Crypto-art is (almost) dead, long live “utility” NFTs, whether to authenticate entry tickets, to issue a legal document or to transmit an inheritance.
Admittedly, NFTs, for non-fungible tokens, became known to the general public with the advent of crypto-art. But now, investor interest in digital collections is plummeting: after peaking in August 2021 at 705 million exchanges, the volume of NFTs exchanged has stabilized since early 2022 at around 80 million monthly ( 83 million in May), according to Cryptoart.io. Above all, NFTs are not limited to art (or any other approaching exercise), quite the contrary. Thanks to their storage on a blockchain, they constitute a tamper-proof certificate. So-called “utility” NFTs are multiplying and invading all areas. The proof in a few very real examples.
Issue a writ of justice
The American law firm Holland and Knight issued an order on June 14 in the form of an NFT. In this case, a trading platform for cryptocurrency maintains that $8 million was stolen from him. However, the only information on the identity of the accused available to the plaintiff’s lawyers is the Ethereum address used during the alleged hack. In order to prevent any transactions until the hearing, a temporary restraining order from the Supreme Court of New York was sent by the law firm to this address via an NFT. It contains a hyperlink, which not only refers to the prescription but also lets you know when a person clicks on it.
Isabelle Wekstein-Steg, founding partner of the WAN law firm, discusses this method: “In view of the New York State law on the service of documents and this new advance, one can imagine that any other document can be issued via an NFT.” In addition to their tamper-proof nature, NFTs give procedures “a certain speed and automaticity”, she adds, and make it possible to circumvent the problem of service of documents to anonymous persons. Difficulty: the applicant does not know the identity of the person to whom he is giving the document, nor to which jurisdiction he is subject. “Questions of private international law will necessarily arise”, concludes Isabelle Wekstein-Steg.
Following the problems of counterfeit tickets issued during the Champions League final at the Stade de France, the Minister of Sports, Amélie Oudéa-Castéra, auditioned in the Senate, said: “On the subject of ticketing, we are going to innovate, we are going to try from the next concert which will take place at the Stade de France with Ed Sheeran to introduce this electronic ticketing with this blockchain component which guarantees that the tickets are tamper-proof. “. Thus, the 75,000 tickets for the English pop star’s concert in France are delivered via NFT technology, making it impossible to create counterfeit tickets as well as illegal resale at exorbitant prices. The QR codes used are said to be dynamic and the only way to resell your place is to go through the official sites. A first in the entertainment world, according to Capital.
And many other things
Launched during the month of June, Tonale, Alfa Romeo’s SUV, also uses an NFT. The implementation of this technology allows individuals to collect maintenance data of the vehicle no traffic possible. “On the second-hand market, the use of NFT brings added value for the owners of the model”, estimates Florian Dumas, product manager for the Italian manufacturer.
Ternoa offers time capsules whose content is authenticated by NFTs (photos, digital documents, access codes). “The goal is to attach a transfer protocol to NFTs,” specifies Clément Tequi, the co-founder. The company is working with a firm of notaries in Ille-et-Vilaine to draw up a digital safe via NFT, which would be transmitted, in the same way as an inheritance, to the people chosen beforehand on the death of the owner. The project will see the light of day this summer.
Since 2017 on the Ethereum blockchain, Propy has parceled properties into tokens in order to allow small capital to position themselves in the real estate sector. In order to to deliver the deeds of sale to the various owners, the company uses NFTs.
Created in 2016, Connecting Food does not use NFTs but fungible tokens in order to collect data throughout the supply chain on agri-food products : composition, compliance with specifications, treatment of products, mileage. Herta, Nestle, Bionade use its services.
We would love to thank the writer of this post for this incredible material
That’s it, NFTs are finally used for something!
Check out our social media accounts and also other pages related to themhttps://metfabtech.com/related-pages/