What is NFT (Non-Fungible Token)?
Non-fungible tokens (NFT) are a type of digital asset which can be used to represent ownership of a unique object. They are different from commodities and other fungible tokens because they have an intrinsic, digital scarcity.
It is sort of a digital passport (unique code) that can help to prove the authenticity or the uniqueness of certain physical, or digital asset. For example, digital illustrations, videos, music, texts, 3D models, real estate, patents, agreements, etc.
Since NFT storage is on blockchain, it is almost impossible to steal, hack, or counterfeit. Yet, they can be easily be traded, just likewise regular currency.
Owner can transfer NFT to other owners through a smart contract. NFT is more than just collectibles. They represent ownership of something that cannot be duplicated and precisely this characteristic that can be used by organizations.
There are many use cases for blockchain technology in the enterprise sector. One of the most promising applications of blockchain comes from Enterprise Non-fungible tokens (ENFT). These Enterprise NFTs can be used to represent ownership and track assets through systems such as ERP, SCM and CRM software. It can also be used as a way to verify the authenticity of a product, record ownership rights, register trademark information and manage business critical data.
1. Marketing and advertising
2. Loyalty programs
3. Altering the liquidity of products and services – Eg. NFT that provides the right of ownership for real estate, car, furniture, copyright, antique, services
4. Improves supply chain management – tracing services and authenticity proofs
5. Reliable fund raising – NFT campaign as a cost-effective alternative for loans
6. License, certificates, registration – Eg. Diploma, Degree
7. Copyrights and patents
8. Digital identification – IC, License, KYC
9. Ticketing, membership
10. Insurance – precise record on blockchain to avoid fraud, etc
3. Real Estate
7. New Revenue Sources
8. F&B, Retail Market, etc