More Than Tweets And CryptoKitties: 5 Smart Ways Of Using NFT Tech

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 in 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 the process of 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?

Leave a Reply

Your email address will not be published.

Related Articles
iFX Fintech Expo 2022
Read More

iFX EXPO Asia 2022 To Be Held In Bangkok For The First Time

ANNOUNCEMENT - Following a successful event in Limassol, Cyprus, iFX EXPO is back with its next edition, iFX EXPO Asia 2022! The largest B2B expo for the financial sector is scheduled for 13-15 September.  While iFX EXPO Asia has previously been held in cities including...
Robinhood App Launches Web3 Wallet with Polygon
Read More

Robinhood Launches Polygon-Supported Web3 Wallet In Beta

After launching a multi-chain custodial wallet to its millions of users earlier this year, American trading platform Robinhood has now launched a beta test for its non-custodial wallet. For now, the beta version is solely compatible with Ethereum’s popular Layer-2 network, Polygon.  — 10,000 users...
Read More

Hybrid Smart Contracts Will Replace The Legal System

While many were considered revolutionary, most — if not all of them — are based on smart contracts. Smart contracts are, therefore, the first and biggest blockchain product that allowed all others to come to be. Smart Contracts - A Major Disruptor Smart contracts started...