Futuristic Use Cases of NFT Development That Might Shatter Shackles!
The ultimate rise of blockchain technology through its applications has given us a new lease on life in the digital age. Cryptocurrencies and non-fungible tokens might soon become mainstream enough to create an alternative life flow, getting away from the traditional centralized intermediary-driven life. NFT development, in particular, has enjoyed widespread adoption in recent times as the world realized its unfathomable potential in making life-changing applications. While they have already created an irreparable impact in the virtual world, the complaint of “no real-world use” still exists, and that could fade soon with some futuristic use cases of NFTs shown here.
✔ NFT Ticketing
✔ Voting NFTs
✔ Rare Product NFTs
✔ NFT Subscriptions
✔ Educational Certification NFTs
✔ Governmental Documentation NFTs
✔ NFTs for Supply Chain and Logistics
NFT Ticketing
NFT development for ticketing applications has already taken off, with event and flight tickets sold as NFTs. The scope of NFTs in the ticketing domain can help decimate needless intermediaries who profit through ticketing bots and malicious actors who sell fake tickets. In the case of travel tickets, converting them into NFTs offers a chance for travelers to legally sell tickets secondarily to others in the unfortunate event of their plans getting canceled. NFT developments for tickets and Proof-Of-Attendance-Protocol (POAP) badges can help the global ticketing industry reap the benefits and ensure that their business goes about smoothly without security concerns.
Rare Product NFTs
Nowadays, finding rare products such as antique collectibles and traditionally-brewed beverages has become tougher, with highly-accurate replicas confusing people. Utilizing NFT development to create digital records of such uncommon products ensures users have their hands on original items. Several highly-luxurious alcoholic beverage brands have already used redeemable NFTs to sell rare beverages to customers. Similarly, using NFTs for physical antique collectibles, including old artworks, is useful to ensure collectors are only exposed to genuine deals as the money involved in the trade is high. Such physical asset NFTs driven by smart contracts can even be used as collateral for crypto loans.
NFTs for Supply Chain & Logistics
Supply chain and logistics have been some of the tough fields to work in, as they tend to play a crucial role in how a product is sourced and made available to people. The presence of multiple points of contact makes it possible for loopholes that are sometimes used for malicious intentions. Using NFT development for the domain, such faults can be found easily, although a much more humane use case will be for the consumers to know the history of the product in front of their eyes. Using NFTs for the domain also fastens the supply times as processes become digitized.
Governmental Documentation NFTs
Fake documents have always been a headache for governments as malicious minds execute their plans through counterfeit identification documents for citizenship, voting rights, provisions, and even passports. While many measures have been taken already to avoid and catch counterfeiters, adding NFTs to the mix only strengthens the process. Using NFTs based on exclusive blockchain networks can be used for instant identity verification and easy addition of new (genuine) records without intermediary involvement. Also, such NFTs can help ease many application processes for higher studies, visas, licenses, and more that traditionally require filling out numerous forms, digital attachments, and huge payments.
Voting NFTs
Today’s world is mostly based on democracy of some form, where elections play a major role in determining rulers for nations. Fake votes have been a burning issue all over the world during elections, as power-hungry politicians do whatever they can to reign as the rulers. NFT development for voting can bring some game-changing differences. With such NFTs, votes are recorded on a special blockchain where records cannot be tampered with, and vote counting can be made simultaneously to announce results immediately. Voting NFTs have already been tested on a small scale in the USA, and the impact is encouraging.
Educational Certification NFTs
Traditionally, someone attending a university program, an online course, an in-person seminar, or anything that has to do with education will get certificates and transcripts. While the system has been effective most of the time, the possibility of lost documentation and fake certificates have emerged as challenges to render the system useless. Using NFT development, in this case, can be beneficial for conducting institutions and participants as blockchain records will stay firm and can be accessed easily at any time. Also, with everything getting digitized, utilizing NFTs here will enable them to become mainstream quicker by appealing to the student community.
NFT Subscriptions
Over-The-Top digital content has become popular in the post-pandemic world as people want to expose themselves to new content forms across the globe. Most OTT platforms today offer their services as paid subscriptions that cannot be changed to others legally. But, using NFTs for subscriptions can be a great opportunity for people to rent or sell their subscriptions without having to burden themselves with payment reminder emails. A few companies have already tried the feature, with the bigger names projected to jump in soon. Surely, this niche will have huge popular demand in the near future, with internet accessibility becoming easier.
Some Final Thoughts
Hence, we can say that the phenomenal rise of NFTs can be the subject of technological advancements in the next few years. The world’s understanding of NFT development is expected to get better as more mainstream applications utilize them (at least on experimental bases). As Web3 experts say, NFTs can only get accepted when businesses move away from glimmering promises and start providing solutions to existing real-world problems. These use cases have strong potential to change the popular notion of NFTs with extensive research underway. If you want to be a front-runner in a futuristic NFT domain, consider working with a seasoned NFT development firm for quality results.
