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Exploring Uses for NFTs

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The NFT space is still in its infancy, but already the development community is teeming with ideas on how to put them to good use. The most natural use case — the one currently dominating the marketplace — is in tracking digital collectibles. From there, gaming items and digital media were natural extensions. However, despite the recent explosion of NFTs, the current implementations are still rather limited in their scope, and mostly surround monetization of collectibles. The industry has also been hampered by the get-rich-quick mentality that has plagued crypto-space in general and has also attracted many unscrupulous players.

Still, we see many interesting use cases for NFTs on the horizon. Some of these could truly disrupt the way we validate, track, and assign ownership of unique and esoteric items or work to effectively democratize content creation and distribution. Imagine taking the costly detective work out of verifying the ownership history of a rare collectible. Or imagine a world where expensive eBay auctions include proof of ownership on the Ethereum blockchain. Much attention is centered on speculation right now, but the potential value added by these exciting possibilities far overshadow the headlines announcing the latest NFT millionaires and NFT scam artists.

The cryptocurrency world was also met with a similar breadth of reactions, ranging from deep skepticism to enthusiastic acceptance. But as governments and major financial institutions began to accept Bitcoin and Ether, the promise of the underlying technology came to the forefront of discussions. Although NFTs have the benefit of following their crypto-frontrunners (who themselves are still quite young), we need much more time to see how the NFT ecosystem will evolve and what it will spawn next.

NFTs For Dummies

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