10 Practical Uses of NFTs (NFT System Development)

NFTs finally provide us with a solution to prove ownership of digital assets.Having gained widespread popularity over the past two years, institutions, companies, and organizations continue to adopt NFTs as a tool for raising capital.There is no doubt that big brands, corporations and even government agencies see the potential of implementing blockchain technology.Tech giant Meta will soon integrate NFTs into their platform, and many other high-profile tech companies want a piece of the pie.NFTs become a $40 billion market in 2021, entering the eyes of investors and creators.The technology seems impressive so far, and there is no doubt that NFTs are a meaningful advancement for the tech industry.We’ve even heard market analysts predict that the NFT market will be worth over $230 billion by 2030.

The truth is... it's too early.Less than 1% of the world's population owns NFTs.This is still new territory, and NFTs will likely go through a lot of trial, error, and error until the technology becomes mainstream.To put this in perspective, at the peak of the last bull run, there were 28.6 million active wallets trading NFTs.That's just 0.03% of the population (or less, considering some users have multiple wallets).

NFTs are like a romantic relationship.It's still new and we're in the "rainbow and butterflies" phase.We NFT enthusiasts are deeply in love with the potential of this technology, and sometimes we don't see the ugly side of it.Just like in a relationship, after the hype subsides and reality hits, love is not enough.We need a deeper reason to maintain this relationship.There's a reason to stick with it, embrace it, and make it a part of our everyday lives.The same applies to NFTs.After the hype is over, NFTs need a valid reason to stay relevant: practical, real-life utility.

The value of an NFT is directly related to its utility (or in other words, the main benefit of owning it).The handful of NFT projects that provide solutions to the problems we face in our daily lives will ultimately push the technology closer to mainstream adoption.

We experience the true potential of NFTs when they become a social necessity rather than a luxury or hobby.

Market analysts speculate that it could take up to a decade for them to become part of our daily lives.However, as the digital world continues to expand exponentially, it may take far less time than that, and the technology may take off faster than you might expect.

Before that moment comes, it's important to have a macro overview of where NFTs are today and what NFTs are actually used for.

10 practical uses for NFTs that will transform our society in the next 10 years

1. Legal documents and certifications

We are an increasingly paperless society.Digital documents, digital signatures and online receipts have become very popular over the past decade.Blockchain is a perfect fit for the authenticity of legal documents and, if implemented properly, has great prospects.Legal documents will become faster, more efficient, and hopefully more transparent.We saw a recent case where a UK judge allowed litigation over NFT airdrops.Suppose identity documents such as passports and national ID cards become fully digital assets stored on the blockchain.In this case, it is easy to associate our identities with legal documents, such as marriage certificates in the form of NFTs, publicly viewable by accessing an individual's official digital ID.

2. Passes

Event ticketing and NFTs are like peanut butter and jelly.Industries such as airlines, commercial events and entertainment can finally rely on secure, transparent systems for greater control over tickets, passes and memberships.Ultimately, we will use our smartphones to seamlessly trade tickets as NFTs.

For example, Real Madrid, one of the biggest football clubs.Due to the high demand, their tickets are relatively expensive, and the secondary market has problems with fraud and fake tickets.Eventually, clubs like Real Madrid may offer tickets in the form of NFTs, and buyers will be able to verify their authenticity in the blockchain and avoid being scammed on the secondary market.Additionally, due to smart contracts, clubs may set a 2% royalty on each sale on the secondary market.That way, every time a ticket is transferred to a new owner indefinitely, the club will receive an additional 2% from royalties.This opens up a whole new revenue stream that would not be possible without NFTs.

3. Non-transferable tokens

NFTs that cannot be transferred from wallet to wallet have great potential for academic document verification.Universities will eventually be able to award full degrees in the form of NFTs, which cannot be transferred to others.Its authenticity is officially verified in the blockchain and recognized by other institutions.Perhaps eventually, we will see a web 3 version of Linkedin where professionals will publicly showcase their educational NFT achievements.