NFTs Beyond Digital Art
NFTs are most famous for their role in the arts world. But did you know there are actually many uses beyond art for NFTs?
It’s true: NFTs can be used for music, ownership of almost any physical item you desire, digital identity, and in gaming. Read on to learn more about the application of NFTs beyond just digital art.
NFTs in Music
This one may be obvious; however, just as NFTs can be used for tracking rights of digital art, the same goes for music (especially as the industry becomes increasingly digitized). While this space is less vast (mostly due to other options existing for musical artists), there are a few musicians who have used NFTs to track the uses of their copyrighted music.
Not only would they be able to sell the rights to songs, but this would also allow those who contribute to songs to be able to protect their portion of ownership. For example, no longer would the writer have to relinquish rights to the singer, but both could follow and receive royalties from their contribution to the finished product.
Verifiable Proof Of Ownership
A newer topic of discussion (again, in an increasingly digitized world) is how to have digital proof of identity. Think of your car and house; ownership of both is established by a piece of paper. While there may be digital versions of this paper, if you want to sell either, you will need the original paper deed, which can be a challenge if you lose said paper deed. This is where NFTs come in, as many businesses are beginning to realize how challenging it is to track all physical proofs of ownership.
Although it may be a little far-fetched to think ownership of your car and home will be on the blockchain in a few years, many luxury businesses have already begun to consider NFTs. Louis Vuitton and Gucci are the main brands we know of using NFT technology to transfer ownership of their luxury goods, though we are certain more brands are looking into it for the future.
Digital Identity
One of our favorite current and future uses of NFT technology is in digital identity. Just as NFTs can be used to track ownership of various items, they can also be used to prove identity.
Many countries around the world are going all-in on digital identity, especially as the forgery industry has continued to grow. Of course, there are still kinks to iron out; however, NFTs can help with identity verification, as well as the ability to provide your information to someone for verification or management without revealing too much personal information.
Gaming/Metaverse
We admit, mentioning the use of NFTs in gaming in the metaverse is a little of a no-brainer because many of its applications in this field are in the realm of art. When gamers design special weapons and skins in their preferred game, they use blockchain technology (the same technology that is behind NFTs) to sell and distribute their items digitally. However, the reason we mention it is because the application also extends far beyond that.
The gaming world is changing, with the emergence of the metaverse; game offerings now exceed simple skins and weapons. Now you can buy houses, farms (in-game like Axie Infinity), as well as create your own mini-games, which are pay-to-play. Honestly, we can’t imagine the metaverse existing without NFTs, and we are sad this isn’t the application that NFTs are most well known for. But as the NFT art craze continues to evaporate, we have a feeling its use in the gaming world will return with a vengeance.
Event Tickets/Access Passes
This is one of the newer applications of NFTs, but if you think about it, it makes total sense. NFTs allow individuals to prove ownership, and one of the most “stolen” or “forged” items in our current day is event tickets.
In case you missed it, during large, expensive events, like Taylor Swift’s Eras Tour, many fans found themselves on the outside of their dream event without a real ticket—because they either purchased one that was forged, or someone sold two of the same barcode and the other victim entered the venue first.
The point is, until now, event tickets were so easy to forge because they rely on a simple barcode or QR code. Though some events have changed to using live tickets, which dissuades some of this scamming behavior, there are still individuals every day who find themselves without a ticket. NFTs can help prevent this behavior by registering every transfer on the blockchain in a way that cannot be undone. It also prevents the double-sell scam, which is one of the easiest to perpetuate. As such, many events have already switched over to using NFT technology, and we hope that others will eventually as well.
Credential Verification
We already mentioned using NFT technology for digital identity, but honestly, the applications go far beyond just verifying who you are. The technology could also be used to verify credentials like training certifications, as well as university degree verifications, making it easier for you to take your education across borders. It would also prevent fraud, forgery, and other scams common in the industry.
While we don’t know of any current industries implementing NFT tech for credential verification, that doesn’t mean there aren’t some out there or that it won’t be in the next big wave of technology in industries that rely on manual verification methods. If you are in the certification industry, we implore you to investigate NFT tech the next time your business undergoes a system upgrade.
Overall, the uses for NFTs venture far beyond just funky monkeys or a way to invest in digital art. NFTs rely on blockchain technology, which could be used to revolutionize several industries, including music, ownership, digital identity, and certification verification, just to name a few. So just because the first wave of NFT hype is over, don’t sleep on this technology that may be back in the next few years.
