Beyond the Hype: Real-World NFT Use Cases That Will Benefit Society

Time to face the basics: what is NFTs used for, in the first place? An abundance of high-value NFT sales continue to dominate the space despite the recent bear market, so it’s not too strange that many still associate NFTs with financial speculation. Throwing NFTs into this bracket seems the most convenient way to answer why people buy NFTs in the first place.

But in reality, NFTs are much more than that.

Part of why brands are flocking to Web3 is to expose more people to the technology associated with it. Obviously, this includes NFTs, which in recent years have served as a way to completely free creatives from middlemen in making a living from their work. So here’s a breakdown of some of the best real-world use cases for NFTs and how they can make your life more convenient in the future.

1. Permanent record

In a sense, one of the oldest challenges to legalize assets or capital with immutable longevity is thanks to the power of NFTs. The best example of this? Soulbound Tokens (SBTs). They are a new type of NFT proposed by Ethereum co-founder Vitalik Buterin, and are designed to act as a comprehensive suite of tools for online users to preserve – and protect – their identities. So how does this seemingly digital-first piece of technology fit into real-world use cases for NFTs?

Should SBTs roll out as planned, they will have a very significant impact on online and offline life everyone. With SBT, all sorts of utilities are unlocked for users, such as medical records, academic records, employment history and everything in between as NFTs. But SBTs are non-negotiable, which makes them different from regular NFTs. Additionally, SBTs are designed to be immutable, permanent records that anyone can attach to their digital and physical existence.

Perhaps the most promising aspect behind SBTs is their ability to be a completely opt-in experience. In other words, you don’t need every single bit of information that’s publicly linked to your physical self (or stored somewhere you might lose it). Additionally, users don’t have to mint every detail of their life and accomplishments into the blockchain. Just the part you want to save.

2. Voting

Unfortunately, despite our extensive access to the technologies used to record electoral votes, these systems remain susceptible to one major type of attack: fraud. Although electoral issues are not the number one issue on the global agenda, the potential for widespread fraud in the voting system still exists. Why? The electronic voting systems that democratic nations rely on, the weaknesses and vulnerabilities of which have been widely documented on the Internet since these pieces of kit first came to prominence.

But conducting the voting process digitally cannot be one completely Enter the flawed foundation blockchain, and of course, NFTs. Registering votes on the blockchain guarantees that each vote recorded cannot be tampered with and will remain on record indefinitely.

Ahead of the 2022 Philippine elections, a Filipino citizen took this idea and launched an online voting platform powered by blockchain and of course NFTs. caught? He was a 12-year-old boy. But he might have done something. The results of his online voting platform mirrored the results of official surveys before the elections and even the actual results of the 2022 Philippine elections.

3. Real estate

NFTs haven’t just unlocked the virtual real estate industry. They stand to benefit the IRL real estate industry. And it makes perfect sense. After all, for most people, homes are a high-value investment in their lives. So how does NFT fit into this old industry?

First, look at the precedent. Real estate NFTs are not entirely new — the first recorded sale of real estate NFTs was in 2017 when TechCrunch Founder Michael Arrington bought a blockchain-backed apartment in Propy. In 2021, he subsequently auctioned this property on the blockchain for 36 ETH, which was then worth roughly $93,000.

For the real estate industry, this is huge. And it basically boils down to how smart contracts can be written on NFTs, potentially cutting down the otherwise months-long process of buying and selling real estate to a fraction of the time. With the convenience of successful transactions through Propy, it may only be a matter of time before this new convenient reality becomes the norm in real estate.

4. Official documents

In today’s predominantly cashless society, an age-old headache remains. That’s the inconvenience after losing your wallet. No, not your crypto wallet (that would probably sting just as much, if not more) — we’re talking about your actual physical wallet. Credit cards, debit cards, cherished Polaroid photos, all gone. But the biggest loss in this case is your driving license.

But what if it is not so difficult to get a new one? This is exactly what led the Romanian government to develop an institutionalized NFT marketplace. By allowing citizens to mint their official state documents and cards as NFTs on the blockchain, the Romanian government hopes to significantly reduce the amount of bureaucracy required to replace or update these documents. It’s not the most exciting application of NFT out there, but it can certainly make life one a lot Simple. Couple that with potentially minting land titles as NFTs, and the prospect of simplifying society as a whole gains credibility.

5. Gaming

Modern gaming usually requires you to interface digitally with some kind of screen or device, but NFT integration gives players a way to save all their achievements and assets across all their games, regardless of platform. But for now, mainstream game developers have yet to catch up and be realistic to do Shaping.

So how does this work? If a game implements blockchain technology into its suite of services, players will be able to keep — and truly own — all of their in-game rewards, assets and collectibles. Although platforms like PlayStation and Xbox to do Save for a player’s in-game achievements across multiple generations of consoles, the same cannot be said for the in-game collectibles and skins they can earn. Ditto was launched for consoles before the online revolution that took place throughout the seventh generation of game consoles.

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Baca juga

• Upcoming Drops: October 24-30
• Abbott and Costello have immortalized their legacy as NFTs
• Telegram gears up to launch its on-board Web3 marketplace