NFT: The Untapped Glory. [TUG]
Some of the rarely usecases of NFTs that can actually make life easy.
NFT has been around for a while now, but unfortunately, NFT to many has been limited to jpegs on a blockchain. The purpose of this post is to expose our dear readers to the unlimited possibilities of NFT.
What is NFT?
A non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain, a form of a distributed ledger. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible. The market value of an NFT is associated with the digital file it references. - Wikipedia
What the above definition simply means is, that NFT can be used as evidence, proof, or reference to something of great value. So why does NFT remain a jpeg with an expensive price tag?
The art value of NFT is being explored by millions of cryptocurrency enthusiasts. But very few are exploring other amazing capabilities of NFT. Below are some of the rarely use-cases of NFTs that can actually make life easy.
The TUG of NFT is numerous and possibly limitless to keep tabs on, because like cryptocurrency blockchain, NFT has continued to evolve. Below are the three categories of The Untapped Glories [TUG] of NFT
NFT as proof of subscription.
NFT can be designed to activate or validate proof of subscription to a service. That is to say, someone can purchase a specific NFT and as a result, the benefits of owning that NFT is represented in form of service activation.
Take the self-acclaimed Web 3.0 browser Browlser as an example. When you purchase a browlser-themed NFT from Opensea and that specific wallet is linked to the browlser app, the features embedded in that NFT are activated in the browlser app.
Imagine your Netflix, Google play, and even plane tickets coming as an NFT, this will not only make subscribing to services less complex but also easily reusable and less prone to theft or loss.
Emirates, the largest airline in the United Arab Emirates, announced its intention to add bitcoin as a payment option and to make NFT collectibles tradable on the company’s website. - blockworks
The use of NFT as Identification
To date despite the evolution of technology, identity theft and falsification of identity is still a menace. Imagine if your identity is embedded into a blockchain as an NFT, only accessible to services or platforms requiring you to verify your identity. This way, companies, and platforms will not have to store users' identification data on their servers, because this data will be accessible to them whenever there is a need for it.
In fact, a social media and Web 3.0 platform ComingChat is already threading this path, by using NFT [CID] as a means to login in to users instead of the traditional phone number, email, and password.
NFT as a means to eliminate voting fraud.
Blockchain companies and cryptocurrency industries like luna, and Polkadot have often times given their coin holders the opportunity to vote as regards where their respective project focus should align to.
This can be reciprocated during country elections, with eligible voters being encrypted as an NFT into a blockchain, allowing voters to vote for their preferred candidate from anywhere without the fear of votes being stolen or their data being compromised.
The possibilities or capabilities of NFT are unlimited, like every advancement, the implementation is going to take a while. But if we continue to build and encourage builders, it won't be long before we start seeing the wonders NFT is capable of.