NFT In Healthcare: How Patients Could Monetise Their Health Data

18 Jan 2022

When it comes to non-fungible tokens (NFTs), or the emerging form of digital certificate that certifies an asset as being one-of-a-kind, the world seems to be split into two camps: pro- and anti-NFT camps.

 Those belonging to the former camp tout it as a novel approach to finance and own digital media; while those against NFTs point to – among many other things- their devastating effects on the climate.

 But beyond $69.3 million-worth NFT art and relying on technology that consumes as much energy as a whole country, NFTs represent a unique potential in the digital health age: that of patients, rather than companies, owning their own digital healthcare data.

 With such a level of ownership, patients could leverage its advantage to monetise their data rather than have companies profit off them, as has been traditionally the case. Given the novelty of NFTs, their untapped potential in healthcare might not be known, let alone what NFTs are and how they work. This article will walk you through the basics of NFTs, how they can further empower patients in the digital health age, as well as raise concerns pertinent to the technology.