It goes without saying that we’ve already discussed and showcased NFTs countless times on MSQ.io, and even though we dedicated an entire article towards the next steps for NFTs, it just wasn’t enough to discuss everything! Today we’ll look at some more areas in which NFTs are currently making a difference or about to cause some serious disruption to the way existing industries work. Like it or not, the tech is here, and it’s being adopted by individuals and organizations all over the world. Let’s get into it!
Use Cases, Use Cases and More Use Cases
Before we get started, you might just want to read the first part of this series to orientate yourself before you dive headfirst into this article. Of course, if you’re a dedicated fan, then you’re already familiar with part one, so feel free to skip this…
Check out our article The Next Steps for NFTs by clicking here.
Now you might think that the uses of NFTs are pretty limited or that they can’t be all that numerous, but the truth is that Web3 tech allows for items to exist on the blockchain in one form or another. This means that said items can be tracked, traced and shared when necessary. That’s a pretty nifty feature, and with immutability, availability and the ability to share data, NFTs really are far more impressive than most people give them credit for. The tech underlying NFTs isn’t perfect, but each and every day, improvements are being made, meaning that NFTs are becoming more secure, affordable and environmentally friendly for all.
So we’ve already discussed a few areas where NFTs are playing a major role or will have an effect in the future, but what else is there? Let’s find out!
Supply Chain Management
OK, so if you’re not a retailer or don’t care much for supply chains, then this may not interest you too much. However, does effective supply chain management have an effect on the end consumer? It absolutely does. A supply chain isn’t just one thing. In many ways, one could view it as a kind of organism that is only really as strong as its weakest link. Any kinds of bottlenecks or misappropriated resources can have an adverse effect on supply chains, and this ultimately drives up prices for consumers. One could argue that supply chains are what allow the world as a whole to thrive and grow. One thing for sure is that without them, life would be a whole lot harder for just about everybody.
And unless you’ve been living under a rock, global supply chains are under huge pressure and have more or less collapsed in several parts of the world. The pandemic, riots, inflation and the ongoing war in Ukraine have all made the global economic situation very dire indeed, and with the energy crisis in Europe, many countries such as the UK and Germany face rolling blackouts this winter. It’s not looking good.
Look, I’m not trying to be all doom and gloom here, but this is the reality of the situation. And might I say that, before I talk about how NFTs and Web3 can help supply chains, I’m not saying that this tech will make any real difference, at least not right now. The fact is that it just isn’t developed enough, and we’re still a way off from mass adoption. So no, “blockchain doesn’t fix this.” But can NFTs be used to create accountability, reduce unnecessary waste and streamline operations? You bet they can.
- Product Traceability - Believe it or not, stuff that arrives in your shopping cart often takes up to six months to get there. In other words, it changes hands many, many times before it gets to you. Being able to trace a product throughout its journey via NFTs allows companies to pinpoint bottlenecks and weed out any behavior that may be suspicious or unethical
- Total Transparency - NFTs allow data to be publicly shared, meaning consumers can find out how a product is manufactured, who is involved and participate in how it is procured and brought to market. That means total accountability and the end of corporate malfeasance
- Better Collaboration - The use of NFT tech allows companies to supply reliable data more easily and affordably to partners, meaning that better decisions can be made and strategies implemented
- Rapid Onboarding of Suppliers - A study by Chainyard revealed that NFTs can reduce the time required to onboard a supplier by 70-80%. This is because data can be quickly tabled and compared with other suppliers, cutting onboarding times down by a huge margin
- No More Paperwork - Blockchain tech and NFTs means that having to maintain rigorous manual reporting processes and paper trails will become a thing of the past. This helps the environment, streamlines processes and largely automates everything from end to end
I don’t know how far away this kind of adoption is, but with supply chains under the pressure they’re under right now, they should be doing everything in their power to reduce costs and increase service delivery wherever they’re able to. I’d also like to point out that my summary has missed some points and that there are also some issues related to security regarding NFTs, but I’ve no doubt that these will be worked out in due course.
Farming and Agriculture
Say what? NFTs in farming? “No but NFTs are bad for the environment so you’re literally killing Mother Earth by doing that.” Nah, not really, but I’m sure there are plenty of people who would argue this right now. Anyway, yes, NFTs can seriously improve farming (which incidentally forms a critical component of supply chains). Feeding the world is a mammoth task, and without expertly managed arable land, food shortages, famines and civil unrest are almost sure to happen in the future.
We absolutely need to protect our food sources and farmers, and that means we need to take some radical steps to ensure that the industry evolves and becomes entirely sustainable. One such initiative that’s looking to change the farming game is Green Earth Agro , a Web3 project that allows people from all over the world to invest in NFTs and earn profits from farming yields.
In many ways Green Earth Agro reminds me of The Sun Exchange which allows people to buy solar cells and earn profits from the clean energy generated. At the end of every month, people who own solar cells earn profits in BTC based on the number of solar cells they own. The more productive and numerous their solar cells, the higher their BTC dividends. This is pretty much the exact same way Green Earth Agro wants to work, but instead of crowdfunding green energy, it’s agriculture.
Admittedly Green Earth Agro only showed up on Twitter a month ago, but it certainly sounds like a promising project that I really hope takes off. The Telos Blockchain itself boasts the “Fast Ethereum Virtual Machine” and has a pretty decent following, so with their expertise and blockchain tech, I’m sure Green Earth Agro has a good chance at succeeding.
But just how can NFTs help the world of agriculture in general? Well, much of what I mentioned about supply chain will inevitably apply to agriculture as a whole, but here are some more specifics if you’re curious:
- Investing in Farming Infrastructure - Web3 tech and NFTs can be used to tokenize farmland (as in the case of Green Earth Agro) or even infrastructure such as tractors, harvesters and irrigation systems. People all over the world can invest and then enjoy profits when farmers benefit. This effectively reduces the personal costs associated with farming, meaning farmers can better manage their risk and innovate more
- Sustainability - NFTs allow for the creation of a digital twin on the blockchain. This can represent anything from a certain crop to livestock. Data gathered on how these assets are taken care of and managed will compel farmers to adopt more sustainable practices and be accountable to their investors for how they engage in farming
- Access to Resources - Farmers that previously couldn’t afford or gain access to new technology and farming techniques will be able to as a result of the visibility and capital that NFTs provide. This means they can remove bottlenecks, grow more bountiful crops and improve their annual yields
Oh, and check this out. The whole sustainability thing with farming? WakeUp Labs and AgroKilimo are working together to use NFTs to save water and reducing the negative effects of agriculture on the environment.
Agriculture is huge worldwide, and since it basically keeps the entire planet alive, we need to do our utmost to promote it and innovate wherever possible. Will NFTs play a pivotal role in making agriculture more accessible, transparent and equitable for all? You bet it will!
I Got Carried Away Again!
I somehow feel like I covered even less than last time, but hey, when you start diving into these applications and use cases, it’s a veritable rabbit hole folks. The more I look into Web3 tech and the exciting projects that are going on, the more I feel a sense of awe and wonder. I know there are skeptics, but I find it hard to be skeptical when considering this kind of potential.
I’m glad that people are looking for solutions and seeing just how far NFT and Web3 technology can go. Yeah, maybe adoption isn’t taking place quite at the rate people expect, but it is happening. Believe it or not, I would still call this the early days. However, in the next decade or so, I have no doubt that the way everything works will be very, very different indeed…
So what do you think of these use cases for NFTs? Is it totally legit? Or is this just wishful thinking? Let us know your thoughts!