Coin World reports:
How are NFTs applied in the real world?
Blockchain is a decentralized ledger technology that offers security and transparency, allowing the functions of NFTs to far exceed the realm of digital art and collectibles. The transformative potential of NFTs is beginning to be realized across various sectors, providing potential solutions for real-world problems.
In recent applications, NFTs have showcased their versatility in different fields. For instance, Mastercard’s NFT integrated treasure hunt event at the Singapore Comic Con significantly increased attendance by 60%.
Other notable examples include iSanctuary using NFTs to track stolen funds, successfully recovering over 3 million dollars in cryptocurrency, and the Reserve Bank of Australia collaborating with Mastercard to pilot their first Central Bank Digital Currency (CBDC) program using NFT technology—these instances only highlight a small part of what NFTs can do, with many institutions increasingly investing in exploring the broader applications of this technology.
Source: Pixabay
Beyond Digital Art to Practical Solutions
Beyond gaming, events, and finance, NFTs can play a significant role in various industries, such as combating ticket scalping, enhancing customer engagement and loyalty through unique and verifiable rewards, managing health data, and security-driven services like online banking, among others.
The NFT industry is at a pivotal moment. As developers and institutions continue to unleash the broader potential of blockchain and NFT technology, the future of NFTs will differ from its art-centric past.
While the initial hype around digital art NFTs may have subsided, the true potential of this technology is just beginning to be realized. With a focus on functional use cases, NFTs will become a valuable tool for addressing real-world challenges, ushering in an era of innovation and practical solutions.
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*All investment/financial opinions expressed by NFT Square are based on personal research and experience of our website hosts and are intended as educational material only. Individuals must conduct comprehensive research on any product before making any investment.