One of the major problems of selling anything or being involved in a monetary transaction is authenticity and security, and we see how this factor is more broadly a concern when we take things to the digital realm.
The inevitable reality is that the digitalization of day-to-day trades, businesses, and life in essence is something that cannot be avoided. People surf the web yearly more than they do literally anything else these days, so then, with a great amount of web traffic comes the need for businesses and organizations to port offline products and services to the web space.
When did online product sales really hit the ceiling?
I can guess, and one can tell without digging much that Amazon was a part of the revolution of the sector. Online malls, online education, online jobs, online medical assistance, everything is being brought online, and soon it will all be brought on-chain.
Who would have thought a network for sharing textual or video forms of data could greatly bring the world together and create a value economy? This was a bridge built for communication, and it transitioned to a lot of things enhancing value transfer which opened the space to a new world where the human presence can be leveraged to build wealth-generating networks.
NFTs can be a lot of things
With the emerging technology exposing users and builders to new business grounds and value networks comes a great amount of fraudulent setups that devise a means to rob the value that flows through the system.
In literally all sectors of business, we see this spread, and lots of people fall prey and lose value in the process. Blockchain with NFTs can really reshape the business space in a whole lot of ways beginning with increasing product sales, matching authenticity, and increasing transaction security.
The number of companies listed above shows how valuable the internet space is but the restrictive nature of the technologies they are built upon makes them yet to realize the actual value capture they should have.
With NFTs, we can see all things business begin to fall into place. Imagine if you could track all the NIKE shoes out there using some sort of ID value that can be minted as metadata on the NFT that represents that particular NIKE shoe.
This is what we are talking about when NFTs are mentioned, ignoring the “easy wealth” incentive that comes with it provided a project owner has a healthy audience, when we take things to the “consumer/customer side” we see how NFTs can increase trust and promote good relationships between businesses and their audience.
The product markets are filled with a lot of counterfeit products, but with the integration of NFTs and blockchain technology, companies can ensure that “fake businesses” are not robbing their customers with fake products pretending to be manufactured by them.
Trademark infringement would greatly drop as the business front would no longer be profitable when NFTs can enable users to detect fake products from the originals. With product authenticity solved, businesses can begin to see increased revenue as fake setups lose customers and those values begin to flow back to the actual manufacturing companies.
Do you know how many supposed NIKE products are in Nigeria? A lot! Trust me, I have a couple of NIKE shoes and I know those that ain’t original! To give a little glance at what the fake business is doing to brand names, here’s the address of Dior stores in Africa:
Seen Nigeria on the list? But yet the number of Dior products down there took a massive spike last year and many were not from Christian not to talk of DIOR!
Product markets both in the physical and digital space will require NFTs to boost sales and revenue and ensure customers are not being robbed for fake products which in turn could hurt the infringed company name.
The utilities of NFTs are enormous, just as cryptocurrencies will play a huge role in transaction flexibility worldwide, NFTs will boost product authenticity and security on a large scale thus the adoption is actually inevitable as its structures by design enhance the current economic and business environment of the world.