The first NFT was created simply to show that a unique digital token could be stored on the blockchain. Today, non-fungible tokens have evolved to be far more than simple proof of the ability to create and store a unique token.
Today, NFTs can do quite a few nifty things.
What NFTs Can Do
We often talk about the utility of non-fungible tokens in our articles, but with recent innovation in the space, the utility has only grown. So, what exactly can NFTs do, other than providing proof of ownership of a digital piece of art?
Offer Access to Home Equity
Recently, a new service popped up giving homeowners the ability to tap into the equity of their home by selling fractional NFTs. These tokens are purchased by investors who would like to earn a profit by offering owners a way to access their equity.
Of course, the entire agreement lives on a smart contract, and should the lender not be paid, the equity becomes the lender’s property to do with what he will.
Store Medical Data
Fragmented medical data is a major issue in the United States and around the world. Privacy laws make it difficult for physicians to tap into the data they need and patients can be forgetful, leading to unnecessary, often costly, treatments.
NFTs have the ability to change that. There are several companies racing to be the top dog in the medical data corner of the Web 3.0 world.
Act As Tickets To Events
Multiple NFT projects have ticketing capabilities. The NFTs are often redeemed for access to an event, or they can be kept by the owner and the ticket be stored in the data on the token’s blockchain.
Either way, don’t be surprised if paper tickets quickly become a thing of the past thanks to the blockchain and NFTs that live on it.
Store High Value Spirits
There’s at least one project that’s coupling NFTs with high-end bottles of spirits. The bottles are held in a climate-controlled facility and safely stored for use whenever the owner would like.
To access the real-life bottle of spirits, the NFT owner must redeem the NFT. Until the spirits are accessed, the token can be bought, sold, and traded on the open marketplace.
Video Game Enhancement
Finally, NFTs are being used to enhance video games. Essentially, players now have the ability to own the guns, skins, and other game-play digital products they use in games that have caught up to the craze.
The Bottom Line
The bottom line here is that NFTs are far more than digital art. They’re helping to solve real world problems, giving a boost to the entertainment industry, and will likely continue growing in utility ahead.