The nonfungible token (NFT) sector has undergone a surge in popularity over the past year and a half as projects like Bored Ape Yacht Club and CryptoPunks captured the attention of the general public.
While the idea of fetching a six-figure payday for the latest trending digital art piece has been a major factor in the attention placed on the sector, the truth is that the crypto industry has only scratched the surface of what NFT technology is capable of.
Here’s a rundown of some of the next frontiers in the development of NFT technology that has the potential to make substantial changes in everyday life.
Medical records and identification
Medical records and identification documents are vital pieces of information that are easy to misplace and difficult to replace, even in the digital age. This is one area where NFT technology can offer a wide-ranging practical use case that most individuals in society can benefit from.
Instead of leaving it up to large health institutions to record, manage and track an individual’s medical record, a unique NFT ledger that is assigned to each person can store all medical information while maintaining confidentiality and privacy.
This would also allow a person to control what information is shared with a health provider when seeking treatment while keeping less relevant personal data private.
It’s possible that one day this process will begin at birth with the issuance of an NFT birth certificate to newborns by a healthcare provider or government agency. This can also be the start of establishing a digital record of identification that can be tracked in NFT form.
With digital forms of identification, individuals will be able to limit what information is shared when identifying information is required, such as an application that will verify if a person is over 21 without also revealing other information that is often included on IDs like a home address.
Real estate and asset tokenization
The tokenization of real estate and other real-world assets is, perhaps, one of the…