Obviously not the best series on NFTs yet, but if you’ve been following this series; one thing for sure is, you realize that NFT isn’t just about creating art and selling it or buying art on NFT marketplaces. Check out the previous part, hopefully, you’ll be able to get your flight tickets as NFTs in the very near future. NFTs are here to stay, the question is how far it will go in penetrating the most important aspects of human life, especially where it concerns flexible ownership structure and ownership verifications.
We’ve discussed a few of these possible applications and again, we take a look at a few others more.
Media ownership
Unarguably the most popular application of NFTs. You probably own several digital art NFTs. The weirdest images are hitting NFT marketplaces and getting sold for some tangible price. Artists are jumping in to at least make a living through their craft. Musicians and video content creators are also exploring the chances of distributing ownership rights of their media via NFTs. Non-fungible tokens have proven to be competent in this aspect.
It’s no news that “NFT arts are overhyped”, arguments about ownership of these sold arts continue to heat up too. Regardless, NFT arts continue to grow even stronger.
Paid online subscription
Netflix and chill? Even if you’re not a fan of movies, you still have to subscribe to a couple of online services. The only tangible change in online subscriptions since it became a thing is the cost of subscription. The technology, and the user interface…basically the same thing. Not really so progressive, in my opinion; especially when there are available alternatives which work even better. Paid Subscriptions in contrast to aforementioned application is rather time-based and not a one-time redemption process.
NFTs still come into play, regardless. Developing NFTs to represent and validate subscriptions will improve the accuracy of financial estimations. Not only that; NFTs are immutable and subscriptions cannot be maneuvered if they are issued as NFTs.
meal tickets and food stamps
We’ve mentioned ‘tickets’ in almost every part of this series and you’d at least agree that the current tradition of carrying physical tickets is getting boring. It’s arguable if anyone ever found them aesthetically appealing. NFTs are the best bet if we’re ever going to go paperless in ticket vending. Meal tickets, food stamps…presenting these at the counters is so 1980s.
NFT tickets are a perfect replacement. In addition to adding the very much-needed flare to the ticket vending system, NFT tickets are easier to disburse, handle, and redeem. Redeeming NFT tickets at the counter is as easy as buying coffee with the Bitcoin Lightning network, and easier than surfing through your wallet to find a frail-looking paper ticket.
The list is actually inexhaustible; it only takes a little more exposure to realize a couple of other ways digital signatures could replace some existing options in some concerned areas. You surely have a few suggestions, share them!