Transformative Power of NFTs: Beyond Art and Into Daily Life Applications
Summary:
The article discusses the diverse applications of Non Fungible Tokens (NFTs) beyond artwork. Examples range from combating fraudulent qualifications in healthcare and education by issuing NFT-based certifications, the Department of Motor Vehicles considering digitizing car titles and registration as NFTs, to their incorporation into event ticketing for enhanced security, authenticity and facilitation of interaction with fans. The article highlights the transformative potential of NFTs to escalate trust, efficiency, and overall user experience in several sectors, ultimately improving the quality of life.
The mention of "NFT" - Non Fungible Tokens - tends to prompt a reaction, whether positive or negative. Some individuals may recall the moment back in spring 2021 when the digital artist known as Beeple fetched a whopping $69 million for his NFT-based artwork. Others might associate NFTs with the humorous musical skit performed by Peter Davidson on Saturday Night Live questioning "What the hell’s an NFT?" Yet, NFTs encompass more than just the artwork that went viral a couple of years ago thanks to the intrinsic features provided by blockchain technology. The latter makes them suitable for sectors requiring high transparency, authenticity and robust security.
Healthcare and education sectors serve as ideal examples. Recently, both fields have reported occurrences of fraudulent qualifications, such as cases of nurses and teachers falsely claiming educational credentials. As pointed out by the Washington Post in May, nearly 2,800 individuals procured credentials from unvalidated institutions without attending classes and subsequently used them to improve their job prospects. With NFTs in the picture, educational institutions can tackle this issue head-on and issue NFT-based certificates to students who have genuinely completed their courses. These digital credentials held by students serve as authentic proof of their educational accomplishments, giving prospective employers easy means to verify the information as NFTs function as unique and immutable identifiers.
Even the Department of Motor Vehicles (DMV) - often considered a slow, bureaucratic entity - is contemplating integrating NFT technology into its procedures. Earlier in the year, California's DMV, with the highest rate of vehicle registrations nationwide, experimented with transitioning car titles and registration to NFTs via the Tezos network, an open-source blockchain. The goal is to boost efficiency and maintain more precise records courtesy of NFTs' immutable nature. Despite being in the preliminary testing period, this attempt holds enormous potential to significantly enhance Californians' life quality and others in the near future.
Possibly the most promising and exciting aspect is incorporating NFTs into event ticketing for sports and entertainment arenas. Amid the recent backlash from Ticketmaster's handling of tickets for Taylor Swift's Eras Tour and Beyonce's Renaissance World Tour, it's evident that the ticketing system requires a major revamp. To curb issues like immediate ticket buyouts by bots, inflated prices, and fake sales, reforms are necessary. In 2021, the NFL made a crucial move by making all tickets digital to streamline security measures and effectively track reselling. Switching from digital tickets (today's norm) to NFT-based ticketing could bring about a significant improvement in ticket authentication, verification, and security, offering smooth communication with fans regarding event updates, services, giveaways, and more.
Conclusively, the potential of NFTs to transform everyday life is undeniable. Their unrivaled security, transparency, and authenticity can redefine the handling of digital assets and mold the future. In diverse real-life applications like education and healthcare credentialing, DMV verification, and NFT ticketing, NFTs can propel a new era of trust and efficiency, thereby providing a superior future, user engagement, and a higher living standard. The co-founder of the Pastel Network is Anthony Georgiades.
This news piece was originally published via the Cointelegraph Innovation Circle, a trusted collective of senior executives and experts pioneering the realm of blockchain technology through connections, collaboration, and thought leadership. The viewpoints expressed may not always align with those of Cointelegraph.
Published At
11/29/2023 1:00:00 PM
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