What other areas can NFT transform?

Written by Anna Komashko
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ECOS community manager...
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What other areas can NFT transform?
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Today, NFT has actually become synonymous with digital art: in the world of collecting and online auctions, these concepts are interdependent. Everyone has already discussed this topic, but we want to figure out how else non-interchangeable tokens can affect the world. Are there areas that could be as heavily influenced by technology as the field of art?

Real Estate

Combining physical assets with NFTs makes the process of proving ownership digital. For example, creating tokenized digital property title documents can move highly liquid assets (house or land) to blockchain.

Fashion Industry

In the not-too-distant future, NFT could be used not only as a replacement for the inconvenient real estate title registration system, but also as a certificate of ownership for reselling things. Token standards (ERC-721, ERC-1155, etc.), make it easier to verify asset ownership as they track the movement and ownership of each token. Buyers can easily identify and authenticate the original physical goods before making a purchase.

This is especially true for exclusive or high-value purchases – such as jewelry.

Logistics

The particularity of the NFT for the identification of a single item can be used for tracking items – to view data about their origin, route and location in the warehouse. Transparency and immutability of the system guarantee trustworthy and reliable information in the supply chain: it is important for buyers of food, medicines and other perishable goods to know where and how long they have been.

Concerts and other public events

Crypto-enthusiasts believe that NFTs could eventually change the economics of the event industry. Keep in mind that NFT is a smart contract. It can be set up so that the proceeds from each sale are automatically distributed to the parties involved.

For example, buying a ticket to a concert, a visitor may know in advance that his favorite artist will get 40% of the ticket price, the rent of the hall will cost 30%, and the work of the waiting staff will cost another 30%. Regardless of whether such information is of interest to the attendee, paying directly could simplify the organization of the concert and eliminate the need for multiple intermediaries for the artist.

Conclusion

As the Internet of Things evolves, NFT will increasingly be used in conjunction with physical assets, but the listed examples of NFT applications need serious development.

Perhaps we will realize that NFT has become part of the physical world when we stop seeing this acronym in the headlines of articles about cryptopunks, and treat tokens as contracts that can be associated with any valuable content or things.


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