Much is said about NFTs. News reports say they are drawn images that cost a few million, however NFTs go much further, monkey images are only 1% of the potential of NFTs. A big part of why hundreds of brands are building products on NFTs is because they realize that technology plays a greater role than just images. There are dozens of possible uses to take advantage of, understand five of them better.
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government documents
If there’s one thing that bothers us, it’s having our documents lost or stolen. But what if you can get a new one without a lot of work? This is exactly what led the Romanian government to develop an institutional market for NFTs, by allowing citizens to print official government documents and cards as NFTs on the blockchain. It’s not the most exciting application of NFTs, but it can definitely make your life easier. Couple that with land properties created as NFTs, and the ability to streamline the entire venture becomes incredible.
Games
NFT integration allows players to save all their achievements and assets across all games. Regardless of platform. But for now, top game developers have yet to understand and actually implement this. When a game implements blockchain technology in its suite of services, players can keep all of their in-game rewards, resources, and collectibles. While platforms like PlayStation and Xbox preserve a player’s in-game achievements across multiple console generations, the same does not apply to collectibles and skins they can earn. Just like the consoles released before the online revolution.
Properties
NFTs don’t just work the virtual real estate industry. They are also beneficial for the real estate industry. So how does NFT fit into this industry? Real estate NFTs are nothing new, the first NFT real estate sale recorded was in 2017. In 2021, he auctioned this property on the blockchain for 36 ETH, worth around $500,000 at the time. For the real estate industry this is a big deal. And it all boils down to how NFTs can reduce a month’s worth of real estate buying and selling processes to a fraction of the time. With successful transactions through Propy, it may only be a matter of time before this new accessible reality becomes commonplace in the real estate market.
vote
Despite the huge advances we’ve made in ballot registration technologies, these systems remain vulnerable to one important form of attack: fraud. Although electoral issues are not number one on the global agenda, the chances of widespread fraud in the voting system remain. But conducting the voting process digitally cannot be a completely wrong premise. Access to Blockchain and of course NFT. Registering votes on the blockchain ensures that each registered vote cannot be tampered with and will remain registered indefinitely. Before the 2022 elections in the Philippines, Filipino citizens adopted this idea and recorded an online voting platform based on blockchain and, of course, NFT. The results of the online voting platform reflect the official results of the elections leading up to the election and even the actual results of the elections in the Philippines in 2022.
permanent records
In some ways, one of the oldest challenges of legitimizing ownership is falling by the wayside thanks to the capabilities of NFTs. SoulBound Token (SBT), these are the new types of NFTs proposed by Ethereum co-founder Vitalik Buterin, being designed to work as a comprehensive set of useful tools for online users to maintain and protect their identity. So how does this seemingly digital technology fit into reality NFT use cases? If SBTs are launched as planned, they will have a significant impact on everyone’s online and offline lives. Through SBT, all kinds of utilities are unlocked for users like the ability to create medical records, academic records, employment history and everything else like an NFT. But SBTs are non-tradable, which sets them apart from regular NFTs.
