Admit it, you missed out on the first part of this series. Yeah; there you go, Catch up. Alright, we are exploring several possible other applications of digital signatures apart from creating arts and selling them on NFT market places. If you are not anti-NFT, you probably own a couple of weird images as NFTs, cool stuff. But NFT goes miles beyond this.
Contribute; lets know what other applications of NFTs that are yet to be harnessed. We are taking a look at some of these, one after the other.
On the metaverse; land ownership will purely be via NFTs. Virtual Real estate is already booming on NFT projects where this is available. Cryptocurrency enthusiast see virtual real estate as a better investment than buying real properties… this is arguable, to be frank.
But NFT application in property acquisition and ownership isn’t just limited to virtual lands and properties. Transfer of ownership agreements can also be represented as NFTs. This area is yet to be considered seriously, but NFTs have the potentials to substitute legal agreements at least to an extent.
Looking for ways to verify the originality of documents? The stamping system doesn’t work so well anymore. Stamps are easily reproducible; this is the major reason why fake documents are causing havocs globally. NFT stamp system will in fact, fix this properly. Replacing document stamps with NFTs and verifying the ownership of this NFT as a proof of ownership of a document ultimately solves the fake document issue.
Sports and movie Tickets
Cryptocurrency projects are already exploring ways of introducing NFTs as a competent way of assigning viewership tickets to sports fans. This is a welcome development and NFTs will do just well in this aspect. NFT sport tickets are easily verifiable and immutable. Just like NFT vouchers, these tickets can be easily redeemed and reused. Cinemas can also adopt this exact technique to issue movie tickets to their customers. NFT attributes can be used to encode the provisions of these tickets.
NFT tickets are portable and saves fans the risk of losing their tickets to carelessness. If done well, NFT tickets will be easier to distribute and obtain.
NFTs are awesome, enumerating every potential applications of digital signatures are a (very) tedious task. As the technology continue to grow, more ways of putting it to use will surely emerge. We are brainstorming, and have even more in stock. Stay tuned for the next part of this series!
Cryptocurrency Scripts is transforming into a community of enthusiastic cryptocurrency and blockchain believers! Join the Adventure!