Figure 1: Examples of NFT Blockchain
What are some real-world applications for NFTs?
Authenticity of items
As per Krishna Jadhav’s research, It’s no secret that counterfeit goods are a significant issue all over the world. It would be able to instantly authenticate the authenticity of a high-value object, such as a Rolex watch or a Gucci bag, using NFTs. Unlike physical certificates, they could not be falsified or altered since they were stored on the blockchain and passed from owner to owner (Michalko, 2022).
Access and control
Who has access to the bank vault or the bio laboratory? You can right now if you have the keys or the access card. However, with NFTs, each employee may be assigned an NFT with access to some portions of the building but not others (Priya, Ponnavaikko and Aantonny, 2020). Even better, each access event would be recorded on the unchangeable Bitcoin ledger, allowing security to determine who went where and when. This may be extended to control access to computer networks as well.
The misery of all concertgoers, sports enthusiasts, and everyone connected in the entertainment industry. They may be rendered obsolete by Bitcoin-based NFTs. Each ticket would have a unique NFT associated with the buyer’s identification (Figure 2). This would enable ticker issuers in any business to ban unauthorised resales and do fun things like give significant prizes to loyal consumers.
Figure 2: NFTs real-world application
Shipping and documents
Tracking and tracing commodities is one of the most challenging problems in global trade. Where is the furniture container you purchased from East Asia six weeks ago? Where did the container with precious goods end up before it was lost? These are genuine issues, and blockchain-based NFTs can help to solve them (Nguyen et al., 2018). NFTs can include shipping instructions, packing lists, certificates of origin, and bills of lading.
In conclusion, Krishna Jadhav mentions that the IT industry has been buzzing about two notions in the last year: NFTs and the Metaverse. Mark Zuckerberg even renamed his firm to reflect its shift toward the Metaverse, while celebrities ranging from Snoop Dogg to Justin Bieber have made headlines for issuing or purchasing NFTs amid a speculative frenzy.
However, as the purchasing frenzy begins to subside, people are beginning to wonder if NFTs and the Metaverse are just hype (Figure 1). The fact is that they are a hybrid of the two, both genuine and full of potential, but generally need to be understood and applied at the moment. Let’s take a deeper look at these ideas and assess their potential to change the world.
Michalko CEO and Founder, M. (2022). BLOCKCHAIN ‘WITNESS’: A NEW EVIDENCE MODEL IN CONSUMER DISPUTES. International Journal on Consumer Law and Practice, 7(1), 3. https://repository.nls.ac.in/ijclp/vol7/iss1/3/
Nguyen, D. H., Nguyen-Duc, D. N., Huynh-Tuong, N., & Pham, H. A. (2018, December). CVSS: a blockchainized certificate verifying support system. In Proceedings of the Ninth International Symposium on Information and Communication Technology (pp. 436–442). https://dl.acm.org/doi/abs/10.1145/3287921.3287968
Priya, N., Ponnavaikko, M., and Aantonny, R. (2020, February). An efficient system framework for managing identity in educational system based on blockchain technology. In 2020 International Conference on Emerging Trends in Information Technology and Engineering (ic-ETITE) (pp. 1–5). IEEE. https://ieeexplore.ieee.org/abstract/document/9077883/