Block chain technology is revolutionizing the business scene wildly. The terms digital assets, cryptocurrency or NFTS are no longer new as more people are gaining interest. Consequently, companies have acquired a similar interest and are widely exploring business strategies that include using block chain technology to improve their business. One remarkable trend is the adoption of enterprise NFTS.
What is an Enterprise NFT?
Essentially, a non-fungible token otherwise referred to as NFT a digital asset meant to represent the ownership of a unique object that bears an inherent digital scarcity. Most people consider NFTS to be one of the most formidable application of the block chain technology, perhaps due to their scarcity compared to other commodities and fungible tokens.
On the other hand, Enterprise NFTS aka ENFTS are similar digital tokens created to mitigate the gaps of manufacturing, supply chain and other business entities. Aside from being highly adopted by artists, celebrities and other types of creators to create collectibles, NFTS appears promising for businesses thanks to its ability to unlock unfathomable value.
Why are ENFTs important?
Ideally, Enterprise NFTS are created to solve problems while innately acquiring the benefits of block chain technology. They are best suited for areas where there is no room for compromise on transparency, especially when complex processes are involved.
ENFTS like cryptocurrency are built upon an immutable database that is not only decentralized but also records all transactions. These records are easily accessible making it easy to track, verify and authenticate every asset throughout its lifecycle. The clear identification of ownership and transactions makes ENFTS an asset for most businesses to tap into in a bid to create secure ecosystems for their products, brand, customers and supply chain.
Which Companies Can Benefit from Enterprise NFTS?
‘Data is the new oil’. Such phrases are becoming imperative in citing just how important data is in the world today. NFTS create a chance to cultivate sustainable value that accompanies the free exchange of the data. The sharing of data allows businesses or brands to establish robust environmental, social and governance(ESG) credentials for their products thus engaging their stakeholders.
The impact of NFTS on the supply chain is undebatable. However, there are several other markets promising massive impact consequently business opportunities from the block chain concept.
- Intellectual Property, Copyright and Patents
IP and copyright protection is about securing ownership of what one owns. A simple use case is Mypillow. The company already owns a patent for their pillows. Imagine what a digital asset would do to the Mypillow stock altogether. Businesses not only get a chance to protect their products but also acquire more tangible value from their digital assets.
- Metaverse
The metaverse creates an open virtual space that is already firmly anchored on a blockchain infrastructure. Customization of avatars and other digital assets is part of the package thus it is crucial to have a transparent record of the same. NFTS are a fantastic way to represent this ownership that becomes substantial in both the physical and virtual world.
- Fashion and wearables
With NFTS, fashion brands are able to grant customers early access to products, memberships, discounts and so much more. Brands like Dolce and Gabbana are exploring this new side of the business with their NFT collection that is immensely paying off.
- Digital Identification
NFTS promise eliminate online anonymity that continues to empower various cyber threats, fraud and even online bullying. They come with proper smart contracts that verify your online identity while granting you access to visibility on who can access your data. Although this sounds like a dream for most countries, countries like China are on a path towards realizing it due to the mandatory requirement of real names while signing in to browsers.
- Insurance Companies
Insurance companies are highly dependent on accurate recording and proof of ownership of insured goods. NFTS offer both thus easily becoming the solution for insurers.
The future appears promising for NFTS. It is no longer a solution for artists and celebrities but also an integral part of day to day operations of most businesses. The benefits are certainly bounty and impact on performance even greater for any industry or company.