What The Fish is Tokenization? & NFTs?

“Yea, I know about those overpriced JPEGs of monkeys selling for millions”.

I don't like those Monkey images either, there I said it. The closest analogy I can think of is Gold Jewelry. What's valuable in the jewelry is the gold, but you still buy the jewelry made of gold, not some other fancy metal. Art/ape NFTs are the jewelry of the cryptocurrency world.. World doesn't need them anymore than the world needs Gold Jewelry or art or music.?Something to think about!

There is a whole world of opportunity that opened up with NFTs for the real world. The whole market is expected to reach the tune of 200bn USD, by the end of this decade - I foresee it to be at least 10 times that, in the same time period!

Tokens are digital - non-copyable versions of code, which represent ownership. Think of unique gold jewelry. Think Property papers. Think about your ID card. Think about your college certificate. Each of them are unique, important and cannot be replicated for use. I cannot claim your property just because I have the photocopy of the papers with me! Thus non-fungible. These tokens can represent ownership of a digital something… lets say in the form of a number/string. Each unique with a verifiable history(Provenance). You can replicate and copy them, but still there will be only one original, irreplaceable with a lookalike. And thus call it a Non-Fungible Token(NFT).?

These tokens can represent eligibility, ownership or many more things and can be used in regular business transactions. Imagine, you trying to find if a guest on the airline is a gold class passenger, he doesnt have his identity card, but only his mobile phone, or if the visitor actually holds?a VIP pass for the IPL stand, or to know if you are talking to the real customer in case of banking transaction, or if u have a bunch of robots in your warehouse, where you pay the robot leasing company based on number of boxes moved?- Ownership and entitlement can be digitally proved via a NFT. Very many use cases - With most prominent ones in Gaming, Real estate, certifications and more. These NFTs representing digital ownership, can actually be transferred. Imagine you transferring a movie ticket booked via BookMyshow to a friend, or even better selling the first day first show movie ticket of Rajnikanth in an auction, which is completely transparent and backed by cryptocurrency you are guaranteed to get the payment as part of the same transaction. There are limitless opportunities when it comes to digital representation of digital or physical things!

Readers: State your business problem and lets see if Blockchain could help you or not!

Over the next few days, I intend to write a series of articles leading to how blockchain can be specifically used in the hospitality industry, to fix some decade old problems! An idea that I am working on and issues am determined to resolve!