Why many start-ups to large firms are willing to utilizing NFT tokens in their business?
IBM recently announced a platform under blockchain technology, it can be utilized by the non-fungible tokens with RFID( Radio Frequency Identification) it is a generic term for technologies that use radio waves to automatically identify people or objects. In IBM, RFID is used to monitor car sales, This platform is also utilizing auto registration.
So it is easy to sell a car, for example, if your car was tokenized, you could just accept payment for the item and transfer over the token it would represent the ownership of the vehicle. It will reduce the timing instead of showing ID, registration document and ownership document.
Governments are also looking towards Non-fungible tokens to help to reduce the fraud activities in a current land record system.
Are you heard about Cryptokitties?
Cryptokitties are the first use case of Non-Fungible Tokens. This game allows the user to buy, sell and trade unique digital assets in the form of virtual cats. The most popular platform in use for the development of Non-Fungible tokens is ERC-721 Protocol.
non-fungible tokens create a form of digital scarcity that can be verified without the need for a centralized authority to confirm validity. It is this fundamental scarcity that gives the tokens to their value.
The best use case for Blockchain-based Non-Fungible Tokens
Artists do not have any secured galleries to showcase their work to attract buyers, Blockchain is open and decentralized which means anyone in the network can view the art piece and directly get in touch with the seller, so it can reduce the intermediaries.
When a painting is tokenized, it gives a specific value that is unique, irreplaceable and uncopyable so these values are called Non-Fungible Tokens. It can be prevented from the theft of art pieces. It is also called a Tokenization of art.
Thanks for reading. Hopefully, this guide has been useful to you and also you get a clear idea about what is Non-Fungible Tokens and how it can helpful for start-ups and business.
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