Five ways NFTs will transform the way we work and live
Today, non-fungible tokens (NFTs) are most known for their attachment to collectible digital art and some of the eye-watering price tags they command. Then there’s the world of blockchain-based games, with tokenized in-game items. But beyond this, the revolutionary technology behind NFTs has the potential to shake up several industries and sectors, some of which have yet to be realised.
Here are five of the most intriguing future use cases.
NFTs have the potential to provide crucial support to the healthcare industry. Distributed ledger technology (DLT) could be used to hold medical records and other sensitive medical data, optimising communication between medical providers and patient privacy. NFT birth certificates are one example of this. The technology could also allow greater monitoring of blood samples and transfusions via tokenization.
The education sector could see NFTs emerging as a revolutionary tool for the issuance of certificates and qualifications. Forgery is a common issue faced by higher institutions and potential employers. And with the advent of DLT, counterfeit documents could be a thing of the past. This would also work to speed up application processes. Additionally, it’s possible that blockchain technology could be used to secure a school’s exams and digital grading systems.
Similar to the applications in the healthcare field, NFTs may be used to tokenize human DNA. Companies that deal in genetics testing have often been criticized for reselling consumer data. Nebula Genomics is a newer entrant into the market working to change the narrative on user privacy by utilizing blockchain tech. The personal genomics company has already transferred the DNA data of its founder, Professor George Church, onto the Ethereum blockchain.
4. Real estate
Another potential use case for NFTs lies in real estate – both virtual and physical. In the metaverse, everything is an NFT, including avatars, wearables, and accessories. Virtual plots of land are also on the list, and they have been making headlines over the past year for their high selling prices. In the physical world, however, new opportunities are arising in property ownership, like trustless property titles. Linking an NFT to physical property is a much more straightforward and efficient way of handling property transfers than we currently have.
The agricultural sector could also greatly benefit from the application of NFTs. Along with farming land and produce being tokenized, data on quality control and production standards on the blockchain might work to increase transparency in the supply chain process. In this way, ledger technology could also play a crucial role in reducing CO2 emissions and combatting climate change. NFTs can be used to track climate conditions and optimise fuel consumption of not only argriculatural machinery, but of all transportation vehicles.