Crypto art is (almost) dead, long live “useful” NFTs, be it authenticating tickets, issuing a legal document or passing on an inheritance.
Admittedly, NFTs, for non-replaceable tokens, became known to the general public with the advent of crypto art. But now investor interest in digital collections is waning: After peaking in August 2021 at 705 million exchanges, the volume of NFTs exchanged has stabilized at about 80 million per month (83 million in May) since early 2022, 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 form an unforgeable certificate. So-called “utility” NFTs multiply and invade all areas. The proof in some very real examples.
Issue a court order
The American law firm Holland and Knight issued an injunction in the form of an NFT on June 14. In this case, a cryptocurrency exchange platform claims that $8 million has been stolen from it. However, the only information about the identity of the accused available to the plaintiff’s lawyers is the Ethereum address used during the alleged hack. To prevent transactions until the hearing, the law firm has sent a temporary restraining order from the Supreme Court of New York to this address via an NFT. It contains a hyperlink, which not only points to the recipe, but also lets you know when someone clicks on it.
Isabelle Wekstein-Steg, founding partner of the WAN law firm, discusses this method: “Given the New York State Document Service Act and this new advance, one can imagine that any other document could be issued through an NFT.” their tamper-resistant nature gives NFT’s procedures “a certain speed and automation”, she adds, and makes it possible to get around the problem of serving documents to anonymous persons. Difficulty: the applicant does not know the identity of the person to whom he gives the document, nor what jurisdiction he is subject to. “Questions of private international law will inevitably arise,” concludes Isabelle Wekstein-Steg.
In response to the problems with fake tickets issued during the Champions League final at the Stade de France, the Minister of Sport, Amélie Oudéa-Castéra, interviewed in the Senate, said: “In the field of ticketing, we will innovate , from the next concert that will take place at the Stade de France with Ed Sheeran, we will try to introduce this electronic ticketing with this blockchain component that guarantees that the tickets are tamper-proof”. For example, the 75,000 tickets for the English pop star’s concert in France are delivered via NFT technology, making it impossible to make counterfeit tickets and illegally resell at exorbitant prices. It is said that the QR codes used are dynamic and the only way to resell your place is to visit the official sites. A first in the entertainment world, according to Capital.
And many other things
The Tonale, Alfa Romeo’s SUV, was launched in June and also uses an NFT. The implementation of this technology enables individuals to: collect maintenance data of the vehicle no traffic possible. “In the second-hand market, using NFT provides added value for model owners,” said Florian Dumas, product manager at the Italian manufacturer.
Ternoa offers time capsules whose contents are authenticated by NFTs (photos, digital documents, access codes). “The goal is to link a transfer protocol to NFTs,” said Clément Tequi, the co-founder. The company works with a notary’s office in Ille-et-Vilaine to digital safe via NFT, which would be transferred to the pre-selected persons upon the death of the owner in the same way as an inheritance. The project will see the light of day this summer.
Since 2017, Propy has been parceling properties into tokens on the Ethereum blockchain so that small capital can position itself in the real estate sector. to to issue the deeds of sale the company uses NFTs for its various owners.
Connecting Food, founded in 2016, does not use NFTs but replaceable tokens to: collect data across the supply chain on agri-food products : composition, meeting specifications, treatment of products, mileage. Herta, Nestle, Bionade use her services.