NFT Utility – Exploring NFT Use Cases beyond art in 2022
September 3, 2022
The value of NFTs is derived from their use of blockchain technology, which is nearly impossible to alter or hack. Aside from confirming ownership of a unique digital piece, this technology has practically endless applications beyond art. Let’s have a look at some of the recent use cases that have been explored.
Consider a world in which the title to your home exists as an NFT. Instead of having to be re-generated each time the house is sold, the deed would automatically log all changes, making closing a breeze. Not only that, but it would be much more secure — nobody could forge house ownership because they couldn’t change the NFT.
This would not only apply to houses. It is useful in any situation where ownership must be tracked and proven. Instead of spending time looking for paperwork to prove you bought and owned something, the NFT would provide a perfect record of an item’s entire ownership history.
As brands and creators seek to reinforce loyalty, NFTs will be used to reward community behavior. Did the members refer others? NFT. Complete questionnaires? NFT. Purchase something? NFT.
Tokens are more liquid and impressive than traditional discount codes.
Customer Cohort NFTs?
Consider how valuable an NFT for being one of the first Air Jordan customers would be now. How Nike might reward you with special access and products years later.
Cohort NFTs demonstrate that you took a specific action at a specific time.
Education and Customer Support?
Users can earn NFTs for onboarding newcomers into the community or providing support after demonstrating exceptional knowledge of a brand’s product.
This can have a far greater impact than a brand employee doing the same thing.
We can go on and on. Clearly, there are limitless possibilities of use cases for NFTs beyond the sale and purchase of digital arts on marketplaces.
We hope you’ve gotten enlightened about NFT use cases aside from art. Subscribe to our newsletters to stay informed and educated. Cheers!