About 80% of NFT owners today are simply in custody of an immutable representation of their ownership rights of a digital media. A character art or photography; a couple of musicians have released their songs and albums as NFTs, this makes up another popular kind of NFTs owned by collectors. Albeit these notable and diverse applications of digital signatures, the potentials of NFTs are still underutilized…grossly.
NFT critics’ constant slander of non-fungible tokens as just a “photo vending technology” is in fact justified to some extent. The buzzing technology have since been adopted by a handful of cryptocurrency and mainstream institutions for different purposes but again, most of these are basically digital media ownership rights.
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While some of these are currently not in play; we explore several other possible applications of non-fungible tokens.
Metaverse!
Just like NFTs, the metaverse is a topic of much interest. Outside the crypto space, it is dubbed the next big thing and a new way of life. Using a combination of virtual reality and decentralized digital art technologies, tech companies and startups are working to create a world where we exist in simulation and perform certain interactive activities. Only difference is, we are not doing this in ‘real’. Remember those games where you’ll have to select an avatar that represents you? this is something similar but once again it’s not just a game.
In the metaverse, you exist in form of your avatar; probably an NFT , operate in a virtual world and interact with other avatars controlled by real humans. You’ll be able to attend (virtual) meetings, games, probably concerts and as well make purchases on the metaverse. NFTs are a vital part of the metaverse. When the big techs finally realize the virtual world dreams, NFTs will be a bigger part of our lives.
Shopping vouchers
With vouchers; you shop for free or at a discount, depending on the value and provisions of your voucher. On e-commerce platforms, vouchers are allocated to customers as a reward or gifted by other customers. Ownership of vouchers is verified through a number of means. Customers are required to enter the voucher code or scan an associated bar code at checkout to validate the voucher and apply its provision to the charges.
Vouchers are easy to rig, owners are easily scammed of their vouchers. Gift card scams are one of the major internet scams. NFTs could replace the traditional algorithm of assigning ownership rights to vouchers. Spending NFT vouchers is as easy as redeeming an NFT for a prize. This also saves the institution of producing new vouchers regularly as NFT vouchers can be re-used over and over again…as much as possible.
Transport media tickets
Tired of carrying those bus and train tickets? Airlines have developed online booking facilities. Nevertheless, NFTs possess many features these strategies miss terribly. Immutability and easy accountability. Airlines tickets minted as NFTs can be easily accounted for, same as bus and train tickets. This also ensures that a fixed number of tickets are minted and this can’t be modified easily. This single ability could make the transport system work even better.
Travelers who understand how NFTs work will surely prefer having their tickets in their mobile devices to carrying them in their bags. Transport media are also saved the cost of reprinting tickets as these tickets can be redeemed before takeoff, at departure or at arrival and reused.
Three of the best? Well, NFTs are even more useful than these. A whole lot of other exciting applications of non-fungible tokens. Let’s talk about them next time; stay tuned!
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