As the world is running towards digitization, the day-to-day life leisure of a common man is far beyond his imagination. With more and more things now capable of reaching in the palm of your hand, a dark side is lurking. In this modern world where a person can transfer his assets without any delay, others are slowly getting sucked into a swamp of Integrity fraud. As the world is being introduced to blockchain technology, a concept of NFT is presented for society to stop piracy and approve authenticity and ownership.
NFT became more popular because of its ability to authenticate ownership and unique characteristics. NFTs' tamper-proof nature and indivisible characters attracted the people who prefer "Originals." The NFT's market growth was vigorous, and people started invading the respective spaces for claiming their NFTs. The market went up to 2000% in the first quarter of the year 2021. Now, In the crypto world, NFT has become indispensable.
Physical asset NFTs are real assets in the form of NFTs. These NFTs can be easily redeemed on the NFT platform for physical assets. They inherit properties such as rarity, royalty, and scarcity for both their physical & real-world assets. Moreover, it is said to be proof of authentication and ownership to record all the transactions related to NFTs.
Blockchain is the next new Mine with NFT as the next new gold! Let's dig together
NFT built with blockchain will let you enjoy complete Transparency, and there is always a trigger key whenever you want to check what happens behind those extraordinary User Interfaces. The Transparency here creates trustability which is a very prime reason for the people to believe in NFT.
NFT provides you an instant Liquidity just next after owning your NFT; Liquidity Providers can grant liquidity towards the valuation of NFT, and reselling at a higher price can pay you a hefty sum. All you have to do is to fix a payment method and start waiting for your NFT to get sold.
Blockchain is not such a technology that can be easily compromised with a bunch of codes. The decentralized nature offers you privacy and security. They are immutable, and even if the NFT's information is captured, it is impossible to trace them back to the owner.
After salvaging through every nook and corner of the NFT market or by having an eye for a specific NFT, one can generate an investment opportunity for which he/she can generate a lot of profit.
NFTs made of famous celebrities' signed or related merchandise can greatly boost the consumer market which boosts your visibility to the market.
NFTs are bound by the smart contracts which are developed on the blockchain platform. These contracts have a royalty clause that pays the original maker of that NFT every time that exclusive NFT circulates the market.
The Distributed ledger technology, a.k.a Blockchain technology, which keeps track of every transaction and information processed, is used to trace the owner of the NFT very easily. They can't be tampered with, and only the owner of the NFT has every right over the NFT. No intrusion is possible.
There are platforms for NFT collateralization that offer you a cryptocurrency loan. If other users on the platform accept your offer, the loan amount will be automatically transferred to your account. These loans are bound by the smart contract, which helps you to trust the process. If the bearer is not able to return the loan amount by a defined time, Ownership of collateralized NFT will be transferred to the lender. This breaks the myths about NFT, saying that NFT is not an investable asset. In reality, NFTs will act as more sturdy collateral than any other in the existing.
Digital Asset
Intangible assets or the assets that are available only in the Digital medium occupy a major role in NFTs development phase. At the initial stage, NFTs were just for the people who prefer to collect the collectible. But the NFTs Unique nature and sturdy security made it expand in all possible ways. Now NFTs are used in various industries and play various roles. NFTs are mainly utilized by the art and creator-based community, where NFTs give them an opportunity to tokenize their work and monetize them.
Other NFTs created a revolution in the gaming industry where NFT gave the taste of a decentralized gaming experience to gamers who were tired of the centralized games and their servers. NFTs in the gaming industries offer the user to monetize their game assets in the real world. AR and VR assets can also be converted into NFT. Every token generated with digital assets will be enrolled with a unique value, and they can be fetched from anywhere in the world anytime.
Physical Asset
NFTs or unique tokens can also be made for real-world physical assets like a painting or a house or a vehicle or anything that exists physically. These NFTs can be presented physically in the form of a barcode or a tag or any other device in which it can be encoded and can be traded in place of a physical item. As the world is claiming ownership of its digital asset, a new trend is commencing in regulating the NFT protocol in real life as well. Physical NFT’s are starting to bloom in our society. It is revolutionising the concept of trusting a third party without the involvement of the intermediary. People are claiming the rights of their ownership and authenticating the identity or any fraudulent transactions that happened in regards to their assets.
