Claiming ownership over a digital asset hasn't been easy since the existence of the internet. However, today's hardware tools and features enable us to copy or captur everything on our screens. A bigger problem we face, however, refers to our personal identification.

6 Predictions for Future NFT Uses

Written by: Carin A.   |   19-05-2022

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In Conclusion

Full ownership of digital items is hard to prove. The rights of creators are not respected, and our identities are simple to copy. NFTs represent ownership of a digital asset with a unique ID in the form of a token; hence, they offer a solution. Visibility of the history of the asset is available for everyone as long as the blockchain exists. Finally, only the original owner can decide what to do with the owner based on its designed smart contract.

Future Roles of NFTs

Identification documents such as IDs, credentials, or vaccination certificates can be copied and changed through paper and screens. The mechanism behind NFTs aims to prevent double-spending, but likewise, it works with digital duplication.

1. Medical Records and Identity VerificationOur identity can persist with avatars and AR/VR art, or it can be designed as our current driver's license. As long as a screen can present our identification, it doesn't matter because its ownership can be verified only by the person who possesses its fitting key.

2Real EstateNFTs simplify the traditional purchasing process of real estate, or shares in real estate investment. In addition, security is enhanced by the design of smart contracts, which enable data visibility for everyone.

3. The Authenticity of Products: An artist may create two separate NFTs of the same piece of art. Both items could vary in value. This authenticity for each digital asset is possible because each token has verifiable meta-data. Transactions are recorded and result in visibility of the entire ownership history. The blockchain provides token security, keeping all data safe and impossible to replicate.

4. Academic Credentials: Generally speaking, certificates are given out in a printed form. Their value is hard to define, and verification is often not available. Being converted into an NFT, a certificate can provide proof of ownership and even be used as a value storer to define prior accomplishments.

5Ticketing: Any event host may struggle with controlling the number of tickets sold from release, while also trying to avoid creating an instant reseller market. Managing tokens that illustrate tickets as an NFT on the blockchain won't enable fake or duplicate tickets.

6. Documentation: NFTs can be used before booking a visit to a doctor and enable access to the history of residencies. In addition, instead of just relying on reviews or information in an online database, the NFTs of this information increase trust between any service provider and receiver.

Since our data is saved on central servers of web giants, it is automatically not owned by us. Each person who owns a social media profile agrees with this statement when agreeing to the platform's terms and conditions. The more data there is to save, the harder it is to secure each piece of information to the highest level. As a result, it’s easier than ever to steal our personal data. This is especially true when we connect to a public Wi-Fi Network.

NFTs offer a solution by defining ownership through a digital token.

The Main Problem