Making contracts smarter
Can you imagine a digital contract that is fully customizable and automated? NFTs can be programmed to pay you a certain percentage of royalties every time your artwork is reprinted or your melody is used, giving content creators more convenience and freedom.
Improving UX and collecting data
How do you win a brand competition today? By using the emerging tech to your advantage and offering customers new ways of interacting with your product. And some companies, including Nike, are really good at it.
In December 2019, the company filed a patent for CryptoKicks sneakers. Each pair has its own NFT tokens, which allow the buyer to check its authenticity by scanning a code on the box. Nike, in its turn, gets a full picture of its product’s journey.
Powering pay-per-unit of time services
Paired with IoT sensors, an NFT token can work as a personal digital key. Not only can it unlock the door of any rented-out property: from hotel suites or apartments to cars, it can also bill you automatically for the exact amount of time you will be using the service. Anti-cafes, car parking: there are many areas where this can come in handy.
Fighting fraud on the second-hand market
Let’s say you are buying a used car and want to know its history before making your purchase. NFT can store all information on previous owners, breakdowns, accidents, or vehicle inspections safe and unedited in the blockchain – and make buying and selling any used goods way easier.
Selling sports and concert tickets and distributing passes more efficiently
Counterfeiting tickets is one of the main problems faced by event organizers. Another is a great deal of speculation on the second market. On the other hand, smart tickers powered by NFT are cheaper to produce, and can easily be verified or changed hands if needed.
Let’s brainstorm: where else do you think NFT technology can be useful?