6 Predictions for Future NFT Uses
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 remarkable solution. Visibility of the asset’s history is available to everyone as long as the blockchain exists. Finally, only the original owners can decide what to do with the owner, based on their smart contract.
Future Roles of NFTs
The Main Problem
Claiming ownership over a digital asset hasn't been easy since the existence of the internet. 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.
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 consenting to the platform's terms and conditions. The more data there is to save, the harder it is to secure each piece of information at the highest level. As a result, it’s easier than ever to steal our personal data. But to make matters worse, there are also endpoint security vulnerabilities like when we connect to a public Wi-Fi Network.
NFTs offer a solution by defining ownership through a digital token
Identification documents, credentials, or vaccination certificates can be copied and changed on both paper and screens. The mechanism behind NFTs aims to prevent double-spending, but likewise, it works with digital duplication.
1. Medical Records and Identity Verification: Our identity can persist with avatars and AR/VR art, or it can be designed to work like a 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 confidential key.
2. Real Estate: NFTs simplify the traditional purchasing process of real estate or of real estate investment shares. 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 artwork. Both items could vary in value. This authenticity for every 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 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 wallet to define prior accomplishments.
5. Ticketing: Any event host might 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.
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