It’s amazing to think that this time last year, most people hadn’t heard of NFTs (Non-Fungible Tokens). In 2021, they took the art world by storm, with works like Consolidation And Daily: First 5000 days of Beepal Sold for several million dollars.
of course, NFTs remain a controversial topic. Some argue that the energy costs and carbon emissions associated with their use negate their potential benefits.
And yet, many companies are convinced that they bring value and innovation to various industries, such as games and use cases less obvious than anything involving the metaverse. Such as real estate, healthcare and insurance.
If, so far, most of what we’ve seen in space NFT As far as industry is concerned, we will see many more uses of the technology in the coming years. Here are some areas where exciting work is being done.
First, what is an NFT?
Abbreviation of NFT Non-fungible tokens (Non-Fungible Token). Collins Dictionary — which chose the phrase as its 2021 word of the year — defines an NFT as “a unique digital certificate, stored on a blockchain, that is used to record ownership of an asset, such as a work of art. Art or collectible.
Technical aspects aside, a simple way to think about it is as a proprietary digital certificate which, because it is stored in an encrypted and distributed database (a blockchain), cannot be forged, altered or altered by anyone other than its owner. This means that they can be used as a theoretically foolproof method of creating scarcity (and therefore value) in a piece of digital information that could otherwise be endlessly reproduced. The information it represents can be a piece of digital art, music, an item of clothing or wearable in a game, the key to a virtual reality house – potentially anything that can make it unique.
NFT and Metaverse
The metaverse is a hot topic in tech circles right now, and definitions vary depending on who you ask. Generally speaking, it is a connected and continuous digital ecosystem, more immersive than the existing Internet, and may involve virtual reality (VR). The Metaverse will allow us to work, play, socialize, travel and educate ourselves in an integrated digital environment. It has been called a trillion-dollar business opportunity and “the biggest disruption of our lifetime.”
NFTs will play several important roles in the virtual world that will make up the metaverse. First of all, They allow digital objects to be unique. We all know that people love to collect and display rare and unique items in the real world, and there’s no reason to think the virtual world will be any different. It is already possible to purchase unique works of art to display in your virtual reality art gallery. Similarly, Nike recently sold 600 pairs of shoes at NFT, which earned him over $3 million. In reality, it’s just a picture of the shoe that we can only look at. In the future, it could be functional virtual shoes that our avatars can wear as part of our digital lives. Imagine being able to dress up your character in a video game with unique outfits that no one else can own. After all, there’s no reason to think that everyone’s ego in the metaverse will be smaller than in the real world.
NFT and Internet of Things
It is estimated that by 2030, The world may have more than 125 billion connected devices. This vast network of computers, vehicles, home appliances, clothing, industrial equipment, and many other objects is what we call the “Internet of Things” (IoT), and many believe that NFTs have an important role to play.
Much of the communication that occurs through IoT is machine-to-machine (M2M) communication. Think about smartphone technology that you may be familiar with. For example, devices such as smart light bulbs, refrigerators and smart voice assistants are able to communicate with each other. In a smart factory or warehouse, the same thing happens, but on a much larger scale, as hundreds or thousands of machines communicate and exchange data to run the business. The NFT Potentially useful in this case, as they allow machines to authenticate data from other machines. In fact, it is the digital equivalent of a warehouse manager who checks the administrative part while delivering a container of product.
Such ideas are already being implemented today: cybersecurity specialist WISeKey uses semiconductors embedded in physical network infrastructure that automatically monetize NFTs certifying that the device is trusted.
Another initiative aims to connect NFT Urban infrastructure such as street lights, bus shelters and traffic lights. In this case, tokens will make available accurate data from these devices for commercialization by companies looking to develop new services, such as telecommunications companies.
NFTs in healthcare
Proponents of using NFT technology in healthcare point out that it could one day help individuals control their own healthcare data. It may even allow them to make money with this data.
Personal health data is always bought and sold, creating huge amounts of value. However, very little of this value goes to the person who actually owns the data – the patient himself. Today, generating and collecting health data is easier than ever thanks to the existence of wearables, monitors and sensors. Even genomic information is cheaply accessible, through services that allow individuals to map and analyze their own genetic information. Most of us have no idea where data is generated every time we use a device or interact with a service. In fact, it appears that much of this information will probably end up on the black market – where A separate medical file will cost just over 200 euros. Yes, even criminals make more money than us with our health information.
NFTs allow information to be identified with data, meaning it can be tracked each time it is transmitted. This means not only better oversight of where our data goes, but also that one day we could potentially leverage the smart contract capabilities of NFTs and blockchain technology to receive royalties owed to us every time we transmit our data.
However, that’s the theory, and companies like Aimedis.io are already exploring ways to make it happen. But whether or not we can claim a share of the billions generated from the sale of health data, NFTs can potentially bring transparency and accountability to the transfer of this highly sensitive information, and that can only be a good thing!
Revolution or simple fad?
In general, among the population, NFTs either represent the future of all businesses and all areas of human activity, or a simple fad that will soon be forgotten. The truth is, no one knows for sure what the future holds. However, there is no denying that many big players are investing heavily in this technology and some very smart and well-resourced people are strongly convinced that it will play a role in our future. Of course there are important issues that need to be addressed – it would be morally wrong to ignore the astronomical use of energy involved. But at the same time, this technology is perhaps too transformative to be forgotten or ignored.
Article translated from Forbes US – Author: Bernard Marr
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