Top 10 Social Use Cases for NFT
Top 10 Social Use Cases for NFT
Currently, many people associate NFT with other things that seem far from everyday life, such as art and finance, etc. NFT may seem far away from us, but in fact, it is also very close to us. In the foreseeable future, NFT may have more "real world" functions and values. Here we will not discuss the application of NFT in certain areas, but rather its actual social use cases.
1. Artwork
NFT plays a larger role in the buying, selling and ownership of digital artwork. We all know that ownership of a physical artwork is usually proven by the owner's physical possession. In the case of ancient or high-value artwork, the piece may have a physical document (called a "provenance") that shows who owned the artwork at what time and how it changed hands. However, some art markets are so mixed that many art enthusiasts are unable to identify the authenticity of the artwork or purchase it at the right price. Some platforms can better enable the circulation and copyright ownership of physical artworks by pairing the artwork physically with an NFT ownership certificate.
The First 5000 Days
The application and value of NFT in digital artwork is much broader and deeper than in physical artwork. Intellectual property protection does not lend itself to ownership and property transfer. By linking digital goods to specific points on the blockchain development, NFT essentially creates an immutable digital provenance associated with the artwork itself. This allows collectors to own digital art in a new way, while also allowing artists to sell digital art in a new way. In this format, the artist can own the copyright to their artwork and the collector can ensure that they are buying authentic authority on the artwork, eliminating piracy and counterfeiting.
In fact, not only art, NFT can also be applied to photography, fashion, music and many other fields.
2. Protection of scarcity in the era of digital reproduction
People often encounter a difficult fact when understanding the value of NFTs: the image or digital artifact represented by the NFT remains publicly available after the NFT is sold. However, this is not always the case. For example, BAYC had combined NFT + hipster brands to make the scarcity of NFT a channel and feature for brand promotion, which, perhaps, can be a ride for some obscure and small brands in the society to tell their stories and brand ideas.
There are also now NFT publishers that allow people who own NFT collections to create secondary works, such as releasing peripherals, which maintains the scarcity and value of the original purchase. Piracy, infringement and plagiarism are major challenges for the media and entertainment industry. NFT can use blockchain technology to prevent fraud and eliminate plagiarism of ideas and creative works.
3. Award vouchers
In 2020, the first WebXR award was "delivered" to the recipient in the form of an NFT. While not physically a touchable trophy, this award design can be extended even more as a three-dimensional digital artifact. While anyone can submit and upload an image of the XR Award, only the actual winner can prove to everyone that they have received the honor via the NFT address and wallet.
Almost most awards and trophies today are physical in nature, and award winners need to arrive on site or get their trophies by mail. However, spatial and geographic limitations may prevent recipients from arriving to receive their awards. For example, during an epidemic, it is not very practical to receive the award across borders. With globalization and digitalization, more and more competitions or nominations will emerge. Then, if the institution sends the NFT trophy through the official with on-chain traceability and shows it to the public through the NFT wallet. It not only solves the problem of collecting trophies from different places, but also solves the problem of checking the authenticity of trophies together, such as award forgery, etc.
Trophies and NFT properties are very consistent, limited, and rare. There are countless opportunities for similar applications, such as diplomas and even property. These ideas are also promisingly linked to the development of "smart contracts", blockchain-backed protocols that facilitate transactions between individuals, no longer requiring the involvement of a third party as in the past.
4. Certificate of ownership
NFT is transforming the Internet by creating an "Internet of Value". We have never been able to actually own our Internet-native digital items, but now we can. Most of the items people own have value in the physical world, but rarely do people have valuable items in the virtual world. At the beginning of the blockchain invention, people could finally own their own FTs. through NFTs, people could own their own virtual items.
If you are a gamer, perhaps you have invested a lot of time and effort in your favorite game character. In fact, game assets all carry material value behind them. The high price of rare items does not prove their scarcity. In other words, you don't know how many rare assets game makers have released in the whole network, maybe 10,000, maybe countless.
As people begin to spend more and more time in virtual environments, virtual appearances are becoming more important. In Roblox, a Gucci bag sells for more than the market value of a physical bag; in The Sandbox, a plot of land costs more than even a real plot of land. In the virtual world, people also need to socialize, consume and personalize their definitions, to belong to a group and to have an identity. All of these are dependent on assets, and NFT is a necessary key to proving the value of assets.
5. Identification credentials
Imagine, traveling abroad no longer need cumbersome ID cards, passports, visas, to apply for jobs no longer need a resume, a large number of work credentials, interrogation and verification of work experience, to take out a loan no longer need a lot of asset flow, proof of identity, etc.; only need a fingerprint verification or an electronic signature, etc., does not feel the experience greatly improved?
