Non-fungible tokens (NFT) took the world by storm in 2021. The hype around the industry was unfathomable, and its profits, unbelievable. As prices skyrocketed many became overnight millionaires. However, the non-fungible space is only in its nascent stages. The use cases of NFTs go beyond being collectible art, and video games. And that reality may hit us sooner than we expect.
In a recent turn of events, the law firms Holland & Knight and Bluestone used a non-fungible token to serve a defendant in a hacking case with a temporary restraining order, marking the first documented judicial process assisted by a non-fungible.
The so-called “service token” or “service NFT” was served to an unknown defendant in a hacking case involving LCX, a cryptocurrency exchange located in Liechtenstein that was hacked for over $8 million in January. The assault resulted in the loss of Ether (ETH), USD Coin (USDC), and other cryptocurrencies from the platform’s hot wallets.
Regarding this unique method of delivering justice, LCX stated,
” (The Method) was approved by the New York Supreme Court and is an example of how innovation can provide legitimacy and transparency to a market that some believe is ungovernable.”
CEO of LCX, Monty Metzger, took to Twitter and announced his company’s win.
Will we see more NFT in our daily lives?
It has been long understood that NFTs go beyond just collectible art. They can also be used to prove authenticity of awards and rare goods. The inaugural WebXR Awards were “presented” in the form of NFTs to awardees in 2020. The Awards feature a design that can be recreated as a three-dimensional digital artifact, yet being physically impossible to manufacture.
Moreover, it’s just plain right safer to store things as NFTs. If you want a document to be kept away from harm, or maybe you want to store something for safekeeping, well, turn them into non-fungibles.
Additionally, day by day, it is getting easier to acquire an NFT. Recently it was announced that Mastercard has partnered with Immutable X, The Sandbox, Mintable, and other platforms to allow NFT purchases without cryptocurrencies.
This greatly helps people with their purchases as currently, there are still several technical aspects to purchasing an NFT, which have been addressed in this collaboration.
It is too soon to tell exactly how the NFT space will unfold. But one thing is for sure, non-fungible tokens are here to stay. And we will be seeing a lot more of them in our daily lives in the near future.