By now, hearing “NFT” in any context evokes some kind of reaction – good or bad. Some may be immediately cast back to the spring of 2021, when digital artist Beeple sold an NFT of his original artwork for $69 million. Others may remember Peter Davidson singing “What the hell’s an NFT?” on Saturday Night Live. But for others, it’s less about novelty and more about usefulness.
Whether we like it or not, NFTs are so much more than the works of art that captivated the world two years ago. Their inherent capabilities – almost entirely due to the blockchain technology on which they are built – lend themselves to industries and use cases that require transparency, authenticity and foolproof security.
Consider healthcare and education as good examples. In both sectors, there have been recent cases of individuals, such as nurses and teachers, being hired on the basis of fraudulent qualifications. In May, the Washington Post highlighted a case in which about 2,800 people obtained degrees from unaccredited schools without taking classes, passing the National Council Licensure Examination and then using that achievement to secure better job opportunities.
This is where NFTs can come into play. Schools can address this issue by issuing NFTs for certifications or credentials to students who have actually taken and completed their curriculum. Having these NFTs gives students a credible way to demonstrate to potential employers that they have successfully completed the educational requirements for the position. Employers can easily verify this information because NFTs serve as unique, non-changeable identifiers.
The Department of Motor Vehicles (DMV) – an outdated, bureaucratic and frustratingly slow entity – is even considering incorporating NFT technology into its operations. Earlier this year, the California DMV – the state with the highest number of car registrations in the US – tested digitizing car titles and registration as NFTs via the Tezos network (an open-source blockchain).
The goal is to improve efficiency and keep more accurate records due to the immutable nature of NFTs. Although still in the early stages of testing, this development is promising and has the potential to significantly improve the lives of Californians and many others in the future.
Perhaps the most exciting, and certainly the most promising, is the integration of NFTs into event ticketing for the sports and entertainment industries. Following national backlash over Ticketmaster’s handling of Taylor Swift’s Eras Tour and Beyoncé’s Renaissance World Tour, it is becoming increasingly clear that the ticketing industry at large is in need of an overhaul. There’s still a lot of work to be done, from the influx of bots buying tickets immediately upon release to price gouging and counterfeit sales.
The NFL took an important first step in 2021 when it mandated that all tickets be digital to alleviate security concerns and allow the league to more accurately and efficiently track secondary market sales. The innovative change from digital tickets – which is the norm today – to NFT ticketing would provide an even greater improvement in ensuring that tickets are authentic, verified and secure. Furthermore, NFT ticketing can significantly benefit event ticket issuers by simultaneously offering seamless interactions with fans about event notifications, giveaways, services and more.
Ultimately, the potential of NFTs to impact and revolutionize everyday life is extremely clear. Due to their unparalleled security, transparency and authenticity, NFTs have the power to change the way we interact with digital assets and can help shape the future. Through each of these different best practices – education and healthcare credentialing, DMV verification, and NFT ticketing – NFTs could usher in a new and improved era of efficiency and trust, ultimately delivering a better future, user experience, and higher quality. of life.
Anthony Georgiades is the co-founder of Pastel Network.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. The opinions expressed do not necessarily reflect those of Cointelegraph.
