As we continue creating and building ePioneers, we wanted to share more about NFTs and web3 in general. Selling/talking is fun, but we enjoy building more, so we are keeping these blog posts short as we deploy our portfolios of solutions.
NFTs - non-fungible tokens - store value. They are digitally authenticated assets on the blockchain. Like money, it is a human invention to represent the storage of data. NFTs can represent a financial asset - whether we are talking about FIAT money (= $, euros or other "inconvertible paper money made legal tender by a government decree") or "tokenized" currencies/value. One of the biggest transformations Bitcoin originated, was the realization of the power of Computational Finance/Money – and everything that it has ignited thereafter. In other words, everyone's capacity to design and develop new currencies or "units of storage", as well as technological systems that are more efficient, transparent and digital. The implications of this technological architecture are huge, as we have seen it in the past decade. And what is more interesting is that the applications of these systems go beyond money.
NFTs have become popular in the past 18 months because of their growth and applications. The "metaverse" or web 3 or crypto-powered software, is just starting. Its adoption is at its very early stage.
At ePioneers we are building an engine to enable anyone to create his/her own NFTs. We already started with the launch of NFTs for climate in partnership with the World Wide Fund, but we are extending our outreach with Compas Urbano and multiple allied organizations.
NFTs for Climate. Each NFT represents Nature, from animals under extinction to indigenous communities to fauna to carbon offsets, etc.
NFTs as collectibles. This may be the most famous NFT category at the moment. Many artists have started to create and sell their own NFTs to enable anyone to collect them. The representation is digital art. Another cool feature is the possibility of artists to earn "royalties" from the re-sales of their NFTs: https://www.algorand.com/resources/blog/blockchain-royalties-how-nfts-can-be-programmed/
NFTs for supply chains. Aiming to track supply and demand with authenticated seals of quality or seals of origin - in the forms of NFTs for each product - for example, companies can help consumers purchase NFT-backed products.
NFTs for identity tracking. Each person has a unique NFT-id that can be used for academic certificates, health records, credit records, etc. The representation is a QR code or a digitally-enabled-picture representing that person.
NFTs for Sports. Teams can have digital sports men/women who play online tournaments. Fans can sponsor/collect the teams or the digital players. There are a few startups already working on this. The representation can be an avatar.
NFT investments. This is one easy and it is somehow already happening with the NFTs for art. Now, the digital assets can represent stored value of FIAT currencies, carbon-backed tokens, etc.
NFT loans and NFT credits. The amount of the loan can be represented in the NFT. Contrary to NFT royalties enabled by blockchains like Algorand = the holders of the NFT for a temporary amount of time, have to pay a % (representing the loan interests).
NFT memberships. Only the members of a special DAO ( = digital community) get unique NFTs.
NFTs for branding (virtual accessories).We are starting to see the metaverse take shape massively. From brands like Nike.
NFTs for ticketing. To guarantee supply and demand for the restaurants industry, for example, chefs can generate unique NFTs. This would prevent the waste of money because the NFTs "redeemed" and confirmed by the clients, would enable food producers to prepare their meals in the morning, securing the restaurant reserves and making the whole process more efficient.
NFTs to gain access. This is one of our favorite and one we are applying to ePioneers. Our ePioneers can access natural reserves, parks or special venues if they hold the NFT pass for special routes.
Here are some ideas and NFT applications we are enabling in our marketplace. Of course the scope is very vast, so this list is limited.