Over the past two or three years, NFTs have exploded in our collective consciousness. They have become so popular that owning them is almost a status symbol. For supporters of NFTs and the blockchain as a whole, this interest is a sign of great things to come. For others, however, NFTs are just a fad like the dot com bubble, the tulip story or the Beanie Babies.
People who believe that NFTs are just a soap bubble often back up their arguments by pointing out their lack of usefulness. They claim that NFTs are just interesting images or coarse drawings that can be saved on any phone with a browser.
However, this is only true if you know the most common use cases of NFTs. Some of these popular use cases include thedigital art and games. There is also a plethora of applications for which they could be used in the metaverse. But these aren’t the only ways to use NFTs. In this article, we will look at some of the more interesting use cases for NFTs that you may never have heard of.
By now most people know that a substantial portion of NFTs are mere marketing spoofs. But what he doesn’t realize is that marketing can also be the end of NFTs, not just the means.
Brands around the world are learning that NFTs don’t necessarily have to be created from pseudonymous identities on the internet. They can also be created by brands and can help them market their services and goods.
NFTs are efficient in marketing because they provide a personalized experience to customers, ensure brand loyalty and identity, and serve as a means of attraction. These tokens are especially useful for youth-focused brands. By releasing a collection of NFTs, the brand not only releases art, but also something that piques the interest of young people.
NFTs have enormous potential in academia as well. According to scholars such as Beau Brannan, NFTs could be used to assign scores to students. These scores would contain information about the passed courses and about the students themselves. They may also be displayed online for potential employees.
However, these NFTs will have no monetary value and will not be transferable like cryptocurrencies on Bitcoin Profit. Of course, it could be argued that this is a bit of an excessive solution, as it is not necessary to involve the blockchain in managing the scores. But maybe that’s not the point of NFTs in general. For Brannan and other teachers like him, it’s not about money or profit. Instead, it’s about stimulating students’ interests and having a little fun as a class. It is also about creating a permanent record that can be reviewed by anyone, at any time, regardless of everything. This is the real strength of NFTs: immutability.
Another interesting use case for NFTs is that of textbooks. If all textbooks were put on the blockchain, piracy could disappear overnight. This will also allow academics to collect royalties on every book sold, forever.
When we talk about NFT, we don’t usually think about healthcare. But this does not mean that NFTs cannot massively improve the quality of healthcare that patients enjoy.
Healthcare providers routinely share confidential patient information with third parties. This may not appeal to many, but little can be done to prevent it. Even if laws are passed, suppliers can simply ignore them and share information without any problems.
This is why NFTs could be useful in the healthcare sector. In essence, NFTs are an information tracking technology. For patients with confidential medical information, NFTs could be a real lifesaver. If patient information is filled in and minted as an NFT, it would be nearly impossible to share it with others. Of course, it is still possible to write the information and pass it on, but this cannot be done on a scale.
The interesting thing about this use case is that this information can also be a source of income for patients. Patients will not only be able to check their information, but they will also be able to make money. This could even be used to cover some of the hospital expenses. The difference between this system and our established conventions is that patients can really choose what to do with their information.
Although NFTs have not yet conquered the healthcare space, there are many signs that it may soon become a reality. Some startups, for example, are already exploring a world where patients own their data completely. Aimedis, for example, is building a solid virtual marketplace where people can exchange their medical data.