I’ve always been a believer that crypto would open doors for me, but this is taking it to a whole other (very literal) level. The list of things can be done using blockchain technology is expanding every day; from purchasing goods and services, creating decentralized apps and tokens to now opening your front door? A video is circulating on social media of a person gaining entry to their home by unlocking their front door using the Ethereum network. Pretty cool, right? Well before you go out and start fiddling with your home’s smart lock, there are some caveats….we’ll explain.
#1 Unlocked their home with Ethereum
The video and tweet shown above demonstrates this persons ability to unlock their front door using Ethereum. His post goes on to detail that the process verifies an NFT (ENS) ownership to do so.
NFT - Non Fungible Token - Digital proof of ownership of assets that lives on the blockchain - most recently you may have heard of art NFTs.
ENS - Ethereum Name Services are like domains, but point to things like Ethereum addresses, content hashes, or in this case an NFT (ownership) via an address
See more at ens.domains
#2 Cool but is it functional?
Most of the replies on social media shared two sentiments. One, that this is pretty cool and two that it's not really necessary and practical (yet).
While many believe one of the future mainstream use cases of NTFs will be home ownership/care ownership, it is currently much more convenient and fluid to use most smart homes proximity unlock feature. Most smart homes have a feature that will detect your phone in your pocket and unlock the door as you approach, offering a much more seamless
#3 Future use cases
While this technology is currently more "show off to your friends" then functional. This is a pivotal first step in using NFTs to represent houses deeds or even weekly rental agreements (think Airbnb).
There may come a time when transferring ownership of a house after buying or selling it could be as simple as sending an NFT to a wallet address.
In the more immediate future, a property "host" could issue NFTs each week and send them to each week's renter. The renter would just need a smart phone and crypto wallet to prove ownership of that week and occupy the property.
Remember this users' tweet in ten years when you buy a new car buy getting sent an NFT.
#4 Reddit thread
You can view an entire Reddit thread revolving this video here. There are plenty of gems like the one pictured above by u/cincydad1993 on Reddit.
*Be wary of all the "it'll cost a fortune in Eth gas fees" posts - signing a transaction to verify an NFT does not require gas...