Create NFT for physical asset
List in marketplace
Trade your nft
User bids for your NFT
Owns your NFT
Redeems it as physical assets
Physical NFT is the term coined for an asset that can be presented when a token is purchased to its respective owners. These NFTs can be resold in the same manner as a digital one using cryptocurrency as well as can be redeemed to have the possession of the physical asset which it is representing.NFT is a kind of verifiable ledger sheet in the blockchain which pertains to all the transactions, identity, orders and all the info related to that asset. These NFTs can be brought to the physical world in such ways as using them as a tag with clothes so that you can scan while purchasing the item to check its authenticity and all the hidden transactions associated with them.
The centralized servers or finance are starting to see their downfall as the DeFI strongly influences the market globally. Brands, corporations are already accepting the Payments from DeFi. DeCom is a combination of DeFi and Ecommerce.DeCom offers a decentralized way for making payments on any commercial site. DeCom lets you be the controller of your own information and saves you from a centralized structure where each and every piece of information is monitored. NFT commercial spaces like marketplaces are adopting DeCom to provide you the supreme controllability over your information. You can buy any of the NFTs with cryptocurrencies, and your information can't be fetched from any sources.
Here the Normalised structure is where an E-commerce website that sells mostly all types of products to users by delivering the product directly to the user's home majorly depends on centralized finance services for receiving payment. The adoption of DeCom in E-commerce will revolutionize the structure where buyers and sellers will have the prime controllability over the information and prices.
The process of minting NFTs must follow a smart contract enabled blockchain, mainly Ethereum. These smart contracts are responsible for adding details like ownership information, no. of copy that can be made of the token. This process helps add Royalties and Scarcity to NFT.
The Assets can be anything from physical and digital assets. Physical asset pictures will be published in the medium, and if someone buys them, the NFT will be delivered after several verifications are done. Digital asset's master copies are available in the digital medium, so they will be directly delivered with the unique value assigned.
There are dedicated platforms presented to traders on which a seller can shelve their NFT, and buyers can directly buy or can participate in auctions. These marketplaces offer various features to find the desired NFT. They are built to focus on serving various purposes like art, game, sports, etc.
Develop and deploy a smart contract regarding NFT during the minting process to add ownership, authenticity and other number of options to modify NFT according to sellers' will.
The true nature of a human reflects when he/she checks a 10 bucks pen 30 times on a piece of paper to test for its ink flow. Potential future use cases for a Physical NFT tends to infinity as the procedure can be effectively implemented in everyday life in the near future like
Art Gallery
Authentic and True to the artist, one can set up an Art-gallery display. Art lovers can scan NFT to check authenticity and Royalties can be given to artists in the form of funds raised from the event.
Real Estate
One can check the detailed pricing history, No. of owners, any reconstruction, any land/Investment Fraud by scanning the NFT assigned to the property. The NFT is real estate that enables you a tamper-proof authenticity and ability to have controllability than any other existing real-time certificates or proofs does.
Recipes
One can patent and create NFT of their own or family-owned food/drinks recipes and earn royalties or even pass down the same to generations. Tokenizing recipes are not just only for transferring them to generation and claiming ownership. Tokenizing them as NFT will aid them in various benefits like promotions, exclusiveness, ownership authenticity, and more.
Song album/Documentaries
Tokenizing the songs, albums, or documentaries will allow the creators to tokenize their works and help them in monetizing their work. After tokenizing, those NFTs will belong only to the creator. This helps in claiming royalty and reselling situations.
Blockchain App Factory is a pioneer in the development of NFT platforms. Our NFT services are one of the best in the crypto space. Following are a few of the rewarding features.
NFT Platforms built by Blockchain App Factory are sturdy in construction with a knack for customization of brand and market optimization. These platforms are high failure tolerable with a smooth traffic flow of ever-increasing users.
Responsibility for the security protocol during the development and deployment of the marketplace will be completely thorough. These protocols will acts a key to neutralize in major of the vulnerability attacks
One of the pillars in building relationships and trust with a client is providing services even after the job is done. That's what we do in App Factory, we provide you with uninterrupted support service 24x7x365 covering all your concerns from paper to planes.
Our website development team offers you so many customization services regarding the marketplace that can be altered according to your needs. The liberty to customize will not just end with UI customization. Our team offers you customization in Every line of code.
Blockchain App Factory offers external wallet integration along with API to the NFT marketplace platform to conquer special business needs with custom features and functionalities.
The delivery is also about dispatching a reliable and stable product is always our prime concern. A road map designed for any project by the team will always focus on delivering the project on time.
As Transparency is the building block of the blockchain, similar to that, Blockchain App Factory will let you have a complete, clear, and sound understanding of the development lifecycle and will not proceed a step ahead until the client is satisfied.
After a deep analysis of the requirement assigned by the client, The team builds a smart interactive User Interface for a better experience.
