This is where you will find real-world applications of NFT technology. NFTs are legal contracts and can continue to do so. NFTs can be used to execute and implement service contracts with companies, car leases, or home loans.
The Bacon Protocol is a perfect example. It’s a decentralized mortgage lending program that uses smart contract technology on Ethereum.
Anyone with a Web3 wallet can lend money and earn interest, while also seeing which homes they are lending to. Anyone with a home that meets protocol criteria can create a NFT to use as collateral and borrow money.
This contract is executed automatically and eliminates the need to have a broker. This means that the lenders get a greater share of the interest earned while the banks typically reap the full profits from interest fees.
Let’s not forget about the paper savings that could be made if these contracts were digitized.
It makes perfect sense to use NFTs as tickets for various events. Physical paper tickets are no longer valid. However, it is possible to sell fake NFT tickets. This is in contrast to the physical ticket stubs which can be replicated easily.
Wait, there are mobile tickets! We can convert mobile tickets to NFTs, which makes it compliant. This ties in with the collectibility aspect.
Many people love collecting tickets to their favorite events. At some point, they may want to sell their collectible tickets to another fan. Mobile ticketing is not a viable option. And even if you could prove it to someone, how would that prove true? It wouldn’t.
NFT technology is therefore the only solution. NFT tickets can be more than just tickets. They can also become collectibles or art. My favorite example NFT ticket art is the 2022 VeeCon NFT Tickets.
VeeCon, a multi-day superconference, is where only VeeCon NFT tickets holders can experience an exceptional lineup of content, including legendary keynote speeches, innovative and educational talks and panels, as well as many collaborative experiences.
These tickets are not only tickets to the event, but they also serve as digital art pieces. Erick (aka Snowfro), a NFT artist and founder of Artblocks.io, created the artwork. These tickets will be remembered as unique pieces of art that can still be purchased and sold years later.
4. Trust And Transparency
NFTs are a great way to increase trust and transparency in every transaction. The blockchain lets you see all transactions that have occurred with respect to NFTs, no matter how simple they may be.
This allows you to see the date it was created and the amount it has been traded in the past. You can also view all terms and conditions associated with the purchase of NFT.
Blockchain is a reliable way to verify transactions because everything that happens on it remains there. This means that anyone can see what’s happening on the blockchain even if they don’t have the asset. NFTs are now transparent as to who can see what. NFTs and blockchain technology are transparent in that there is no way to hide what has been done. It is documented until the end.
There are many ways authenticity can be verified. It doesn’t matter if you have collectibles or legal contracts. Verifying authenticity is important.
NFTs, which reveal the creator and the date of creation, will continue to play an important role in authenticating authenticity. From a consumer perspective and throughout the production process of products.
Today’s marketplace is full of fake food and supplements. NFTs are able to help resolve this problem by transparently tracking food products through their entire journey. From harvest through the manufacturing plantation to the point of sale to consumers, NFTs can track food products throughout their entire journey.
False claims by companies that their products are made or sourced in a particular country will be exposed as the track record is transparent through NFTs/Blockchain technology.
It might seem difficult to envision how NFTs are used in the future and how they will ultimately benefit us. However, I hope that this article has helped you see beyond what NFTs can offer.
NFTs have real-world applications and are being adopted across all industries. This is similar to the way that every industry uses social media. Even if you don’t believe in NFTs, I recommend that you continue to research and remain curious. There is no shortage of information about how NFTs can be used to achieve great things.