Five worthy reads is a regular column on five noteworthy items we have discovered while researching trending and timeless topics. This week, we dive into NFTs and how enterprises can leverage this technology to create value for their assets.
Illustration by Balaji KR
By now, if you don’t know what NFTs are, you’ve probably been living under a rock; but for the rock dwellers like me who’ve only recently taken the time to deep-dive into this topic, here’s what you need to know first. NFTs, or Non Fungible Tokens, are unique pieces of data containing information that makes them one of a kind. Although they’ve been around since 2014, their current spike in popularity is due to the trend of trading NFTs as digital pieces of art.
Now you may be wondering how someone can own one-of-a-kind digital artwork when it can easily be copied, screenshot, or duplicated, but NFTs are digital representations of preexisting assets, which means buying an NFT allows you to own the original version of a digital art piece.
For an enterprise, data is gold, and enterprise NFTs allow businesses to value their data as an asset, allowing them to trade and share it in a secure and trusted environment. NFTs have the power to let businesses redefine the value of assets. Whether it’s data, intellectual property, or even their workforce, through the power of NFTs, companies have been empowered to hold each of their assets to the highest regard. Here are five worthy reads to help you get familiarized with the burgeoning trend of enterprise NFTs.
For the sake of creating an even playing field, let’s assume that this is our introduction to the world of NFTs. Are NFTs just a passing trend or is this trend here to stay? More importantly, how can industries other than art and music capitalize on this trend? Can enterprises use NFTs to tokenize their assets? Find the answers in this story.
Although there are plenty of reasons for enterprises to dive headfirst into the NFT market, the one thing that’s keeping them from doing so is privacy. This is where zero-knowledge proofs come into the picture. When it comes to having to prove the origin of a digital item, zero-knowledge proofs are used to prove the origin of the item without actually revealing any information about it. In this story, you will learn how zero-knowledge proofs are the final solution for enterprises to embrace blockchain technologies.
An enterprise’s most prized asset is its data and its value can be multiplied when this data is exchanged within and beyond company walls. However, most enterprises do not feel incentivized to do so. In a B2B ecosystem, the methods used to share data can pose a plethora of geo-political problems. This is where blockchain-based enterprise NFTs step in as a solution. By enabling data as an asset, NFTs allow businesses to share the data in a secure and trusted environment. Learn more about how NFTs enable easy and secure sharing of data.
NFTs can carry data that is stored in an immutable blockchain ledger—immutable because data collected in “blocks” and linked together in “chains” become permanent records that cannot be changed. Unlike public blockchains like cryptocurrency, which can be joined freely by anyone, NFTs are unique to the owner whose information gets stored in the blockchain whenever a transaction is made. In this story, read about the enterprise use cases of NFTs and what makes them unique.
From what we know so far, the Metaverse is a virtual world that merges social and real life. It’s a world where real-life assets can be digitally represented and traded. This means that owning NFTs can represent owning a virtual asset in the Metaverse. Brands and agencies must stay up to speed with this shift to the virtual world or get left behind. In this article, the author lists what brand leaders should look for when representing their products in the virtual world.
Although on the surface, the sudden emergence of buying and selling NFTs as digital tokens might seem like a passing trend, past technology trends have taught us that doubting emerging technologies in the past has backfired before.
Businesses can err on the side of caution when placing trust in this new technology. But from what we can deduce, it looks like the NFT trend is picking up steam and is most certainly an innovation that is here to stay for a while.