I have been longing to belong to this Leofinace Community for a long time. Each time I prepare to write, one thing or the other will distract me. Today i vow not to engage in any activity until my post is read , hehe.
Today, i am going to explain some use-cases of NFT other than gaming and art. NFT as we know is a non-Fungible token. It is a digital asset just like crypto currency. It has the power to store information and verify it because it uses metadata.( That is making documents or files easy to locate, it has to do with date, location and time) it stores data on blockchain and this makes it more easy for anyone to verify. What ever it stores is permanent and can never be deleted or change. Most NFTs is built on Ethereum blockchain.
NFT is not different from each other. Remember i said is like crypto currency. You know you can receive or send Bitcoin using it's wallet address and you receive the same. It is the same with NFTs. It is the same anywhere. So now let's talk about some of it use-cases.
Good for Verification
I can boldly say that millions of people today has lost their data on centralize app or paper documents. You have heard of someone complaining that his social media account was hacked and the person who hacked the account is duping people pretending to be him.
This is one of the problem NFT is out now to solve. You don't need to expose all your identity while filling form. Your data will be stored and secured in blockchain. You can see that NFT have made it easier now for me and you to verify our identity without handing over all personal data.
Authentic information
With NFTs, no more fake information. You can verify the authenticity of any product you want to buy. With QR code, you can scan a product and it will take you to the manufacturer. That is you will know if what is written on the product is authentic.
You know some people can fake product and sell it as original but when the original is stored using metadata of NFT. No one can fake it. This is another powerful use-case of NFTs.
NFTs/Transaction
Are you a busines Man, are you into real estate. There are some documents that requires filling of form all the time. NFT can help you digitize all the records. for example, there are some paper you need to hand over to someone who bought land from your estate to proof ownership, you can digitize it and transfer it to the person. There will be no need for filling form from time to time.
Do you know that even bank can mint NFT for all their customers making transaction easy and safe. All account holders will not be afraid of anyone to steal their data and this may stop some lose. Again, when they want to process loan, there will be no need to expose all their personal details. An amazing work of NFTs.
NFTs/Voting
Voting in a blockchain will be best and trusted way of voting. As i said earlier, NFT is secured and what is stored in it is permanently. You will agree with me that a lot of fraud do happen during election. In my country Nigeria, after each election, people will complain that they do not trust the outcome. How do you think to stop fraud during voting. It is by using blockchain.
There will be no need for physical voting or documents. With NFTs, each person can vote in the comfort of his home. Your form is now digital so you login and fill it. At the end of the day no one will run away with balux box, hahahaha, let's digitize every thing using NFT and stop some headache in the society.
Conclusion.
As you seen, NFT has come with a lot of solution. From artwork, gaming and others. It has so many use-cases. Do you want to verify information, authenticity of product, good transaction and correct documents, this and many more is what NFT is here to accomplish.