NFTs are here to stay: Here are the top 3 use cases

When thinking about non-fungible tokens (NFTs), most people think about artwork. But here’s the thing about art – it leads the way in all great revolutions. It has done the same for NFTs. But make no mistake, we will look back at this time and laugh at ourselves for thinking NFTs were all about some “Bored Apes”.

So, let’s get started as to how we define an NFT. An NFT is just a code, like JavaScript or C++, that attaches anything to blockchain. Just like your documents when saved has dot Excel or Word, you can save with a ‘dot NFT’ hypothetically to the blockchain. Now, the next big question is why do you want to save anything to blockchain? It’s like the perfect notebook in many ways. You cannot erase or change anything once on a page nor can you rip anything out. This makes blockchain very secure, immutable and verifiable.

Now put the two together and let’s discuss the three big use cases of NFTs:

Machine to machine communication
Imagine each appliance, like your refrigerator and washing machine, communicating on which one is powering up and down to ensure regulated energy consumption through NFTs. This is how NFTs can help us make smarter decisions to become carbon neutral. And have you ever considered autonomous driving and traffic management through a NFT marketplace? What that means is that, if my autonomous vehicle needs to get somewhere faster, my vehicle could easily communicate with the vehicle in front of me and could offer to pay the toll in exchange for that autonomous vehicle moving on the other lane. All of this could be done through the means of NFTs.

Authentication concerns
Did you know that it is estimated that as much as 50 per cent of the world art in some of the most well-known museums are frauds? Authentication has always been a concern in certain industries such as art, titles of real-estate, money, diplomas, luxury goods etc. Many of the current products, services and records are at risk of fraud due to the lack of verifiability and transparency of the technology used so far.

An NFT in the real-estate would contain all of the information about the property, all modifications made to it, the market value changes would be tracked, and it could even provide proof of previous and current ownership. Same principle can be applied to the supply chain and the art industry.

NFTs can be attached to products giving the companies and art suppliers the benefit of tracking their products throughout all of the stages: manufacturing, shipping, delivery and any other in-between stages; and it gives the clients proof of authenticity and transparency with regards to the handling processes.

Preserving human identity
How do we capture and preserve human identity and ingenuity in an age of automation? Human identity and ingenuity are not your degree or birth certificate. We are talking about the unique way you think and act, often using human skills such as creativity, judgment and decision making, leadership etc. It is a dynamic phenomenon that cannot be encapsulated in a psychometric, static profile or resume. It is shaped by the conversations we have with people, the way we handle situations, the people we surround ourselves with and the projects and ideas we tackle and NFTs can capture all of this in a very simple way. This is what we have been working on with Lovely Humans by Gleac. It’s the world’s first utility NFT of an industry expert’s time dropping on October 15, 2022. The next drop of 100 NFTs will take place in the first quarter of 2023.

Sallyann Della Casa is the chief identity hacker and founder at Lovely Humans

Read: NFTs beyond art: How will it transform other industries?