Much is said about NFTs. The news reports say they are designed images that cost a few million, however NFTs go much further, monkey images are only 1% of the potential of NFTs.
A big part of the reason why hundreds of brands are building products on NFTs is for the reason of realizing that the technology plays a greater value than just images. There are dozens of possible uses to take advantage of, better understand five of them.
Government documents
If there is one thing that bothers us it is having our documents lost or stolen. But what if it is possible to get a new one without a lot of work?
This is exactly what led the Romanian government to develop an institutional marketplace for NFTs by allowing citizens to print official government documents and cards as NFTs on the blockchain. It’s not the most exciting application of NFTs, but it can definitely make your life easier. Couple that with land holdings created as NFTs, and the possibility of streamlining the entire enterprise becomes amazing.
Games
NFT integration allows players to save all their achievements and assets across all games. Regardless of the platform. But for now, major game developers have yet to understand and actually implement this.
When a game implements blockchain technology in its suite of services, players can keep all their rewards, resources, and collectibles in-game. While platforms like PlayStation and Xbox preserve a player’s in-game achievements across console generations, the same does not apply to collectibles and skins that they can earn. Just like consoles released before the online revolution.
Properties
NFTs don’t just work the virtual real estate industry. They are also beneficial to real estate. So how does NFT fit into this sector?
Real estate NFTs are nothing new, the first recorded NFT real estate sale was in 2017. In 2021, he auctioned this property on the blockchain for 36 ETH, worth about $500,000 at the time.
For real estate this is a big deal. And it all comes down to how NFTs can reduce processes in buying and selling real estate from a month to a fraction of the time. With successful transactions through Propy, it may only be a matter of time before this new affordable reality becomes commonplace in the real estate market.
Voting
Despite the huge advances we have made in ballot registration technologies, these systems remain vulnerable to one major form of attack: fraud. While election issues are not number one on the global agenda, the chances of widespread voting system fraud remain.
But conducting the voting process digitally cannot be a completely wrong assumption. Blockchain access and, of course, NFT. Recording votes on blockchain ensures that each recorded vote cannot be tampered with and will remain recorded indefinitely.
Ahead of the 2022 elections in the Philippines, Filipino citizens embraced this idea and recorded an online voting platform based on blockchain and, of course, NFT. The results of the online voting platform reflect the official election results leading up to the election and even the actual results of the Philippines elections in 2022.
Permanent Records
In a way, one of the oldest challenges of legitimizing ownership is falling by the wayside thanks to the capabilities of NFTs. Token SoulBound (SBT), these are the new types of NFTs proposed by Ethereum cofounder Vitalik Buterin, being designed to function as a comprehensive set of useful tools for online users to maintain and protect their identity. So how does this seemingly digital technology fit into the NFT use cases of reality?
If SBTs are launched as planned, they will have a significant impact on everyone’s online and offline lives. Through SBTs, all kinds of utilities are unlocked for users, such as the ability to create medical records, academic records, employment history, and everything else like an NFT. But SBTs are non-negotiable, which sets them apart from regular NFTs.