Non-Fungible Token (NFT): Overview, Evaluation, Opportunities

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Non-Fungible Token (NFT): Overview, Evaluation, Opportunities ( non-fungible-token-nft-overview-evaluation-opportunities )

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(e.g., weapons and skins) can earn royalties each time their items are (re-)sold on the open market. The players can obtain personal exclusivity game items. This will create a mutually beneficial business model in which both players and developers profit from the second-hand NFT markets. After that, the blockchain communities extend NFTs to a large extent that covers various types of digital assets. Flourishing virtual events. Traditional online events rely on centralized com- panies that provide trust and technology. Although blockchain takes over several types of activities like raising money (either by ICO/IFO/IEO/etc.), its appli- cations are still constrained in a small range of events. NFTs greatly extend the scope of blockchain applications with the help of their additional proper- ties (uniqueness, ownership, liquidity). This enables each individual to link to a specific event just like the patterns in our real life. We give the instance of the ticketing event. When buying tickets in a traditional event ticket market, consumers must trust the third party. Therefore, there is a risk of buying fraud- ulent or invalid tickets, which are counterfeit or possibly counterfeit or might be cancelled. The same ticket may be sold many times or obtained by extract- ing from ticket images posted online in an extreme case. “NFT-based ticket” represents a ticket issued by the blockchain to demonstrate entitlement to ac- cess to any event such as culture or sports. An NFT-based ticket is unique and scarce, meaning that the ticket holder cannot resell the ticket after it is sold. The blockchain-based smart contract provides a transparent ticket trading platform for the stakeholders such as the event organizer and the customer. Consumers can buy and sell the crypto ticket from the smart contract rather than rely on third parties in an efficient and reliable way. Protecting digital collectibles. Digital collectibles contain a variety of types, ranging from trading cards, wines [64], digital images [55], videos [40], virtual real estate [1], domain names [27][60], diamond [31][43], crypto stamp [17] and other real/intellectual properties. We take the field of arts as an example. Firstly, artists in traditional ways have very few channels to display the works. The prices cannot reflect the true value of their works due to the absence of attention. Even their published work on social networks has been charged with intermediary fees by platforms and advertisements. NFTs transform their work into digital for- mats with integrated identities. Artists do not have to transfer ownership and contents to agents. This provides them impetus with lots of profits. Typical in- stances include Mad Dog Jones’s REPLICATOR (selling with 4.1 million USD8), Grimes’s work (selling in total around 6 million USD9) and other works from great crypto-artists like Beeple [10] / Trevor Jones [58]. Furthermore, artists in general cases cannot receive royalties from future sales of their works. In con- trast, NFTs can be programmed so that the artist receives a predetermined royalty fee each time when his digital artwork exchanges in the markets (e.g. 8 News source: https://www.phillips.com/detail/mad-dog-jones/NY090121/1 9 News source: https://www.theverge.com/2021/3/1/22308075/grimes-nft-6-mi llion-sales-nifty-gateway-warnymph 11

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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info

IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info

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