NFTs have so much use cases aside from art and it is pretty infuriating that ignorant people who don't understand its potential uses call the entire space a "pyramid scheme".

For those who do not know what an NFT is, it can be simply described as a digital token that is stored in the blockchain. It is also Non-fungable, meaning that it is not interchangeable with other NFTs, unlike Bitcoin or Monero, as 1 BTC will always be equal to 1 BTC, same with Monero.

And to people who will say that NFTs are nothing more than a bubble(or the entire crypto ecosystem for that matter), yes the current art market for NFTs are most likely a bubble and more than 90 percent of those "projects" will either crash or turn out to be scams. These things are not what I am interested in. I am interested in its practical applications.

Now, onto the potential use cases for it.

It can be used for:

1 - Event ticketing, making counterfeiting tickets impossible, as when exactly each NFT was sold would be traceable in the blockchain, ensuring that only those that purchased it before a specific date could attend an event.

2 - Real estate and cars. This would help in avoiding all the red tape of taxation, as when you purchase an NFT, it would automatically pay it's taxes to the authorities, ensuring that buying real estate would be as easy as buying the JPEG of a monkey.

3 - Going into debt to fund a business in a decentralized way that also avoids major institutions like banks, as some actions that banks would take a fee off can be handled by the smart contract. For example, you create a collection of 10.000 NFTs, each selling from a price of 100. You ensure by the smart contract that it will buy back these NFTs exactly 1 year later for 107 dollars, if it has the capital. All this means that you took a loan with 7 percent interest rate not from a bank, but from the average individual who might have risked only 100 dollars.

4 - Preventing naked short selling. Naked short selling occurs when a group of investors short stock that doesn't exist. This is suspected to have happened during the GME saga. Each and every single stock being traceable in the blockchain would ensure that no activities such as this can take place.

There are many other practical uses for NFTs that I can't think of right now, but I will post on reddit once I find out about them.

I will have a look in the morning, as I will be going to sleep now.

I tried posting the exact same text on r/unpopularopinion before posting here, it got deleted from r/unpopularopinion because it had NFT in it. This just proves the point I am making in my post LOL.