The growth of the NFT industry has been tremendous. While initially, they were designed with the sole purpose of tokenizing real-world assets and offering digital collectables. These real-world assets were not limited to assets such as paintings, digital paintings, memorabilia items, albums, etc. However, the utility of Non-Fungible tokens has succeeded beyond imagination and now offers additional utility besides trading digital artworks.
These are some of the innovative ways you can use NFTs beyond Digital Artwork.
- Ensuring Authenticity
NFTs can be used to verify the authenticity of any item you purchase, as all the information about the item, including its trading, will be stored on the blockchain. Dynamic NFTs can also be used to store information about the item to ensure fairness.
2. Real Estate
NFTs in real estate have become increasingly popular as it allows users to transfer land deeds, provide ownership proofs and keep track of the changes in property value using timestamped NFTs. When it comes to tracking legacy and establishing the authenticity of title deeds, transfers, property mutations and the like, NFTs provide a reliable solution and will hamper scammers.
3. Medical Records & Identity Verification
Not only are NFTs helpful in storing medical records and verifying identity, but they also help as NFT supply chain trackers. The data stored on a blockchain is immutable, making it impossible to manipulate the data for personal gain.
4. Intellectual Property and Patents
Using NFT for Intellectual Property has become popular as it allows users to prove their ownership of any piece of content that traditional IP rights tools fail to process. Being able to trace the source and credit IPs to their owners will now be as easy as 1, 2, NFT.
5. Academic Credentials
Dynamic NFTs or dNFTs are a good way to represent academic credentials as they can provide proof of attendance, degrees earned and other relevant information to the jobs or colleges. In time it is said these will replace CVs as well. No more reference checks needed.
6. Supply Chain
NFTs can optimize the supply chain industry by securely storing information that is readily available, leading to safe and secure supply chain management. At scale, think about optimized logistics getting food moved before its past its shelf life. On a personal front, Think Organic foods and the Farm to table concept while knowing the origin of the produce. Need we say more.
7. Gaming Industry
The gaming industry has benefited from NFTs tremendously as it allows the trading of in-game assets and selling them on marketplaces to generate passive incomes for the players.
8. Ticketing
Experts believe that NFTs will replace traditional tickets in the near future. This will help in decreasing ticket counterfeiting and black market sales and make the entire ticketing industry more optimized.
9. Artwork Tracking
NFTs are not only capable of tokenizing artwork but also tracking the original pieces, as counterfeiting is very common for rare pieces.
10. Voting
NFTs can replace voted IDs and make the voting industry more secure and fair. As the data stored on the NFT cannot be edited, people cannot manipulate the IDs for illicit purposes. Over the last two years using NFTs has been piloted across the world.
AdLunam has developed an NFT integrated platform for retail investing communities to receive allocation from projects. Through its strategic partnerships with AcknoLedger and Hypersign, the utility of NFTs are further explored cross channel. While AcknoLedger, a worldwide consortium which maps Web3 assets across metaverse and gaming, indexing NFTs across multiple gaming projects and platforms becomes seamless. Hypersign provides vital protection through its unique authentication solutions. Onboarding retail investors, validating wallets and ensuing projects have bot free communities are its prime value addition to this partnership through parts of the solutions they provide.
These are some of the NFT use cases that stretch beyond digital collectables. Because of this increased utility, every day, there are new NFT projects released with unique use cases. If you are also looking to release your NFT project and need an IDO launchpad for crowdfunding, you can check out AdLunam.
