Learning how the technology behind the blockchain supports NFTs, allows a fluid understanding of the potential of this technology. Many different use cases are being invented in their infancy, but the development of the best use cases is still very much uncharted territory. This unknown is appealing to investors and technological innovators alike.
Mentioned before, NFTs excel as a personal identification tool for scarce items like artwork, allowing ownership to be absolute and verifiable on the internet. Additionally, use cases like event-ticketing, domain names, and even investments are being experimented with through Decentralized Finance . These new use cases remove a previously necessary middleman operator, allowing the power and decision-making to return to the people who are actually creating the items.
In event tickets, the blockchain is used for the verification of tickets purchased from a variety of sources. One company, YellowHeart, has taken a leap into the blockchain marketplace; they operate their blockchain that works with content producers to create tickets to their events. They also can sell their tickets on traditional marketplaces without compromising the incredible features of NFT blockchain technology. This allows artists to set rules about their tickets, like the pricing structures for tickets – preventing scalpers from gauging secondhand purchasers . Significantly, YellowHeart operates its blockchain instead of the commonly used Ethereum. This exemplifies the idea of market-specific blockchains.
In the near future, NFTs can be used for identification of physical items too, like a VIN number for a car or expensive commodities like diamonds. The decentralized ledger system allows verification for all types of use cases, not just trading assets.
