Practical NFT Utility for Every Day Applications

Web3 can simply be described as the ability verify. Through the blockchain, we can now ascribe ownership to digital assets. If you’re like me, and believe that we currently, or will, be spending a disproportionate amount of our lives plugged into these virtual ecosystems, then it’s practical to say that we’ll attribute more intrinsic value to digital goods, rather physical goods.

NFTs provide us with a comfortable, elementally human, gateway to what I believe is the fourth major web3 on-boarding. Don’t freak out and call Michael Saylor. This is just an opinion and encourages pushback, but briefly put:

The first disciples were the early adopters, who can be described as “fringe,” in the early days (2009–2015).

The second was during OG crypto winter (2016–2017).

The third, during the COVID-19 free global liquidity extravaganza (2020–2021).

NFTs communicate on the surface through simple, digestible images, rather than complicated programming language virtually unrecognizable to the average human loitering on planet earth. The complex blockchain jargon is hidden below the surface, adopting the image as the trojan horse to personal appeal and mass adoption.

With the introduction of NFTs, complicated has met hereditary. Simply put, people will likely be more accepting of imagery ownership than complex currencies and chains they can’t explain in layman's terms.

I don’t subscribe to the common doctrine that NFT value is attributed solely to its utility. However, as large/legacy brands, institutions, governments, and foundations enter the space, NFTs will mature into a social necessity, rather a conceptual perception.

Authentication and Legal Documentation

The obvious application of NFTs as necessity is through authentication and legal documents. In an ever growing paperless society, it seems glaringly practical to implement digital signatures and documents to the blockchain.

Identity

In the coming years, the need to link our identities to digital proof of ownership will take center stage. Voting and government licensing seem inevitable.

Accreditation

The ability to granulize achievements, which are comparable or evolve over time, is on the horizon. The ability to actuate exactly where someone or something is in a process has enduring benefits. Educational accreditation and service work are clear beneficiaries of precise positioning.

Access

By instituting and systematizing NFTs, events suddenly become multi-tiered, multi-dimensional experiences. Music, sports, entertainment, memberships, and airlines can now verify privileges in real time allowing for varied outcomes.

Supply Chain, Inventory, and Logistics

Blockchain and global supply chain are simpatico. By moving tracking, product data, inventory, proof of origin, carriers, costs etc. to the blockchain, transparency and authenticity will become fundamental, increasing efficiency and competition.

Fractionalization

NFTs provide a convenient on and off ramp for crowdfunding investments. Suddenly, assets which were reserved for accredited investors can now be made available to anyone holding a token or NFT. Real Estate and sports team ownership will be forever altered by this adoption.

_

Each one of these bullets, and several more, deserve their own expanded reflection. I’ll make it a point to elaborate on each in the coming weeks. In the meantime, I look forward to the growth and expansion of NFTs into our every day lives. We’ll know they’ve arrived when their purpose seems more practical than vocational.

Practical NFT Utility for Every Day Applications

Web3 can simply be described as the ability verify. Through the blockchain, we can now ascribe ownership to digital assets. If you’re like me, and believe that we currently, or will, be spending a disproportionate amount of our lives plugged into these virtual ecosystems, then it’s practical to say that we’ll attribute more intrinsic value to digital goods, rather physical goods.

NFTs provide us with a comfortable, elementally human, gateway to what I believe is the fourth major web3 on-boarding. Don’t freak out and call Michael Saylor. This is just an opinion and encourages pushback, but briefly put:

The first disciples were the early adopters, who can be described as “fringe,” in the early days (2009–2015).

The second was during OG crypto winter (2016–2017).

The third, during the COVID-19 free global liquidity extravaganza (2020–2021).

NFTs communicate on the surface through simple, digestible images, rather than complicated programming language virtually unrecognizable to the average human loitering on planet earth. The complex blockchain jargon is hidden below the surface, adopting the image as the trojan horse to personal appeal and mass adoption.

With the introduction of NFTs, complicated has met hereditary. Simply put, people will likely be more accepting of imagery ownership than complex currencies and chains they can’t explain in layman's terms.

I don’t subscribe to the common doctrine that NFT value is attributed solely to its utility. However, as large/legacy brands, institutions, governments, and foundations enter the space, NFTs will mature into a social necessity, rather a conceptual perception.

Authentication and Legal Documentation

The obvious application of NFTs as necessity is through authentication and legal documents. In an ever growing paperless society, it seems glaringly practical to implement digital signatures and documents to the blockchain.

Identity

In the coming years, the need to link our identities to digital proof of ownership will take center stage. Voting and government licensing seem inevitable.

Accreditation

The ability to granulize achievements, which are comparable or evolve over time, is on the horizon. The ability to actuate exactly where someone or something is in a process has enduring benefits. Educational accreditation and service work are clear beneficiaries of precise positioning.

Access

By instituting and systematizing NFTs, events suddenly become multi-tiered, multi-dimensional experiences. Music, sports, entertainment, memberships, and airlines can now verify privileges in real time allowing for varied outcomes.

Supply Chain, Inventory, and Logistics

Blockchain and global supply chain are simpatico. By moving tracking, product data, inventory, proof of origin, carriers, costs etc. to the blockchain, transparency and authenticity will become fundamental, increasing efficiency and competition.

Fractionalization

NFTs provide a convenient on and off ramp for crowdfunding investments. Suddenly, assets which were reserved for accredited investors can now be made available to anyone holding a token or NFT. Real Estate and sports team ownership will be forever altered by this adoption.

_

Each one of these bullets, and several more, deserve their own expanded reflection. I’ll make it a point to elaborate on each in the coming weeks. In the meantime, I look forward to the growth and expansion of NFTs into our every day lives. We’ll know they’ve arrived when their purpose seems more practical than vocational.