Forbes: How NFT Affects Modern Business

By transforming important physical assets into digital form, NFT becomes a key step in this reshaping game.

After Christie’s auction house sold a purely digital artwork for more than $69 million, non-fungible tokens (NFTs) have attracted worldwide attention.

As the number of encrypted users has increased day by day, NFT has become popular in the field of digital art and collectibles. NFT is becoming more and more popular, and its scope of use is also expanding.

NFT can be used not only for digital art or collections, but also for the ownership of any non-interchangeable assets, such as construction deeds in the digital and physical fields.

Since these non-interchangeable assets are protected by the blockchain, no one can modify the NFT or copy and paste the existing NFT to form another version. The unique identification code and metadata can ensure the uniqueness of these assets.

As a customized software provider that provides blockchain development services to customers in multiple industries, Chetu not only developed and optimized NFT solutions, but also witnessed the unique application of NFT technology in the current market.

The history of NFT development: from colored coins and crypto cats to transactions

The origin of NFT can usually be traced back to the colorful coins of the fire in 2012. Although colored coins are relatively rough and simple, they are one of the earliest applications of blockchain in digital assets. Then came Cryptopunks, the first NFT based on Ethereum, and the famous use case of NFT, Cryptokitties.

Encrypted cat was launched at the end of 2017. It is a digital form of cat on the Ethereum blockchain. Each cat on Ethereum has a different identification code and price. Similar to the success achieved by cryptopunk, crypto cats have accumulated nearly 20 million U.S. dollars in profits through purchase, feeding, and nurturing costs.

From online character purchases and crypto cat feeding, to private equity transactions used in property rights transfers and residential and commercial real estate transactions, this gamified crypto application has a reputation.

Of course, these types of commercial transactions are far more meaningful than simply feeding digital animals. One of the effects of using multiple different types of tokens in legally binding business contracts is that users can provide custody services for multiple types of NFTs in a single financial transaction.

Other use cases of NFT technology

NFT is rich in forms and can be used in a variety of ways besides digital art, focusing on substitutability.

At present, the exclusivity of NFT on the digital platform has aroused the curiosity of many entrepreneurs and enterprise-level business executives in the industry. Leaving aside the “collector” perspective of NFTs, the following are other examples of how NFTs have penetrated the business world.

game

The gaming industry has begun to experiment with NFT solutions, and leading AAA game development companies such as Ubisoft are also investing in this technology. As of December 2020, the most popular NFT games on the market are Sorare, Decentraland, Gods Unchained and My Crypto Heroes.

With the development of this concept, we may see NFT games similar to “The Sims” or “Second Life”, in which players can experience the online dual life protected by blockchain technology. It is Cryptolife. Given the variety of game scenarios and the ever-increasing number of NFT use cases, it is not surprising that encrypted life has become the next big trend in the game industry.

Fashion

The fashion industry has developed a new type of supply chain management model using blockchain technology. Consumers can digitally verify the ownership information of certain fashion accessories and items, which significantly reduces the risk of buying counterfeit and shoddy products.

Fashion designers can use NFT as a way to protect the authenticity of their products. For example, designers can use 3D animation combined with NFT technology to design a flame skirt or all-day color-changing lipstick.

Ticketing

When it comes to counterfeiting, the ticketing industry for sports events and concerts is one of the most severely affected industries. According to reports, about 12% of concert audiences bought fake tickets in 2018. In order to solve this problem, ticketing companies began to use NFT and blockchain technology to ensure the authenticity and legitimacy of the tickets sold in the market.

The advantage of applying NFT technology to the ticketing industry is that ticketing staff can not only set fares, but also set resale prices, thereby eliminating another huge threat to the ticketing industry: scalping tickets.

Certificate

NFT can be used for document verification. Candidates must submit copies of recommendation letters, academic transcripts, certificate of completion of courses, etc. before obtaining a position in a company or academic institution.

NFT can reduce the burden of document verification and record verification, and help staff save time and energy.

The role of custom software development in digital assets

NFT has completely changed the concept of cryptocurrency. By transforming important physical assets into digital form, NFT has become a key step in this reshaping game.

Custom software developers can create a blockchain ledger to protect NFTs from Internet intruders. Professional NFT developers can create these cryptocurrencies and place them in the protection of the blockchain environment, ensuring that there is a reliable NFT platform for secure transactions in industries such as advertising, virtual real estate, and commercial art.

Whether you want to protect the security of the NFT in the Ethereum wallet or use a different blockchain ledger to support the NFT, you cannot do without suitable custom software developers. Finding a development company with both blockchain and NFT development experience and industry knowledge directly related to the business is the only reliable way to turn the encryption vision into reality.

 

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