Written by Sallyann Della Casa on Digilah (Tech Thought Leadership)
Nfts have advanced significantly since 2021, when we first learned about them. Most people now consider the functionality of NFTs in addition to the artwork when thinking about them.
The following utility benefits provided by the still widely used Bored Apes to their customers are what has maintained their price so high:
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- Bored Ape Yacht Club (BAYC) membership: Each Bored Ape NFT acts as a membership card for the BAYC, a group of NFT collectors who are all enthusiastic about the project. Members of the BAYC get special access to events, products, and other benefits.
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- Commercial licensing: The Bored Ape NFT owners have the right to monetize their digital assets, which includes using the characters’ visuals to make and sell items and to provide licenses for their use in other projects.
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- Members of the BAYC are eligible to vote on matters of governance that will have an impact on the project’s future. This implies that Bored Ape NFT owners can influence how the neighborhood develops and expands.
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- Royalties: The owner of a Bored Ape NFT gets paid a portion of the sale price when the NFT is sold or exchanged on a secondary market. For the owners, this offers a steady stream of income.
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- Social standing: Among NFT collectors, Bored Ape NFTs have come to represent rank and distinction. Each NFT’s rarity and distinctiveness can raise its value and desirability among collectors, elevating its social standing in the community.
How you describe NFTs matters greatly for those of you who are still unfamiliar with the NFT notion. An NFT is just code that connects anything to blockchain, such as Javascript or C++. You could conceivably save your documents to the blockchain with a “dot NFT” just like you would when saving them in Word or Excel.
With that reasoning, the logical question is: Why use blockchain, and what money do you hope to save?
Definition is crucial here once more. Blockchain is the ideal notebook. Once something is printed on a page, it cannot be changed or removed.
Blockchain is now incredibly safe, unchangeable, and verifiable thanks to this.
Now combine the two, and let’s talk about a few recent, highly intriguing use cases of Blockchain and NFT technology:
Transforming the legal patent filing system
In the field of protecting intellectual property (IP), IBM has explicitly filed patents relevant to patent filing on blockchain. These patents seek to improve the speed, security, and transparency of the patent application process using blockchain technology. Details are as follows:
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- Streamlining the application process for patents: Inventors might submit their patent applications directly to the blockchain using IBM’s blockchain-based patent filing system, without the need for the usual intermediaries like patent attorneys and patent offices. This might speed up and reduce the cost of the application procedure.
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- Increasing transparency: When a patent application is added to the blockchain, it becomes an unalterable record that is available to the public. Due to the complete transparency and ease of verification of the application’s history and its prosecution, this could assist in preventing conflicts and issues over the validity of patents.
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- Increasing security: IBM’s blockchain-based patent filing system may offer more defense against the infringement and theft of intellectual property. In order to avoid illegal revisions and tampering, the system would be made to ensure that only authorized parties could access and amend the records of patent applications.
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- Automating the administrative processes involved in managing patents, such as keeping track of licenses, renewals, and ownership, could likewise be done using IBM’s technology. For patent owners and inventors, this might save time and money.
The overall goal of IBM’s blockchain-based patent filing system is to improve the efficiency, security, and transparency of the patent application and administration process. It may lessen conflicts over patent ownership, safeguard intellectual property rights, and streamline the administrative tasks involved in administering patents.
Helping us reach net zero
Imagine your refrigerator and washing machine conversing with one another about which one is turning on and off to ensure controlled energy use. How NFTs and blockchain can assist us in reaching net zero is as follows:
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- NFTs can be utilized to create distinctive digital assets that serve as verifiable carbon offsets. These offsets can be purchased and traded on marketplaces built on the blockchain, enabling businesses and people to offset their carbon emissions and support green initiatives. Utilizing NFTs can improve the market for carbon offsets’ transparency and traceability, ensuring that offset projects are authentic and that emissions reductions are properly recorded.
