Since last year, the NFT has been making waves. Cryptocurrency experts, blockchain enthusiasts, and opportunistic investors are equally curious and confused about the potential of NFT. While the attention centered around this phenomenon might make you think that NFT is another short-term mainstream, its potential to redefine digital ownership should not be overlooked.
Currently, NFT is mainly associated with digital collectibles. With astronomical reviews of digital art periodically appearing in the headlines and garnering considerable public interest, many consumer brands were quick to capitalize on the opportunity. Partly due to fear of missing out, many brands’ first experience with blockchain and NFT development consulting is through the release of digital collectibles. While digital art is undeniably one of the most promising areas for NFTs, their truly disruptive business potential lies out there.
NFTs for business owners are digital tokens that are stored in a distributed ledger, such as a blockchain, and represent ownership of both virtual and real-world physical assets. If an asset linked to the NFT changes ownership, information about this transaction is permanently recorded on the blockchain. In this way, NFT can be an effective tool for traceability, authenticity verification, and increased traceability and traceability of any content.
Now let’s find out which industries can benefit the most from NFT market adoption.
Supply Chain
In short, asset tokenization can make supply chains more secure, transparent, and efficient. With NFTs linked to real-world objects, all actions related to these assets can be securely stored on the blockchain. This allows third parties to easily access the asset ownership history and verify the authenticity of the item.
For example, Breitling was one of the first luxury brands to start using the NFT to certify the provenance of their watches. Each Breitling watch now comes with a unique digital passport. This allows customers to be sure of the authenticity of their watches and more easily sell them in the future. In essence, the NFT could turn out to be a much more convenient and efficient version of the token that many luxury brands still use. Importantly, since digital passport activation is usually done through a dedicated app, brands also have access to another way to reach their customers.
Given the record immutability offered by a blockchain, NFTs can also be extremely effective in anti-counterfeiting, which is especially attractive for industries like pharmaceuticals. MediLedger, a permissioned blockchain network for the pharmaceutical industry, has solved the problem of counterfeiting and some researchers suggest that NFT could become an effective alternative to traditional tracing and tracking methods. system.
Real Estate
One of the notorious downsides of conventional real estate investing is the enormous amount of paperwork required to complete a real estate transaction. With the encryption of ownership enabled by NFT, asset trading becomes much less cumbersome.
For example, holders can link NFTs to their assets, then split them into multiple tokens and allow multiple parties to buy portions of the asset, which makes NFT particularly well-suited to ownership. share property. Most notably, these tokenized pieces of assets can also be used as collateral for loans. This is exactly what Propy, a real estate transaction management platform, and Helio Lending, a crypto lending service provider, have teamed up to achieve. In terms of macroeconomics, such initiatives allow more people to invest in real estate and easier access to capital.
ticket sales
As digital tickets replace physical tickets, it seems like there will never be a reason to look back. However, both consumers and event organizers have had to learn the hard way about the genetic downsides of paperless ticketing.
Scalping is undoubtedly one of the most frustrating realities modern consumers face when trying to buy tickets. Speculators buy large quantities of tickets for a particular event at once and then resell them at sky-high prices on the secondary market. However, there is little or no incentive for ticketing platforms to stop scaling. Some offenders go even further and sell fake digital tickets that look exactly like the real ones.
With the help of ticket tokens, artists, organizers and attendees can prevent fraudulent activities like scaling and make ticket sales more transparent. For example, event organizers can set a cap on ticket prices so that tickets are never sold at ridiculous prices. This effectively defeats scaling and makes the secondary market fairer. If artists choose to do so, NFT tickets can be configured to be non-transferable.
Stop thinking
All in all, the NFT and Web3 space is still confusing for many people. Right now, it’s time for brands to experiment with these new concepts and technologies and see what has the potential to bring value to them and their customers. NFT’s ability to extend real-world products and experiences into the digital realm cannot be overlooked. As both businesses and consumers revolve around these new concepts, the true potential of NFTs for businesses remains untapped.
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Source: vothisaucamau.edu.vn
