In the Future, NFTs Could Have Real Applications – From Tickets to Passports

When it comes to digital names, which are becoming increasingly popular, people are rarely of a divided opinion. Some people think that NFTs, for example, are a pure joke and nonsense, while others see the future of art, content, and anything else in them. The reality is probably somewhere in between, yet the question remains what real, tangible benefits and purposes we could see in something like NFTs.

By the way, NFTs are digital tokens stored on the blockchain that represent ownership of something like a piece of art, and their sales are growing daily and breaking record amounts.

So, while many are still trying to understand the purpose of NFTs and are struggling with the meaning of their existence, Business Insider suggests several options for the application of NFTs in the real world.

1. Replacement for Traditional Contracts

One way of 'real' application is seen by some in 'smart contracts'. In that context, they would represent digital legal relationships that would be securely built on the blockchain and could signify someone's ownership. They could also represent other documents such as digital certificates or diplomas.

Additionally, smart contracts could be used for all real estate-related transactions, which would speed up the administrative parts of the home buying process and other real estate transactions.

2. Tickets for Concerts and Sporting Events

Using NFTs as concert tickets could reportedly prevent counterfeiting, as each issued ticket would much more clearly highlight the ownership by the buyer.

Moreover, as reported by Business Insider, something similar was already done this year at the Super Bowl, where, along with physical tickets, NFTs were given away for free as 'digital souvenirs' that contained the unique section, row, and seat of each participant. Additionally, these NFTs would also become important sports memorabilia over time that achieved certain value, like old tickets for Beatles concerts.

Furthermore, the NFTs themselves could be used at events to purchase food and drinks at the event.

3. NFT Passports Could Change Travel

Passports could also become NFTs. Personal data of users would be stored in digital form on the blockchain, so at airports and border crossings, there would no longer be a need to check 'physical' documents.  

However, digital documents could also replace other documents, meaning any form of paper documentation could be built as an NFT on the blockchain. This could theoretically, as explained by Business Insider, significantly reduce identity theft and increase security, as airports could more easily verify your NFT documentation.

4. Health Records

Imagine all your medical history or prescriptions in the form of NFTs. All health documents would thus be securely stored on the blockchain and easily accessible to everyone even when changing doctors.

A similar idea was worked on during the period when COVID passports were introduced.

Of course, it is unknown whether the potential uses of NFTs will actually materialize, but given the development of technology and trends, some of them seem effective.