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- Financial sustainability: Blockchain-based systems can be used to establish digital tokens that reflect sustainable assets, such as green bonds, sustainable agriculture, or renewable energy projects. Investors can promote and fund sustainable projects by trading these tokens on exchanges built on the blockchain. This might quicken the shift to a low-carbon economy.
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- Transparency in the supply chain: Blockchain technology can offer traceability and transparency in supply chains, allowing businesses to monitor and confirm the sustainability of their goods and raw materials. This can verify that items fulfill sustainability requirements and help reduce their carbon footprint.
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- Energy management: Blockchain technology can be used to establish decentralized energy markets, enabling people and companies to conduct direct exchanges of renewable energy. This can hasten the transition to a low-carbon energy system and improve the efficiency and dependability of renewable energy systems.
The application of NFTs with blockchain technology can open up new possibilities for carbon accounting, offsetting, and trading, as well as boost supply chain transparency and traceability and support sustainable finance.
The objective of producing net zero emissions and reducing the effects of climate change may be achieved with the help of these developments.
Preserving Human Identity
Life before and after ChatGPT vividly defines the era in which we currently live.
If you haven’t been paying attention, new artificial intelligence capabilities are being produced every day at breakneck speeds. And if you aren’t already, you need to start questioning human identity and the purpose of humanity right away.
In a time of automation, how do we capture and maintain human individuality and ingenuity?
Your degree or birth certificate do not define your human identity or cleverness. We’re referring to the distinctive ways you reason and behave, frequently utilizing human abilities like imagination, discretion, and initiative.
A psychometric, static profile or resume cannot adequately capture this dynamic reality. NFTs can capture all of this in a very simple way, allowing us to control our information and also use it to signal, like SEO, those we want to pay attention to.
It is shaped by the interactions we have with others, the way we handle situations, the people we surround ourselves with, and the projects and ideas we take on.
This is part of the NFT technology-related work I’ve been looking forward to at my startup, Gleac with our tokenization of time on blockchain of the world’s leading experts in a project we call Lovely Humans.
Tokenizing human time and wisdom is the process of developing one-of-a-kind digital assets that represent the labor and knowledge of certain people, such as consultants, coaches, or mentors.
On the blockchain-based market place powered by our lovely humans, these assets can be traded, enabling people to monetise their knowledge and talents in the following ways:
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- Making original digital assets NFTs can be used to produce one-of-a-kind digital assets that symbolize people’s labor and knowledge. These assets can be sold in markets built on the blockchain, enabling people to monetize their knowledge and talents.
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- Increasing transparency and trust: Blockchain technology can give transparency and traceability in the exchange of knowledge, ensuring that the knowledge being offered is reliable and authentic.
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- Cutting out intermediaries People may be able to directly trade their expertise with others via blockchain-based markets, eliminating the need for middlemen and improving the efficiency of the transaction.
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- presenting fresh possibilities In an era of AI and automation where traditional jobs are being disrupted, tokenizing human time and insight can offer people new chances to monetize their skills and expertise.
By giving access to knowledge that would not have been previously available, it can also generate new chances for learning and personal development.
Tokenizing human time and wisdom is essential in an era of AI and automation because it can allow individuals to not only profit from their unique skills and knowledge but also time capsule it, which AI cannot easily replicate.
Additionally, it can easily track the source of new inventions and intellectual property (IP) from experts, particularly as we move toward a blockchain-based patent filing system which is one of the core utilities of the lovely human NFT collections.
Additionally, it can offer up new avenues for learning and personal growth, particularly in disciplines where knowledge availability may be limited.
With the aid of blockchain technology and NFTs, human labor and knowledge can be tokenized efficiently and openly, assuring the validity and legality of knowledge transfer.
In conclusion, NFT and blockchain technology have the potential to transform the way we interact with digital assets and create a more transparent and decentralized world. Ultimately, these technologies have the potential to create a more equitable and inclusive world, where individuals have greater control over their digital assets and access to new forms of value creation.
I released the world’s first NFT collection tokenizing time and wisdom.
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