Introduction to NFT : Beyond Artform and Into Business, Industry and Transport
In recent years, non-fungible tokens (NFTs) have garnered a remarkable amount of attention for usage in different industries, stretching from the arts, to industrial use-cases and even luxury goods. NFTs by design are unique digital assets that are recorded and validated on a blockchain, proving using provenance and immutability, the uniqueness of the asset.
According to Bloomberg, as of mid-December 2021, an estimated US$41 billion worth of cryptocurrencies were sent through two Ethereum smart contracts associated with NFT marketplaces and collections.
It is important to note, that as an NFT can prove that a digital asset is unique and non-replaceable, recent use cases have mostly revolved around the sale of digital art. Artists such as Mike Winkelmann have made headlines for selling NFTs at eye-watering prices. The “Everydays-The First 5,000 Days” NFT sold for USD $69,346,250 at Christie’s auction house. Whilst this was an anomaly, NFT collections until recently often sold for exorbitant amounts.
Yet, as of July 2022, with the recent crash of crypto and NFTs highlighting the challenges of commercially focused NFTs, alternative and often highly applicable use-cases are once again being highlighted.
Due to the unique nature of an NFT, it cannot be interchanged (i.e. no double spend) with anything else, under any circumstances. Therefore an NFT can be adopted by many industries, as long as it has recognizable and certifiable properties. Formats that are commonly turned into NFTs include JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF, and many more.
Because of these properties, NFT has been tested and used in various applications such as
No, we are not talking about ownership of digital houses in the metaverse. This topic revolves around actual ownership of physical land, a house or immovable property recorded forever in an immutable blockchain record. In South Burlington, Vt, a pilot project to register property deeds into ethereum the blockchain was one of many examples proving that not only is it an indestructible way of record keeping but also any change of ownership can be easily tracked using blockchain-based technologies.
2. Intellectual Property Ownership
Not only can NFTs be used to store and verify physical deeds, but they can also be used for intangible intellectual property ownership as well. This can be in the form of music, video, drawings, blueprints and many more formats that can be digitized. The proof of ownership of an IP can be fortified in the form of an NFT. Although to have actual power in court, it needs to have legal support from each country's national law as well. Yet, more countries are beginning to experiment with such a function with Georgia considering the possibility of transferring all state registries in the country to the blockchain.
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3. Metadata and Events
On various industries, there are processes that need to be transparent, traceable and verifiable. Namely in the manufacturing industry, where maintenance records of large machinery need to be certified and tamper-proof to prevent incidents. With conventional technology, this certification will need human intervention and is also prone to human intervention. But, by making the records as NFTs,? the project owner can be 100% sure that their record is forever recorded on a blockchain, and whoever made any changes will be recorded as well.
4. Transportation
A transportation vehicle, whether it be a car, train, or aircraft always holds records of past usage, mileage, or maintenance. These records are mandatory in nearly every country in the world as they are an indicator of how safe a vehicle can be for public usage. With conventional systems, these records are at risk of being tampered with by humans, which is a glaring flaw in a system that cannot fail. But by making the record an NFT, records related to vehicles can become immutable and even publicly available if needed in a tamper-proof manner.?
These 4 examples showcase the power of NFTs using blockchain beyond speculation in the arts and investment. In fact, the 4th example highlights how NFTs are utilized in the aerospace industry.?
This week a new deep dive will be made to expand on the ideas of NFTs for the aerospace industry in addition to a showcase of 3IPKs involvement in the 2022 Farnborough Airshow with a new blogpost!
In the meantime between the 18th and 22nd July 2022 Visit the 3IPK booth at Booth No: 41536, Hall 4, Farnborough Airshow 2022 to learn more on how blockchain can be implemented in the aerospace industry.
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