NFTs are most well known for their use for Twitter profile pictures but the technology can be used for so much more. NFT technology allows for verifiable digital scarcity, opening the door for a world of opportunities.
So, other than digital art, what can NFTs be used for?
Music artists have started to use NFTs to allow fans to own a part of a song, single or album. Legendary rapper Nas, for example, has allowed his fans to purchase an NFT that allows them to receive a percentage of royalties from one of his latest singles.
- Certificates, awards etc.
Did you finish school? Prove it to me. You probably can’t do that very easily, can you? Well, NFT technology could fix that.
In the future, certificates, awards and degrees could be given out in the form of an NFT. Making it quickly verifiable if you actually have that degree that is on your resume.
This is already happening at the South Korean Sungkyunkwan University.
- Real estate
Ownership of both virtual and real-life real estate could be passed over using NFTs. The applications for virtual land are obvious, check out Sandbox to see a great example of it.
Real-world real estate NFT ownership is being worked out. However, it could provide a future that makes the ownership and ownership history of a property clearer than ever.
- Luxury Brands
Each item from a luxury brand could come with an NFT verifying the piece is real. Is your Gucci handbag fake? Let me check the blockchain and see if it’s real. The future could really be that simple. These are just four alternative use cases for the innovative NFT technology. Don’t let Twitter fool you. The technology is much more than just profile pictures.