BLOCKCHAIN IS SOOO EASY
Explained Easily: The Best guide For Beginners interested in NFT (part 2)
NB: Blockchain, Strictly for Lazy Beginners
Table of Content
- Introduction to Non-Fungible Tokens (NFTs)
- Uses of NFTs: Now and in the Future
Non-Fungible Tokens, when heard for the first time, may seem more significant than life itself. For us, it was.
Get your mind prepared to tackle the teddy fluffy bears NFTs are.
Introduction to Non-Fungible Tokens (NFTs)
NFTs are simply digital files created using blockchain technology. Blockchain technology is the technology that created cryptocurrencies.
What differentiates NFTs from cryptocurrencies are NFTs cannot be broken into smaller parts. You can receive 0.5 Bitcoin, but you can never see NFTs divided that way. It is Either whole or nothing.
Another way they are differentiated is in the uniqueness of NFTs. No matter how similar two NFTs are, they are not a replica of each other, unlike in Cryptocurrency.
For example, 1 Bitcoin is identical to 1 Bitcoin, while each NFT has a unique signature that distinguishes it from other NFTs, hence the Non-Fungible tag.
Humans like you and me love ownership of unique assets. And NFTs possess individuality. An added advantage to them is that they can never be a fake NFT. Because all transactions on the blockchain can never be altered.
If NFTs are clear to you, let us look into their use in various industries.
Uses of NFTs: Now and in the Future.
Non-fungible tokens possess features that are needed in almost all aspects of our lives.
The importance of NFTs in key sectors are explained below.
Entertainment
NFTs are already in use in diverse branches of the entertainment world.
- Art: The first significant use of NFTs was as digital arts. The importance of NFT in the art world is originality. With physical art, there is a need to verify its authenticity. With an NFTs present, no one can question the originality of it.
The blockchain is public, and as said earlier, an NFT cannot be replaced or edited.
- Music: Some artists view NFT as a form of deliverance. Artists, through the use of NFTs, would directly get the earnings of their content (songs and music videos).
NFTs solve the issue of copyright infringement because they easily provide proof of ownership.
- Film: the film industry was slow to join the NFT party, but they are also getting interested in the NFTs world. Filmmakers can use NFTs to raise funds for their movies.
For example, a director could create 100 NFTs and value them at 100$. The NFT would serve as a ticket pass to the film opening. Anyone that purchases the NFT would automatically have access to the movie premiere.
Transport
Non-fungible tokens would go a long way in the transport sector. From ticket sales to car repairs, almost all areas of the transport sector can use NFTs.
- Ticket: Tickets can be created as NFTs. This would lead to the authenticity of tickets. This would affect all transport sectors (water, land, and air).
- Travel History: All your travels can be recorded on the blockchain. If an app like Uber is created on the blockchain. All your travel history would be recorded on the blockchain.
The fees you paid, and the hour your journey took, would all be recorded for all to see. This is important because an employee cannot lie to an employer about the fees spent on transport during a work journey.
Drink one gallon of water to get rejuvenated for the next part.
Health
The health sector is one of the sectors that would benefit greatly from NFTs use.
- Health records: it is pretty difficult to access health record dating 20 years back. This will stop being an issue if health records are stored as NFTs. Due to the nature of the blockchain, no data can be deleted or edited. Everything that is stored on the blockchain stays there forever.
NFTs as health records would make access to health records seamless. If Mrs. C wants her health record sent to any hospital in a jiffy, it would be sent without any hassle. In fact, Mrs. C could even decide who has access to her health records.
Education
Say bye to the loss of certificates and clustered offices when we use NFTs.
- Certificates: Paper or digital certificates can be forged or destroyed, but blockchain-based certificates can never have these issues. If schools grant certificates through NFTs, the authenticity of these certificates would never be questioned, and destruction, either physical or digital (deletion of files), can never occur.
- Assignments: teachers can give deadlines online through blockchain and NFTs. The teacher will also detect any student who submits after the deadline. The marking of assignments, tests, and exams would be done on the blockchain.
The result would also be distributed as NFTs to the students. This would erode the issues of students having missing tests or assignment scores.
The disadvantage here is if the teacher makes a record, he will have to re-upload the data. That is why some NFTs are editable.
Fashion
The fashion industry has much to earn by integrating NFTs into its system.
- Counterfeit: one big issue the fashion industry faces is fake goods. Fake goods steal designs and sell them cheaper. This problem causes massive losses to the fashion industry. But NFTs are to the rescue! With NFTs, the originality of a good can be confirmed.
For example, for every good you purchase from the original stores, your receipt could be granted as NFTs. You can showcase this NFT on your social media page when you snap pictures showing the world, I bought the original, not the fake.
- Event Tickets: Tickets to special events could be handed out as NFTs. And for organizers to make an event VVIP, they could print only a certain number of limited tickets, say 50 ticket NFTs. The buyers know they would only be 50 highly esteemed important guests who can afford this price for an exclusive event.
Gaming
The gaming world is one of the foremost adopters of NFTs. All blockchain games make use of NFTs.
Examples of NFTs in blockchain games are
- Game lands (Alice My Neighbour).
- Game characters (Axie Infinity, Treeverse).
- In-game building (Civitas, Decentraland).
- In-game automobiles (Blocktrucks).
- Game collectibles (Crptoys, Splinterlands).
Be on the lookout for Beginners guide 3, talking about: The Tokenomics of NFTs.
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