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Our previous article in this series looked at the legal framework surrounding blockchain technology. This article will look at practical uses for the technology. Blockchain technology has implications for many business owners, even those not interested in the speculative trading element in cryptocurrency which is akin to trading in the stock market. In addition to acting as a cash replacement, cryptocurrencies have many other applications, or use cases; some of the most recent uses include non-fungible tokens, tokenization, and wallet transfers.
A recent trend in blockchain technology is the creation, sale, and trade of non-fungible tokens, or NFTs. NFTs can take several forms, but the most common are digital collectibles. NFT collectibles can be released in a single issuance representing an individual piece of digital art, such as Beeple’s “Everydays – The First Five Thousand Days” which recently sold for