Whenever we mention NFTs, most of us can easily think of digital art pieces being sold for millions of dollars. However, the NFTs, or Non-Fungible Tokens, space is not confined to art alone. NFTs are tokens that keep records of ownership through digital assets known as blockchain; making them distinct and real. While they first became popular in the art niche, NFTs are currently used in fields such as real estate, ticketing, identification, and much more, and many are making real money with them beyond purchasing and selling various digital art.
A New Way to Own Property
The real estate industry is embracing NFTs as it looks for a way to transform property selling. Think of purchasing a plot with a few clicks; securely and without needing piles of paperwork. The adoption of NFTs, which digitise property ownership, makes this feasible. When a property is “tokenised”, the title deed is placed on a blockchain as an NFT providing full ownership of a physical asset.
One huge plus is fractional ownership—the ability to purchase part of a property instead of the entire property, thus increasing access to real estate. NFTs can include portions of expensive properties, allowing investors to generate income from property without purchasing a house, building, or other property. So, a wide range of people can invest in real estate, which would increase market liquidity and generate new income.
Reducing The Number Of Fake Tickets
They are also revolutionising the event business and ticketing since people can buy and possess tickets or gain entrance through ticket verifications by merely holding NFTs. Whenever a ticket is created in the form of an NFT, it is assigned a digital code that helps to authenticate the ticket. This goes a long way in eliminating cases of fake tickets, which have remained a bane to the industry for quite some time.
NFT-based tickets can be beneficial since the fans receive a non-fake ticket, and they can safely sell their tickets, presumably if they cannot attend. Also, artists and anyone organising an event can have a profit mark when selling the ticket by putting conditions for the ticket to be resold in the market as this comes with a certain percentage to the seller. This economic factor impacts the ticketing industry because it generates more revenue sources and improves trust between parties involved in ticket sales.
Securing Personal Information
This is critical in the increasing digital world, where personal identification online is very important. In terms of identity verification, it became possible to use NFTs, which can securely transfer and verify personal data on the Blockchain. With an NFT, people can possess a ‘digital passport’ for their identification without exposure to their sensitive information.
Like a shift to a decentralised driver’s license or a decentralised health record equivalent to an NFT, a secure decentralised database is more portable and accessible only by permission from the owner alone. Still, it can be verified by third parties when needed. This approach carries near-limitless economic opportunities for industries such as finance, in which rigorous identification is paramount. It can lower the fraud rate, eliminate many customer identification procedures, and spare businesses from the costly expenses of data security breaches or identity theft.
