Even with all the talk about NFTs these days, most people still only associate them with a limited number of functions. Well, be prepared to be shocked. Not only are these clever digital gems growing in type, their potential uses are becoming essentially unlimited. And the more people start accepting them as part of everyday life, the faster they will expand into new areas.
Although there are a huge variety of uses that we could focus on, let’s take a look at just a few of the up-and-coming uses for NFTs.
NFTs and their latest iterations
NFTs, or non-fungible tokens, are blockchain-based digital tokens that are encoded with specific information on them. Unlike cryptocurrencies, they cannot be traded as each of them contains information specific to its owner.
People have been experimenting with various alternative forms of ID for several years now. Fingerprints, iris scans…different institutions have been utilizing – in some form or another – non-traditional forms of ID for several decades.
NFTs are similarly convenient. The following are just a few examples of how NFTs are working their way into virtually every sphere of life. And creating new ones:
Existing on a virtual platform
Virtual reality, until recently, was primarily associated with eye goggles that gave you 3-D images and allowed you to walk around forests for an up-close IMAX-type experience. Well, now you can own your own land, attend virtual events, and obtain virtual jobs all with NFTs. Essentially, what this means is that you can govern your entire existence through them.
This is all possible in a place called “Decentraland” using the MANA currency. Once this idea takes off, there may be “~land” NFTs all over the place. You might see people practically doing away with traditional currency altogether.
Logging on to a computer
Imagine logging on to a computer and having everything you need open and available to you, without having to log onto individual sites. Banking, email, movie sites, everything will be ready to go. This is what an NFT can do for you. All your information will be coded in the NFT, eliminating the need for extra steps.
Creating your own currency
That’s right, the technology actually allows you to create your own currency. Now, you’ll need to figure quite a few things out before you actually start developing one and attempt to use it. You’ll have to figure out a particular area where people will want to trade – perhaps you have a special interest and are connected to groups of fanatics like you. Also, you’ll need to do a serious assessment of the realistic value that you can place on your currency, how much people would be willing to put into it. But it’s not impossible!
Becoming an arts connoisseur
The arts is a major area where NFTs are gaining popularity. Rare pieces are being sold as NFTs to save artists the effort of having to display their work in galleries. Also, you can find anime NFT collections on sites such as Buidlbee.
Attending events and games
Each of us has probably had the experience of showing up to an event, only to suddenly find ourselves panicking that we might have left our ticket at home. Well, now NFTs are available as virtual tickets. You won’t have to worry about carrying around clumsy pieces of paper because all the information you need will already be encoded on your NFT.
Similarly, people get tired of carrying around membership cards and awkwardly-hanging lanyards. With the rise of membership NFTs, your rightful place in a group or club will never have to be proven.
Just as certain credit cards are used to build up points in loyalty-based systems, so too can NFTs. Issuing companies can utilize these NFTs in much the same way – after a certain period of usage, customers can obtain discounts or free offers from the company.
…and the list goes on
These are just a few examples of how NFTs are positiong themselves to reshape the world we live in. Who knows how many other forms they will take in the future. With the technology developing as rapidly as it is, there’s no telling how far they can go.You may also like:
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