Innovative Uses for NFTs
There are many uses for NFTs beyond cryptocurrency exchanges. There are already applications that allow users to trade physical items such as collectible figurines or artwork. There are even apps that let you buy and sell rare artworks. However, the potential for NFTs goes much further. Imagine if you could use them to trade real estate.
You would be able to exchange your house for shares in a company that owns the property. Or, maybe you own a small business. You could create a trust, and allow actual customers to trade your company's shares with each other. The sky is the limit! The applications of NFTs are only limited by your imagination. New Decentralized Economies One of the largest benefits of NFTs is that they can create new types of communities and economies.
This is particularly important in developing countries that are prone to corruption. With the rise of NFT, there is a potential to create completely new types of financial systems and bypass the major issues with the traditional banking system.
For example, in Honduras, a national election was recently won with the help of blockchain-based democratic voting. This was made possible through the use of NFTs. By creating a system in which candidates were represented by unique digital representations, voters were able to easily verify that their candidate had been voted for. The use of NFTs can help in situations like this by promoting a culture of transparency and allowing for a more efficient way of conducting elections.
Crypto-collectibles, like CryptoKitties, allow for communities to form around specific types of tokens. This is a good example of how new types of economies can be created with NFTs. For instance, a specific kind of "collectible" token could be created that represents a piece of real estate. This could be a house that someone owns or even a whole apartment building. As long as there is demand, people will be willing to pay money for these tokens.
The owners of the properties could then rent them out at a rate, and the profit would go to the people who owned the actual property. New Cryptocurrencies The potential for new types of cryptocurrencies is massive. NFTs can be built upon any existing cryptocurrency, meaning that innovation is no longer limited by the technology that is currently in place. For instance, NFTs could be built on the Ethereum blockchain, or they could even be built on top of something like Bitcoin's blockchain. The beauty of NFTs is that they can be built in a way that stands independently of any other cryptocurrency.
This is great for industry leaders like DigiByte who have promoted the adoption of their blockchain. However, this also means that new NFTs can be created without the need to adopt a new platform. This could especially be the case if there are major benefits to the developer. In this case, we could see the rise of new types of collectible coins like CryptoKitties, which is currently being built on top of the Ethereum blockchain.
New Use Cases Although the most obvious use case is of course digital collectibles, there are other potential uses for NFTs that haven't even been thought of yet.
Most of us are pretty protected by the types of data that we store online. Our names, addresses, and perhaps our phone numbers are all the information that someone would typically need to steal from us. Moreover, there is another type of personal data that many of us store that is not protected at all. That data is our medical records. This is particularly troubling, especially for patients in under-served areas. This type of medical data is extremely valuable to people who are looking to create fake patient identities. The most common use for this is in Healthcare Fraud. This can range from simple identity theft up to large-scale fraud that can waste hundreds of thousands, or even millions, of dollars.
This is a huge market that is completely neglected by both the government and private industry. The only organizations that acquire this data are either medical-related or are part of the Healthcare industry. Companies like hospital maternity wards, doctors, and clinics are the only entities that have access to this data.
However, if this data was stored in the form of an NFT, it could be highly valuable. Just like a physical ID card, it could contain all the same information, except it would be digital. This means that it could be issued by any entity that currently holds medical records. If this were implemented, it would prevent identity theft and ensure that proper medical care is always provided to patients.
This is just a few of the many potential use cases for NFTs. Our list will undoubtedly grow over time, and that's exactly how we want it.
One of the greatest things about this technology is that it allows new types of property to be owned and traded for the first time. As long as people are seeing the potential of these digital tokens, we're going to see a lot more innovation coming soon.
Where do we go from here? It's looking very likely that we are going to have two types of blockchains very shortly. The first is going to be a "pure" crypto version, which is going to be used for all Digital Tokens. Anything that is an NFT is going to be stored on this chain. As soon as a token is created, it is going to exist in this chain.
The other chain is going to be a non-crypto version. This is most likely going to be used for Data Storage so that it can be accessible by non-token users. This is still going to require a third party to access, but one that doesn't exist currently, which is most likely the case for most micro SD cards.