Since they burst into mainstream consciousness in 2021 – and even been the subject of a parody on Saturday Night Live – non-fungible tokens have become best known for serving as a vehicle for digital art.
While this application is revolutionary in itself, many crypto enthusiasts believe the industry is only scratching the surface when it comes to developing compelling use cases for NFTs.
One of the biggest challenges when buying and selling products in the online age is about authenticity – and in recent years, several luxury brands have looked into whether blockchain technology could help. to fight against counterfeiting. As journalist Tim Phillips wrote in his book Knockoff: The Deadly Trade in Counterfeit Goods, copied versions of virtually anything can be made… including prescription drugs and auto parts.
This is not a problem limited to physical products, as digital items have their own set of issues to solve. Given the ease with which information can be disseminated online, creators face an uphill struggle when it comes to protecting their copyrights. Photographs licensed for thousands of dollars can be copied, pasted, and redistributed by anyone with just a few clicks – depriving the creator of income – with little consequence.
And while the advent of streaming services has helped address some lingering concerns about piracy, it’s not a problem that’s gone completely. Estimates from the Global Innovation Policy Center suggest that in 2019, illegal viewing of movies and TV shows resulted in a loss of $ 29.2 billion in revenue, and this in the United States alone.
Software piracy also remains a persistent problem, with free versions of flagship software from Microsoft and Adobe circling in the darkest corners of the internet. Not only can this rob businesses of the revenue they need to innovate, it can also come at a cost to users, as these files can often be associated with malware.
Meanwhile, influencers and artists may face another big problem: Their work gets scammed by social media users who pass it off as theirs.
Take back control
Piracy and counterfeiting can very well be problems that take generations to resolve. But as our world becomes more and more digital, NFTs can serve as a valuable weapon in the quest for authenticity. Many law-abiding consumers end up coming into contact with fake articles and pirated content without even knowing it – and that’s because many online shopping systems fail to provide customers with clear proof of ownership. . This can have a ripple effect if that person wants to sell an item to someone else in the future.
Uquid has developed a new protocol known as NFTD – a smart supermarket system for digital products powered by non-fungible tokens. Each seller in this marketplace, as well as the items they have to offer, are identified through the use of unique token identifiers, with buyers receiving a verification of their property as soon as a transaction is complete.
A wide range of items can be sold in this market, including poetry, novels, films, videos, photographs and sound recordings. Other digital products including computer software, virus protection, games, recharge subscriptions, and gift cards are also available. An array of cryptocurrencies can be used to make a purchase, as well as DeFi payment methods already supported by the Uquid system.
Uquid’s approach could also bring certainty to the process of buying gift cards online – an experience that could otherwise be fraught with risk.
Simplify the process
One of the main priorities of the platform is also to ensure that NFTs are easy for consumers to use. The world of cryptocurrencies and non-fungible tokens can be extremely difficult for newcomers at times, as evidenced by the way Kings of Leon had to extend the sales window for their new tokenized album.
To make a purchase, a buyer just needs to make sure they have a Uquid account – and from there the process will be extremely familiar to anyone who has used an online ecommerce platform before. No fees are attached to these initial purchases.
From there, users have the freedom to resell these digital assets whenever they want and put them up for sale at the price they want. Subsequent transactions will incur a sales charge.
The NFTD protocol is powered by Uquid, a utility token on the Binance smart chain. Those working on the project say this blockchain offers low transaction fees and high performance thanks to the network’s ability to produce a block every three seconds.
With a fully functional platform now in operation, the crypto-based brand now aims to bring NFTs closer to everyday life.