Building a Better Use Case for NFTs（NFTのより良いユースケースの構築に向けて）

Previous editions of Einstein’s Eye have discussed the concept of non-fungible tokens, or NFTs, and the potential that they have to drive future Web3 and eventually metaverse applications. And while NFTs have only attracted mainstream attention recently and there have been many setbacks to this emerging technology, significant progress has been made in terms of developing solid use cases, and some of the world’s leading companies have already unveiled ambitious plans for utilizing these digital assets. Enthusiasm for NFTs is rising in Japan, as the government recently produced a whitepaper which outlines its Web3 strategy and places considerable emphasis on utilizing NFTs as a part of its overall strategy to drive digitization in the country.

Stronger, Better NFT Use Cases are Emerging Overseas

Despite setbacks, use cases beyond mere collectables are emerging in the NFT market. Some of the more notable use cases which have developed recently include the following:

Retail – Starbucks Coffee is currently the most-watched player in the NFT space as the company recently unveiled details of its NFT strategy. In the near future, the company will introduce Starbucks Odyssey, which will merge its highly successful customer loyalty program with Web3 services. The program is designed to be a much more immersive experience compared to its existing loyalty program as users will be able to collect NFTs minted on the Polygon blockchain and will then be entitled to special benefits and experiences. Users will also be able to buy and sell points and NFTs with each other by interacting with the blockchain.

Education – India’s Maharashtra State Board of Skill Development has partnered with LegitDoc using the Polygon blockchain to issue 100,000 diplomas. The organization decided to do this in order to combat fraud resulting from fake diplomas, to make it easier for such documents to be shared, and to reduce the time required to verify the authenticity of a diploma.

Real Estate – American startup Lofty AI is using NFTs on the Algorand network to change how investors interact with real estate markets, and now investors are able to purchase NFTs which represent fractionalized ownership in a specific property for as low as US$50. NFT owners receive a percentage of their rent which is proportionate to the percentage of the property owned on a monthly basis.

Tourism – Universal Studios in the United States has started an NFT scavenger hunt in which guests to the park are able to obtain seven unique NFTs by finding QR codes hidden across the park as a special promotion during the Halloween season. Users who collect these assets will be able to redeem special benefits during their visit.  

Sports – FIFA has also entered into the Web3 space ahead of the 2022 World Cup as it has recently launched its FIFA+ Collect NFT marketplace. Using the Algorand blockchain, this service allows users to purchase NFTs of specific FIFA World Cup highlights from past and future events, which can then be bought and sold among other users.