Preface
In the blockchain industry, NFTs (non-fungible tokens) have received widespread attention in recent years. Existing as a "unique digital asset", each token has its own specific information and value. From the beginning, the NFT market was regarded as a paradise for speculation, attracting a large number of investors and collectors. Later, as time passed, people began to realize the practicality of NFT, making NFT no longer just an object of speculation, but began to play a role in various practical applications.
In my previous article, I once criticized the "Dead NFTs: The Evolving Landscape of the NFT Market" report cited in traditional media reports on NFTs:
“NFTs may increasingly shift from mere collectibles to assets with tangible utility and meaning. Their future will not be determined by speculation, but by the real value and utility they bring to their holders.”
Really practical NFT types and examples
In addition to investment hype, what are the application cases of NFT that have real value? Next, I will discuss the six major areas of "protecting cultural heritage", "gaming", "special qualifications and permissions", "fractional ownership", "real estate" and "digital identity".
Protect cultural heritage
Monuverse protects precious cultural relics around the world through NFTs, and its first project highlights the Gate of Peace in Milan, Italy. Using blockchain, 3D imaging, generative art and local collaboration, they are digitizing important global monuments so they can be preserved forever.
The project’s NFTs also provide new ways for individuals to fund cultural heritage. In addition, a portion of the project's revenue provides "permanent funding" to the local agencies to which these monuments belong, accelerating the rate at which many of the world's truly critical monuments can be maintained and restored.
Gaming
Flamingo Casino Club is an NFT virtual gaming project that plans to build gaming facilities in partnership with established industry representatives in Las Vegas. Additionally, they plan to build an entertainment center, a stadium with an ice hockey team, a golf course, and a horse racing track in The Sandbox metaverse. The project was approved on January 21, 2022 and is being led by experienced industry leaders.
The Flamingo gaming project is a good example of how NFTs are changing the industry and showcases new opportunities for NFTs in virtual gambling and gaming through the company Evolution Gaming using the famous NFT series Crypto Punks as prizes.
Special qualifications (similar to tickets)
An early example of an NFT access pass is a pass that looks like an event ticket. The pass can easily track ownership on the blockchain and be used for admission to physical and digital experiences. For example, at the NFT.NYC conference in February 2020, I entered using NFT tickets from my crypto wallet.
In addition, through "Token-Gated" content, creators can bind specific NFTs to their content and only allow fans holding specific NFTs to access these contents, which provides a new content monitoring and monetization model. .
However, the ecological development of NFT ticketing services is still very early. At present, most foreign startups are still struggling to support it. The previous report compiled by the Global Coin Research Team "NFT Ticketing: A Game-Changer for the Entertainment Industry?" It's complete, you can take a look if you're interested.
In Taiwan, Accupass is actually trying to use NFT as admission tickets, and has even held many events in this way.
Fractional ownership (similar to shares)
In the case of dispersed ownership, after Beeple's digital work "Everydays: The First 5000 Days" was sold at Christie's for $69 million, the buyer Metapurse chose to split it into multiple "B.20" tokens and Selling these tokens publicly gives more investors and enthusiasts the opportunity to share ownership of this digital artwork.
Every B.20 token holder now owns a piece of this digital masterpiece and can share in the potential appreciation in its value.
real estate
In the real estate (real estate) industry, NFTs have begun to change the way properties are bought and sold. In 2017, the first real estate NFT was sold through Propy, a blockchain-based real estate platform, and was recently re-auctioned. This suggests that changes to the way real estate markets are bought and sold may be coming.
Propy allows buyers, sellers, brokers, and agents to conduct traditional real estate transactions entirely on-chain. At the same time, the platform works with real estate partners across the United States and has processed more than $4 billion in transactions.
Propy, on the other hand, is also working with the South Burlington U.S. government office to move real estate ownership records onto the blockchain. The collaboration enables homeowners to efficiently transfer their property to the company’s name online and leverage blockchain technology for fast and secure transactions.
The practicality of these NFTs shows how to organize multi-investor projects and ensure independent responsibility of each party and shared responsibility for majority voting decisions through smart contracts. However, the tokenization of such assets still faces the need for legal supervision, which is something that this industry needs to pay attention to in its early stages. Currently, tokenization of decentralized ownership is trying to circumvent this particular legal industry.
digital identity
First of all, NFT can express an individual's digital identity in a decentralized market, providing new possibilities for identity verification and authentication, making it easier for individuals to prove their identity in the digital world. Certain NFTs, such as SoulBound Token (SBT), present an innovative identity verification concept. They have properties suitable for identity documents and create an identity system that links a blockchain wallet to a specific identity.
Through NFT, individuals can have a unique digital token that represents their identity. This token can prove the ownership and authenticity of personal information and documents, and provides a standard method for identity verification across different platforms and services. The more common actual cases include the following two points:
When users participate in POAP-powered events, they receive unique NFT badges, and both event issuers and recipients can mint these NFTs for free;
On the X platform, developers demonstrated how to connect crypto wallets to identify NFTs.透過這個功能，X Premium 的訂閱者能夠展示他們擁有的NFT，並將其設為個人資料照片，讓其他使用者能夠透過點擊NFT 的個人資料照片來了解更多有關該作品、其系列和來源的information. More importantly, you can use this function to verify whether the account is the holder of the NFT to identify authenticity.
These cases list the diverse applications of NFT in digital identity verification and personalized display, highlighting the value and convenience that NFT can bring in an increasingly digital society.
in conclusion
Explore technology and applications and find the infinite possibilities of NFT
Through the above examples, we can see that the application of NFT has gone far beyond the initial investment hype and opened up new possibilities for the practicality of blockchain technology, making its application in the real world more and more possible. The more extensive. With the further development of technology and exploration of applications, the practicality of NFT will continue to expand, profoundly affecting our society and economy.
I was invited by Yuanfu Securities on October 5 to share a lot about blockchain and NFT in the program "Digital New Horizons: Explosive Growth of Blockchain - Application Scenarios You Didn't Expect". They have indeed improved our lives. These examples are just a brief overview of the transition from speculative to practical assets. As technology and technology continue to develop and mature, the future of both blockchain and NFT is full of infinite possibilities.
References
The world’s cultural heritage is being preserved one NFT at a time
How NFTs are changing the gambling industry: Flamingo Casino Club case
Using NFTs for Access and Utility
A Dive into Fractional Ownership of NFTs
Guide To Using NFTs In Real Estate
NFT Digital Identities and Why It’s So Important
What Are Identity NFTs & How Can They Be Used For Blockchain IDs?
Identity And Authentication: NFTs For Digital Identity Verification