NFT can be applied to identity authentication to achieve a complete record of user information. The difficulty of traditional credentials lies in information silos, where different countries and systems cannot interoperate and the information is not common to each other; however, if blockchain can solve the trust crisis and the information on the public chain is recognized synchronously, the silos can be connected. For example, when you finish a job, the company will use electronic signature to confirm your work experience and make NFT to keep in your virtual file, which can be seen and recognized by everyone after authorization, instead of the traditional cumbersome back transfer.
6. metaverse
Metaverse is a concept that has been mentioned by many people, but it also has some social value outside of the transformative gaming industry. The Internet has opened a window for many people to be able to see the outside world without leaving their homes. Most people are just consumers of the Internet, not creators, and what we see is a user name on the Internet, not the person behind the user name.
There is a documentary film "Born Different", in which many people in this world are unable to travel, maybe because of physical reasons, or maybe because of lack of funds. Perhaps, in the future, in the Metaverse, a parallel world, people can do many things that they cannot do in the real world, such as using Avatar to create a virtual identity of their own, show their personal characteristics, participate in various activities, go where they want to go whenever they want, do whatever they want to do, and meet friends from all over the world. Users can hang out with friends, create art, consume art, play games and shop remotely, while also visiting other areas with their virtual identities.
7. Charity
Nonprofits help solve some of the world's most challenging and pressing problems, from saving the rainforests to providing educational resources to those who need them most to defending internet freedom, among many other important causes. But how can they convince people to donate money to support these causes? The results of behavioral science research show that.Brand and identity.
Let's say that after a donation has been made, people would receive an official, non-fakeable "Charity NFT" in recognition of their donation to the charity. This would be an extension of the charity's brand, strengthening the connection between the donor's identity and the charity's values; it could also become part of the donor's social media identity, thereby increasing the donor's social reach and visibility. Finally, a "charitable NFT" can be an additional gift to the donor, allowing the donor to view the act of giving as a positive act and making him or her more likely to reciprocate in future gifts.
V-God has said that NFT can be applied to socially relevant causes such as charities and funding public goods, but it can't play that role while the technology is still seen as "a casino that mainly benefits the rich and famous. Blockchain can solve the problem of opaque charity funding and middle layer is well known, but for the rich, if the charity done can be made into a medal similar to NFT, it will be more representative and as a brand and identity will be able to stimulate to charity.
8.DAO
DAOs are more attractive to the average user than traditional organizations. DAOs are a challenge to the current governance system, bringing together community members in a flat and non-hierarchical structure. Community users are the foundation of a DAO, and everyone can be a participant, a co-builder, and everyone has the right to make proposals - once they are agreed to, those proposals are executed in a smart contract.
DAO is not just for work and the management of small companies, or even a fundraiser, a group of enthusiasts, DAO is not bound to forms but to goals and ideas, it can bring together a real core of users, DAO represents a revolution of decentralization and a platform where everyone can build together, prosper together in a transparent and effective way.
9. New working model
NFTs will not only drive remote work, but will also enable people to make a living in virtual environments. From remote mods, to play to earn, to run to earn, to meta-universe builders and more, new job opportunities are growing. Today, most people who make a living from video games and virtual worlds are streamers or content creators who derive their income from "outside" of the actual application. They usually use games or virtual environments as a form of entertainment or content creation tool.
Image credit: SnapFingers DAO, GWG GameFi
Perhaps one day people can do things together around the world, rather than being confined to a particular office; people can gather a group of people through their own volition, rather than just applying for jobs and other traditional methods.
10. New Economy
We live in a world measured by gross domestic product (GDP), which means that people value growth and consumption above all else. In a world of limited resources, we would do well to allocate them efficiently and wisely to maximize their use.
If a large part of the global economy is based on the Internet, then we can create an economy around digital assets NFTs that cost almost nothing to produce. No iron ore needs to be mined or trees cut down to create more NFTs, it's just some network code. If a large part of the world economy becomes virtual, then we can mine fewer resources, consume fewer resources, and build what we want in the virtual world while continuing to contribute to GDP - bearing in mind that the annual cost spent on physical fund maintenance (e.g., transporting funds, holding paper money) is staggering .
Of course, we are not sure that these potential uses of NFT will actually be realized. Given the convergence of other technologies and trends, many possibilities are still well worth waiting for.
Top 10 Social Use Cases for NFT
Concluding remarks
Blockchain technology and NFT, like the Internet itself, is a technology that we can imagine using to further transform the way humans live. As more and more people get involved in the NFT space and work together to change the ecology of the field. the use cases of NFT are still in a very early form and I believe it is worthwhile to look forward to how NFT will shape the reality and future.
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