The internet’s architecture is changing as blockchain development intensifies, and decentralization is becoming a guiding force for builders and users. This next stage of the internet is referred to as Web3, still a mysterious term for the average person. But, beyond the hype and the buzzwords, lives the potential to transform how we experience and engage with each other and content online. 

This transformation is founded on a new ability for businesses and consumers to truly own their digital creations and contributions. In Web2 spaces, nothing belongs to the users, making ownership less of a consideration. As we move deeper into the decentralized internet and users better understand the value of their digital assets and engagement, a future exists in which all of these things become non-fungible tokens (NFTs).

Yes. This might seem like a very bold statement in 2023. The mainstream understanding of NFTs is narrow and focused on the use case of digital art and collectibles. To draw a parallel, limiting the scope of NFTs to art is like limiting mobile apps to weather or clocks. The underlying technology and range of uses for an NFT are as limitless as a mobile app. A world will exist in which companies across every industry incorporate NFTs into their business model, as global internet users interact with NFTs on a blockchain without thinking twice. 

Decentralization empowers businesses and consumers through peer-to-peer interactions and true ownership without the need for intermediaries. This very concept naturally inspires participation and contribution, as the rewards and incentives associated with ownership are massive. 

As Web2 internet users, our contributions in the form of user-generated content (UGC) and social engagement have fueled adoption across countless platforms and applications. This is why UGC is one of the most obvious use cases for NFTs. But what is possible when you look beyond the obvious? 

The first thing you’ll realize is the misconception that every NFT needs to be sold. Providing proof is a more transformative use case than basic commerce, enabling things like proof of work to change how we collaborate. Secondly, verification of authenticity and ownership makes it possible to track and transfer this ownership, facilitating the resale of licenses and the recall of historical data to improve user experience.  

Project management tools like Trello, Jira, or Github are widely used by businesses to help teams collaborate and fulfill project deliverables. Turning these cards into NFTs that store all the relevant information and add utility would change how we collaborate. For example, attaching a “bounty” to a task so people that purchase it could complete the task to claim the bounty. 

Standard documents, spreadsheets, and presentations within Google, Microsoft, or any other platform are great use cases for NFTs. Creating these documents and simultaneously minting them to your wallet allows true ownership over this content that would otherwise exist behind a private Web2 account. 

Anytime a purchase is made online, a digital copy of the receipt is provided to the customer. This is a perfect opportunity to integrate NFTs. Verifying the authenticity of the purchase, accessing member loyalty rewards, and deepening the customer experience are just a few of the value propositions made possible with NFT receipts. 

Access to online services is simplified and improved using NFTs. Whether it is the easy act of verifying access to the subscription or the never-before-seen ability to transfer or sell this access, remember that Audible or Spotify account you stopped using? Why not sell your yearly subscription to someone who wants it, and recoup some of your funds? 

Similar to online services, software licenses make access verification easier. Beyond access, the ability to maintain a history of the apps you’ve installed is similar to the functionality of an apple or google app store. 

Your company can exist as an NFT, and a pretty powerful one at that! This use allows ownership to be securely stored and transferred without an intermediary. NFTs also allow for the valuation of the company. 

These examples are just a few of the emerging uses for NFTs and how the technology can transform our online experiences, work processes, and business models. At the heart of this is an understanding of how blockchain enables true ownership of creations and contributions, something we will see accelerates as everything becomes a non-fungible token (NFT).

An opportunity exists for businesses to start creating the foundation of Web3 experiences, and NFTs are the building blocks. New business models are being formed around blockchain offerings that will be duplicated and advanced in the years ahead. At my company Liteflow, we are helping creators and business owners own their revenue models for the internet’s next era by bringing the flexibility of building Web3 projects according to a project’s unique needs.