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The Real World Applications of NFTs

NFTs move beyond art, to the border of our imagination.

As we embark on the voyage that is Web 3.0, NFTs are emerging from their long life as works of art, and showing their utility as a kind of digital share certificate, with utility everywhere from monitoring climate change to verifying government documents. Roundtable’s Rob Nelson sat down with Sarah Manski, Assistant Professor, Business/Global Affairs at George Mason University; Jessica Brodkin the cofounder and creative director of the Mystical Muses NFT; and Avery Akkineni, president of Gary Vaynerchuk’s Vayner NFT.

In this segment, Sarah Manski discusses new use cases for NFTs.

“The very first kind of use case was art,” says Sarah Manski. “But there have been in-game digital items in video games for a long time, but you couldn't really secure that as your value that you own. It was within the game, and as long as you were in there, you could have access to it, whether you buy it or not, but you couldn't move it between platforms. One of the revolutionary components of NFTs now is that you own it as a digital item within your universe of things that you own, and you can transfer it among platforms between games, between universes, between metaverses. That has all kinds of applications and it's not just art or music. Your driver's license could be an NFT.”

“You could vote using NFTs. A lot of our technologies for governance and communications are pretty old and outdated. And you combine the revolutionary capacity of blockchain with the smart contracts and distributed ownership, and you get all kinds of applications that you can use now for digital items. And you can also have your material items, like your car, talk to the charging station with a smart contract, and maybe you have an NFT on your phone or in your augmented reality glasses. It tells you every time the balance of your electric account gets debited. Or you have an NFT of, say, a forest and you can see the health of the forest based on how it changes. That because there's all these digital sensors and a smart twin of the forest that is monitoring carbon and cutting pesticides and insects and all kinds of things. So the possibilities for using digital items and making our life more amazing, and for brands, is the limit is our imagination, basically."

Watch the full discussion below:

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ROUNDTABLE PARTICIPANTS:

Sarah Manski, Professor, Business/Global Affairs at George Mason University

Jessica Brodkin, Co-founder and Creative Director of the Mystical Muses NFT project

Avery Akkineni, President of Gary Vaynerchuk’s VaynerNFT