Expanded Utility of NFTs
The NFT market has gone through a period of substantial volatility, drawing back the 2021 frenzy behind NFTs that saw the market emerge in a massively emphatic way. Non-fungible tokens became all the headlines and saw a sweep of mass adoption from institutions all looking to cash in.
In hindsight, much of this frantic speculation was just that — speculation. For every NFT project attempting to create some utility, there were 10 that weren’t. When Bored Ape Yacht Club initially exploded, they were nothing more than NFT versions of apes. Now that BAYC has the backing of several billion dollars, things have shaped up differently with ApeCoin and the creation of Otherside.
Still, an ongoing problem has been the major lack of real utility with modern NFTs. In the future, there are many different use cases for NFTs.
Some of these include:
Verification of sensitive documents on-chain
Ownership confirmations on-chain (Deeds, intellectual property, etc.)
Digital LAND use & ownership
Verifiable certifications (degrees, certificates, etc.)
NFTs offer unique ownership that is trustless with the use of blockchain ledger systems. With the ERC-4907 token standard formally introducing the ability to rent, this significantly boosts the use case of existing NFTs and offers the grounds to get closer to the future use cases outlined above.