Non-fungible Tokens (NFTs) are much more than what they are generally perceived as. Based on blockchain technology, this is another phenomenon that has taken the world by storm in recent years, and many brands are gradually marching towards it. The information about NFTs and their potential uses was never as imperative as it is today. People need direction, and Patrick Parker attempts to light the way and provide some clarity on the issue.
He is an expert in WEB 3.0 and blockchain technology and provides expert advice to tech entrepreneurs. Patrick is currently on a mission to help brands understand the power of NFTs and unlock their power.
Patrick, using his unique way of simplifying complex topics, explains the concept of NFTs in the following way
“Non-fungible – the name itself should make it clear; irreplaceable, unique, and one-of-a-kind,” says Patrick. “NFTs are art pieces, images, sketches, documents, photographs, or anything else in digital shape that are unique and do not share their characteristics with others. Unlike bitcoin, which is fungible, a non-fungible token is impossible to plagiarize, given the authenticity and ownership it provides, and that’s what makes it so powerful.”
“NFTs, to date, were considered merely artwork or gaming avatars. But the recent announcement by Samsung to adopt NFTs for their smart TV range has raised eyebrows,” says Patrick. “If not much, the development validates the simmering tilt of giant companies toward finally adopting NFTs as a legitimate asset,” he further added.
Samsung has announced a partnership with Nifty Gateway, an NFT marketplace, in a bid to make displaying NFTs on Samsung TV screens possible. In a statement, Samsung said its TVs would optimize the settings for a faithful rendering of the artist’s intention. Patrick explains why anyone would want to show an NFT on their TV.
“It’s a bit like hanging a painting on your wall, except this is digital. It will become a status symbol,” explained Patrick. After the announcement, it is expected that the development is going to revolutionize the art industry. It will never, without a doubt, replace the conventional canvas. But it definitely rings the bells for the advent of a new era of digitized art.
According to Patrick, the rampant popularity of Non-fungible Tokens has opened multifarious vistas for businesses. Samsung identified it and capitalized on it, and soon, many other brands will follow suit. The uses of NFTs cannot be limited; they can be used for memberships, concert tickets, digital representations of ownership of physical assets, etc. Moreover, If you have a limited seating capacity for an event, conference, or concert series, creators could launch an NFT collection to represent the seating assignments of all attendees.
But that’s not all. NFTs could be used beyond digital art, and that is where Patrick wants brands to concentrate. Considering the authenticity that the non-fungible technology envelopes, physical products too will soon come into its fold, after which consumers will have the opportunity to check the authenticity of the product before purchasing.
“Imagine you go to a store, and before purchasing a product, you just scan the QR code, and the entire journey of the product, from manufacturing to being in your hands, will be in front of you. This would be simply revolutionizing for those brands who provide value to consumers,” says Patrick.
Another industry that is expecting a mass level revolution in the wake of the emergence and mainstreaming of NFTs is Real Estate. The possibilities are immense in this sector. You could transfer land deeds, ensure ownership, and check all the changes in property value over time using time-stamped NFTs. Besides that, one could also know the entire record of the property to date at their fingertips.
NFTs can extend into digital identities and credentialing. Imagine your diploma or professional certification being issued in the form of an NFT. Unique and belonging only to you, it’s proud owner. Fabrication of documents is out of the question when it comes to NFTs. Be it medical reports, legal records, artworks, fiction/non-fiction, academic credentials, ticketing, or even voting; Non-fungible Token touches every field there has ever been. Plagiarism would be a thing of the past once this technology flows into the mainstream. And according to Patrick, once it does get streamlined, we better be ready for a new world to live in.