How are nfts applied in real-world contexts?
Blockchain technology, which enables decentralized record-keeping, provides security and transparency, allowing nfts to have capabilities far beyond digital art and collectibles. This transformative potential of nfts is beginning to materialize across a number of sectors, providing potential solutions to real-world problems.
In recent applications, nfts have demonstrated their versatility across different sectors. For example, Mastercard’s nft-integrated scavenger hunt at Singapore Comic-Con resulted in a remarkable 60% increase in event attendance.
Other notable examples include iSanctuary, which employs nfts to track stolen funds and successfully recovered over $3 million worth of cryptocurrency, and the Reserve Bank of Australia, in collaboration with Mastercard, which piloted its first nft-powered central bank digital currency (CBDC) initiative. These examples highlight just a fraction of what nfts can do, and many institutions are increasingly investing in exploring the broader applications of this technology.
Evolving beyond digital art towards practical solutions
Beyond gaming, events, and finance, nfts could play a significant role in various industries such as combating ticket scalping, improving customer engagement and loyalty through unique and verifiable rewards, security-driven services such as healthcare data management, online banking, and many more.
The nft industry is at a pivotal moment. As developers and institutions continue to discover the broader potential of blockchain technology and nfts, the future of nfts will be different from their art-centric past.
While the initial enthusiasm for nfts around digital art may have waned, the true potential of the technology is only just beginning to be realized. With a focus on functional use cases, nfts are set to become invaluable tools for tackling real-world challenges, ushering in a new era of innovation and utility.
Want more? Connect with nft Plazas
Subscribe to the weekly newsletter
Join our Telegram
twitter.com/nftplazas” target=”_blank” rel=”noopener”>Follow us on twitter
facebook.com/nftplazas” target=”_blank” rel=”noopener”>Like us on facebook
*All financial and investment opinions expressed by nft Plazas are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should thoroughly research any product before making any type of investment.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js?v=next’);
