NFT Use Cases (Other Than Art)

As of lately, NFTs, or Non-Fungible Tokens have become all the rage. Although their popularity is undeniable, the crypto community is having a hard time determining whether or not NFTs will evolve into something more, or simply fade away as a flash in the pan. In this piece, we will take a look at NFTs, and look at some of the potential use cases they may have beyond the world of digital art.

Fungibility vs. Nonfungibility

If you are new to the concept of NFTs, you may be wondering how a fungible token differs from a non-fungible token. A fungible asset is an asset which can be directly exchanged for other denominations of the same asset, or denominations of another asset at an agreed upon exchange rate. Think about traditional fiat currency.

In US dollars, 5 one-dollar bills can be exchanged for a five-dollar bill. 20 one-dollar bills can be exchanged for a 20 dollar-bill, four five-dollar bills, or two ten-dollar bills, and so on and so forth. This concept is known as fungibility.

Non-fungibility on the other hand, means an asset is unique. It can be purchased or auctioned for an agreed upon amount of fungible assets; however, there is no direct exchange rate between fungible and non-fungible assets to speak of. For this reason, non-fungible assets are usually minted on a blockchain, such as Ethereum, and attached to the ownership of digital artwork.

Collectables

NFTs are often exchanged by collectors, due to both their uniqueness, as well as the fact that they can be easily verified and authenticated. One of the problems within the world of collectables is the fact that they can be, and often are, replicated and sold as the original for nefarious purposes. For this reason, attaching an NFT to a piece of artwork is a viable option for anyone looking to secure the authenticity of a collectable such as a piece of artwork, like a painting or digital art piece.

Coupons

As absurd as it sounds, there is a growing market for counterfeit coupons. More and more people are purchasing incredibly realistic counterfeit coupons through the dark web. Attaching NFTs to coupons is both a cheap and effective way for businesses to ensure that their coupons are not being counterfeited by criminals.

Medical Records and the Department of Motor Vehicles

One of the most promising uses of NFTs may very well be the handling and distribution of sensitive documents. NFTs could be attached to medical documents, such as test results or prescriptions. This would both ensure the security of patient information, while simultaneously ensuring the validity of prescriptions, vaccination records and doctor’s notes which may be required by the employers of patients.

In the same way that NFTs could be incredibly useful in the medical field, they may be able to serve similar purposes for the Department of Motor Vehicles. The issuing of vehicle titles, driver’s licenses, and vehicle registration could potentially be maintained entirely through blockchain technology. all of these documents could be in NFT form, making them incredibly easy to produce, transfer and verify.

Conclusion

It is more likely than not that we will see NFTs grow far beyond what they are currently being used for. As the usefulness of NFTs catches on, so will cryptocurrency as a whole. Be sure to check out the Killer Whale Products Page to see which Killer Whale Signals and Strategies are right for you!

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