New to blockchain and interested in what problems NFTs solve

I understand store of value, and I also understand decentralization is favored over centralization. I am working on envisioning the types of real world applications NFTs have. Are any of the following use cases feasible for Cardano right now? Or am I way off in left field.

Can cardano NFTs be used to certify authenticity of ownership of property?

Vehicles

Pedigrees for show quality stock

Collectors items

Fossils / vinyl records

Proof of Authenticity (seals)

Medical prescriptions

Certifications

Medical records and history

Patents / copyrights

Trophies / Awards

Transfer secrets

Hi there and welcome Jonathan,

NFT’s are objects that are uniquely representing abstract notions in a verifiable way. That is, you can trust that once such an representation is made, it will be impossible to copy such a representation. Also since the object is unique ownership of the NFT can easily be determined (also in a verifiable way).

Note that all this trust of these properties emerge from the decentralized nature of blockchains. Where in the real world you may rely on a “trusted” third party to create representations of abstract object. NFT remove the need of such an entity. I think that all of your mentioned objects could be represented in a NFT way. But I must also add to that, is that needed? For example the transfer of secrets can be done via P2P communication that does not need a blockchain. But if you want to have sensorshipless communication (that is no party can mute another party of sending messages), than blockchain is a solution. It all depends on what you to do :slight_smile:

Thank you for the thorough and concise explanation. That helps!

1 Like