Crypto Clarified: Everyday Use Cases for Blockchain

What are the use cases for blockchain in every day settings? One way is by protecting authenticity.

We recently researched a Web3 project built using blockchain technology that caters to wine enthusiasts. The project aims to protect authenticity and the full chain of custody by associating each bottle with a digital-twin-like record, in the form of an NFT. Think of this as a digital asset that is closely tied to your real-life wine bottle. You can track its logistics on the blockchain as it leaves the vineyard, travels to a restaurant and is opened at its final location.

Another use of blockchain is building community. This same project fosters community by providing members with the ability to create Tasting tokens when opening real-life bottles. These digital badges, or tokens, are collected by users as they are introduced to new vintages while also serving as a novel way to onboard more users to the web3 world. To learn more about the use cases of blockchain, read my blog on vaneck.com.

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In consideration of the receipt of non-fungible tokens ("NFTs") from VanEck, you represent, acknowledge, accept and agree that you received the NFTs as a gift from VanEck. You did not pay any consideration, monetary or otherwise, for the NFTs.

You may receive an NFT as a gift from VanEck. You are not paying any consideration, monetary or otherwise, for the NFT.

The NFTs are not an investment. Rather, the NFTs are digital memorabilia intended solely for entertainment purposes. As entertainment memorabilia given to you as a gift, the NFTs have no value and are not intended by VanEck to ever have any value. Neither VanEck nor anyone else will take or not take any current or future action that is designed in any way to maintain the value of the NFTs, or to cause their value to grow or increase. You must not attempt to obtain an NFT from VanEck if you view it as an investment.

As a condition of receiving the NFTs, you shall hold the NFTs for your own personal benefit, and you shall not act, and are not acting, on behalf of any other person or entity; except that, if you are an affiliate of an entity or person whose relationship or affiliation you have made VanEck aware of prior to your receiving the NFT, and VanEck consents to your receiving an NFT, you may receive an NFT. You shall not sell, assign, alienate, lease, lend, fractionalize, re-gift, convey or transfer in any way the NFTs (or any interest therein) to any other person or entity, even an affiliate. Any sale, transfer, assignment, or other action covered in the preceding sentence shall be void. You must not attempt to obtain an NFT from VanEck if you plan to sell or transfer it.

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