- NFTs are expected to find extensive use as smart contracts, which would allow all of the involved parties to view any changes made to the legally binding documents.
- Event organizers will use NFT tickets to combat counterfeit tickets and provide attendees with a unique, everlasting piece of memorabilia.
- NFTs have a high probability of being used to store and access medical records, as well as act as digital passports.
Non Fungible Tokens, or NFTs for short, have made a meteoric rise to prominence in the digital world. The tokens represent ownership of a unique asset, such as an image or file, and have become extremely popular amongst collectors of various digital items. The next step for NFTs is to find regular usage in the physical world, utilizing the blockchain technology behind it to increase efficiency and reliability in numerous walks of life.
NFTs are expected to find extensive use as smart contracts, which are digital versions of legally binding documents. NFT contracts built on blockchain networks will allow for reduced costs and increased efficiency, as information is stored on cryptographic hashes which can be viewed by all of the involved parties. Furthermore, any changes made to a contract will be viewable by the involved parties, allowing for greater transparency of business decisions.
Expect to see more and more event organizers use NFT tickets. Doing so will drastically reduce the effectiveness of counterfeit tickets and provide attendees with a unique, everlasting piece of memorabilia. The trend has already begun, with this year’s Super Bowl issuing attendees NFT tickets featuring their row and seat number for the game.
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NFTs have a high probability of being used to store and access medical records, as well as act as digital passports. The decentralized nature of blockchain technology presents the perfect opportunity for storing and quickly accessing private information. Going through immigration at the airport will become much faster and secure, while switching physicians will no longer translate to a long wait for medical records to be transferred.