Practical examples of NFT usability in the Etheros World
The utility of NFTs is the most important aspect of all. The image can be anything — simple JPG, pixels, or 3D art, but the utilities behind it are what make them valuable. Here are examples of how NFTs can be used in the Etheros world.
👉 The Metaverse
More and more aspects of our world are moving towards virtual reality. People just love to create their identities or avatars. As we spend more and more time online, we want the digital equivalent of ourselves to represent certain characteristics, including appearance.
NFTs are a way for celebrities and individuals to highlight their position. If we feel the need to show others that we lead a high life, in the real world this is effortless — all it takes is a certain logo or watch. Accordingly, if in the virtual world you have an avatar from any of the expensive NFT series, you demonstrate your status. You can do it in the Etheros Metaverse — you can live the life you always wanted.
Fashion in the form of NFT can also be brought into the Etheros World. Some companies, such as H&M, Nike or Adidas, will be able to open their shops in virtual reality and create digital versions of their clothes.
👉 Real estate
Etheros brings endless possibilities with buying, building, renovating or renting buildings and any real estate. NFTs can be used in the real estate sector to create a property deed. Tokenization provides simple access to all of the documentation about a building — when and by whom it was built, how its value has changed and what modifications or repairs have been introduced over time.
Using NFTs can also simplify and speed up transactions. Smart contracts will come in handy when renting or paying off real estate in installments or at auctions. At the same time, blockchain technology will ensure the protection of confidential data.
👉 Documentation and verification of identity
As we mentioned in the introduction, a fundamental feature of NFTs is their uniqueness, adequate to each individual’s documentation or identity. Thanks to multi-node verification, NFTs can store, for example, personal data without compromising privacy or risking manipulation.
An excellent example of the potential application of NFTs is an ownership certificate. Tokenizing such a document will be an effective way to create an unassailable identity for future generations.
The NFT is also a more secure method of storing sensitive data — private to the user but allowing, for example, multiple people in a prestigious club to access the data (all or part of it).
👉 Product authentication
NFTs can be used to authenticate products. This is already the function they perform in the most popular art-related projects. A record on a blockchain provides confirmation that a product is original, making it more attractive to the buyer. The blockchain can also help track the history of a given work and thus eliminate plagiarism from circulation.
Of course, using NFTs to confirm the authenticity of products has applications in many industries. It can apply to excavating equipment, building machines or the tools market, among many others.
Customers often have no way of verifying where a product comes from, for example whether it has really been produced in the spirit of fair trade. NFTs can help solve this problem by tracking and sharing the production process of the goods we buy. In the Etheros World, many well-known companies will have the opportunity to advertise and sell these products.
👉 Intellectual property
NTFs are perfect for securing intellectual property. If you choose to record your output in this form, whatever it may be — a patent, an advertising slogan, a written article — you will have unique proof in the form of a record on a blockchain. Thanks to the timestamp, it becomes easy to find out the truth about who first created a given item of intellectual property.
The blockchain will also work well for artistic output and can help solve a big problem currently taking place in the music market. Fewer and fewer people are deciding to buy records, preferring to listen to music via such platforms as Spotify. Unfortunately, this causes a certain paradox. Musical works reach more people, but musicians are paid less. However, if a singer decides to release his songs in the form of an NFT for example in the Etheros music studio — they will get full access to sales results or the number of playbacks. More than that can — they can also price their work themself. Additionally, to increase their income, artists can release unique collector’s items for their fans.
👉 Professional and scientific qualifications
In the future VR of the Etheros World, the user will have access to many virtual activities, for example yoga classes or meditation workshops. To vet the teachers holding such events, participants will be able to check their diplomas in the form of NFTs to prove their qualifications. NFTs can provide real evidence of the degree or “proof” of training.
👉 Games industry
In the third quarter of last year, as much as 22% of NFT turnover took place in games. What is more, the trend is not slowing down. The blockchain gaming sector continues to thrive in 2022.
The theme of collectability is critical in gaming. The use of NFTs changes the approach to items acquired or won by the player. They are assigned to the player via the blockchain and from now on, they are theirs forever. Even if the game disappears from the market for some reason — the previously acquired item may have a potential investment value. In some games, such as Etheros, the NFT technology will allow players to create items without losing rights to them. You will be able to buy a piece of land, a building or other items in the form of NFTs. Furthermore, participants will trade their items on the Marketplace themselves through a smart contract to create NFTs.
In the Etheros World, token holders will have the voting power proportional to the number of tokens they hold. There is no denying that the current voting systems are outdated, which of course suits some governments. The NFT could change that approach to voting dramatically and make the result sustainable.
What could it look like in the future? Each Etheros citizen’s vote would be a unique NFT assigned with a fixed form of verification — an ID, signature, fingerprint or retinal scan. The voting machine would be able to accept (or reject) all votes in real-time and tally them already during the voting process, getting the final result as soon as the voting day ends.
👉 Tickets and entrance fees
It is a matter of time before tickets are replaced by their NFT counterparts. We are firstly talking about entrance tickets or cards. These could be replaced by NFT-style tickets, which would be assigned a unique identifier. This would significantly reduce the problems of fraud and use of materials — plastic or paper.
The same concept applies to tickets for various events — music or sports in Etheros, organized by the participants of this virtual world. NFT tickets cannot be counterfeited or destroyed, so not only are they secure, but they also gain a collector’s value over time. Looking back, if the NFT technology had been around for several decades, one can imagine how valuable collector’s items would be, for example tickets for the famous World Cup matches.
👉 NFT DeFi
As the NFT market develops, the finance market will undoubtedly too. In the blockchain world, loans secured by cryptocurrencies are becoming increasingly popular. Over time, more and more companies will offer the extra possibility to secure their loan by pledging NFTs. Such a service is already provided by NFTfi, for instance. Thanks to smart contracts, a non-exchangeable token is given to the lender and then automatically returned to the lendee after debt repayment.
As you can see, NFTs have an almost endless list of applications. In simple terms, it is the concept of digitizing many aspects of life in a secure and convenient form. One might suspect that the widespread tokenization of the surrounding reality is only a matter of time. Everyone can benefit from the increasing use of the blockchain and NFT — developers of games or works of art and owners of companies, but also the average man, who can secure their data or property rights properly. Etheros will be the perfect field for creating and exchanging NFTs. See you soon in our metaverse!
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