validity as well. In order to guarantee fair trade, NFTs can also be used to store data regarding the manufacturing process.

Universities and Academic Bodies

NFTs are a useful tool for displaying academic credentials. The information saved on

the NFT chain, which cannot be changed or hacked into, will serve as proof of attendance, degree achieved, and other significant information. By distributing tokens for each course finished and certifying any degrees achieved using smart contract verification methods, NFTs may build immutable records for the courses taken.

The practice of issuing paper certificates will become obsolete in the future. NFT education tokens can be transferred to other people, providing them with confirmation that the person holding it earned an NFT, and will be used as a record of academic success.

Utilizing Soul Bount Tokens (SBT)* in terms of receiving a degree, might be an ideal way to do so. We will touch on what SBTs are and other NFT protocols in a future article.

Ticketing

In essence, NFT tickets are access passes that live on a blockchain. They differ significantly from their barcode or QR code-based counterparts due to the blockchain component.

Both ticket issuers and recipients can gain from NFT tickets in a number of ways. By using the blockchain as a ledger, issuers may keep a more thorough record of attendance figures while also communicating with ticket buyers in a novel and creative way using NFTs. Further, the forgery aspect of ticketing is made redundant as customers can easily check who the original issuers of the ticket were. By gathering information on the owners of a particular NFT ticket, Issuers may easily send out notifications, arrange unexpected giveaways, develop token-gated websites and services, and more.

The same is true for NFT ticket holders, who get more than just a ticket to an event—they get an immutable, frequently interactive digital asset that allows them entrance to an event. Additionally, owners of these tickets have access to restricted events like fan clubs made up entirely of NFT ticket holders.

Rewards Programs

Loyalty programs need to improve in order to provide customers with more than simply points for future use. NFTs, which provide users with more options than merely using points, can soon fill this gap. Customers can use NFTs in numerous ways and for varied businesses, opening up the possibility of industry-wide collaboration. NFTs employs smart contracts on the blockchain to securely execute and track transactions, making them a safer alternative.

Starbucks Odyssey is an innovative project by the popular cafe chain to increase audience involvement. With Odyssey, a Starbucks Rewards add-on, users may earn NFT art called “Stamps” by engaging in various tasks including playing online games or completing challenging tasks involving coffee. These stamps also offer advantages like bonus points and, depending on stamp rarity, can unlock benefits like access to coffee-making classes or invitations to special events. This is in addition to Starbucks-branded artwork that customers can really own.

Supply Chain Management

Managing products can be a big challenge when it comes to proving where they came from, what’s in them, and other factors, especially in the consumables business. However, NFTs can be tied to a product via the blockchain, giving it a non-tamper-proof NFT identity. This is a prime illustration of how NFTs and the supply chain may function together.

NFTs can also enable businesses & individuals to track their items from production through shipping and delivery. Customers can see what they are paying for thanks to this, and the supply chain of a business is kept transparent.

Identity Verification, Credentials & Medical Records

Some of the most widespread applications for NFTs are Decentralized Identifiers. NFTs can help individuals, groups, and other entities establish their identities and prevent fraud in their Web 3.0 processes.

Imagine being able to handle subscriptions, renew your license, pay taxes, place orders for items, and much more using a single uncrackable authentication method.

The introduction of NFTs will also make your life easier in terms of your medical wellness. At the time of birth, doctors can now issue NFT birth certificates, which serve as the patient’s permanent identity for all medical records.

With the same applications as medical records, except that it would be used for job applications, certification, and verification of attendance in college or school, academia can be among the best uses of NFTs in the real world.

Voting

When heading to the polls to cast their ballots, voters are frequently required to present a photo ID and proof of domicile. However, a lot of people are losing their voting rights because they lack copies of their IDs or any other kind of proof of their address or voter registration.

NFTs could assist in resolving this issue by giving those without physical paperwork proving their identity and place of residence in the nation a digital identity.

As NFTs will serve as an official record of individuals who voted and their votes, this will also aid in the elimination of fraud and cheating in the voting process.

Closing Remarks

We’ve listed only the tip of the iceberg in terms of the roadmap for NFT integration into our lives. There’s a fair probability we’ll see more concepts and use cases in the future as NFTs gain more popularity. Not all applications for NFTs have yet had the time to develop past an initial concept or modest prototype – so we are likely to see far more use cases than already mentioned.

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