By now, hearing "NFT” in any context evokes some sort of reaction — good or bad.
By now, hearing “NFT” in any context evokes some sort of reaction — good or bad. Some may be immediately thrust back to the spring of 2021 when digital artist Beeple sold an NFT of his original artwork for $69 million. Others might remember Peter Davidson’s singing “What the hell’s an NFT?” on Saturday Night Live. But for others, it’s less about novelty and more about utility.
Whether we like it or not, NFTs are so much more than the artwork that captivated the world two years ago. Their inherent capabilities — due almost entirely to the blockchain technology they are built on — lend themselves to industries and use cases that require transparency, authenticity and airtight security.
Consider healthcare and education as prime examples. In recent times, both sectors have encountered instances where individuals, such as nurses and teachers, were employed based on fraudulent qualifications. In May, the Washington Post highlighted a case where approximately 2,800 people acquired credentials from unaccredited schools without attending classes, passing the National Council Licensure Examination and subsequently using this achievement to secure better job opportunities.
This is where NFTs can come into play. Schools can address this problem by issuing NFTs for certifications or credentials to students who have genuinely attended and completed their curriculum. By possessing these NFTs, students gain a credible means to demonstrate to potential employers that they have successfully fulfilled the educational requirements for the role. Employers can easily verify this information since NFTs serve as unique, unmodifiable identifiers.
The Department of Motor Vehicles (DMV) — an antiquated, bureaucratic and frustratingly slow entity — is even considering incorporating NFT technology into its operations. Earlier this year, the California DMV — the state with the highest number of car registrations in the U.S. — tested digitizing car titles and registration as NFTs through the Tezos network (an open-source blockchain).
The objective is to enhance efficiency and maintain more accurate records due to the immutable nature of NFTs. While still in the early stages of testing, this development holds great promise, potentially significantly improving the lives of Californians and many others in the future.
Perhaps the most exciting, and certainly the most promising, is the incorporation of NFTs into event ticketing for the sports and entertainment industries. Following countrywide backlash from Ticketmaster’s handling of Taylor Swift’s Eras Tour and Beyonce’s Renaissance World Tour, it’s become increasingly clear that the ticketing industry at large is in need of an overhaul. From the influx of bots purchasing tickets immediately upon their release to price gouging and counterfeit sales, there is much work to be done.
The NFL took an important first step in 2021 when it mandated that all tickets be digital to alleviate security issues and allow the league to track secondary market sales more accurately and efficiently. The innovative change from digital tickets — which is the norm today — to NFT ticketing would offer an even bigger increase in ensuring tickets are authentic, verified and secure. Additionally, NFT ticketing can significantly aid event ticket issuers by simultaneously offering seamless interactions with fans about event notifications, giveaways, services and more.
Ultimately, the potential for NFTs to impact and revolutionize daily life is extremely evident. Through their unmatched security, transparency and authenticity, NFTs have the ability to change the way we handle digital assets and could help shape the future. Through each of these various real-world use cases — education and healthcare credentials, DMV verification and NFT ticketing — NFTs would be able to usher in a new and improved era of efficiency and trust while ultimately providing a better future, user experience and higher quality of life.
Anthony Georgiades is the co-founder of Pastel Network.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
