Blockchain Use Case Non Fungible Token Training Ppt

Slide 1

This slide illustrates the concept of NFTs in blockchain technology. It explain that NFTs are digital items use blockchain to be bought and sold. They are non-fungible and are considered as unique asset. Art Work, Music, Trading Cards, Virtual Worlds and domain names are some the common types of NFTs today.

Slide 2

This slide showcases multiple benefits of NFT in blockchain technology such as decentralized marketplace, unique, collectibles, resaleable, immutable, copyright protected, and secure.

Instructor’s Notes:

The different advantages of NFT in blockchain technology are as follows:

Decentralized marketplace: 

• NFT is an excellent platform for creators to sell their work to customers. This is due to the fact that blockchain eliminates intermediaries and makes this possible. 
• Another benefit of NFT is that it helps creators earn a commission, each time an NFT is exchanged

Unique:

• Each NFT is unique and cannot be easily forged
• The creator will have a handful of NFTs, and very few creators will own and limit these, which increases the value of each NFT

Collectibles:

Resaleable: 

• People use NFTs to make money by buying and reselling them
• Investing in NFTs and then reselling them is, potentially, a huge profit opportunity

Immutable:

• The NFTs are immutable because the metadata can never be altered by anyone
• Also, it cannot be erased, misplaced, or removed from the blockchain
• The data lasts forever, and its value will (most likely) increase with time

Copyright:

• In NFTs technology, the most significant advantage is that it allows users and content creators to retain their complete copyrights
• Users generate revenue without giving up their copyrights

Security:

• In NFTs, security is not an issue
• The blockchains are decentralized, and the data they hold is hosted in different nodes around the globe
• If the network is down, the record of each node is registered somewhere

Slide 3

This slide illustrates multiple disruptions that NFTs causes in industries such as music industry, art industry, sports industry, and gaming industry.

Instructor’s Notes:

The multiple disrupts that NFTs have caused are as follows:

Music Industry:

• In music, NFTs will become a platform to store music on a digital ledger as a rare collectible
• Artists and musicians can create NFTs to auction their music in different forms of digital media to their listeners 
• Listeners can pay for the content by using cryptocurrencies like Bitcoin, Ethereum, and many others

Collectibles:

• These are the items of values that collectors acquire in the form of NFTs
• These items can be purchased and sold as NFTs on higher values as they are limited-edition
• The collectors can be short-term gain hunters to crypto magnates
• The category includes:
  • Game collectibles
  • Art collectibles
  • Sports collectibles

NFTs for Land Ownership/Claims: 

• Land assets can be represented as NFTs, and their ownership can be proven by using cryptographically secured and signed digital tokens
• With the help of smart contracts, money and land asset exchange can be done in an authentic manner, with both parties signing the agreement

Art Industry: 

• The art industry is huge. Converting the art into NFTs provides the creator with the ability to own and trade it
• NFT helps the artists earn revenue by selling the arts, eliminating the intermediaries, and facilitating direct interaction between

Sports Industry:

• The NFT has changed the sports industry completely
• A athletes can now establish their own brand identity and sell them by making NFTs
• These NFTs can sell for millions of dollars
• The potential of earning money and making their brand has increased with the help of NFTs

Internet of Things (IOT): 

Gaming Industry:

• In a game, players use their real money to buy items that could help them in playing and have better playing experience
• If the players delete or stop playing the game and move on to the next game, the purchased game items also get lost, thus resulting in wasting money used in the purchase
• The NFTs help players restore the money by selling the items to the other players in the form of reward points that can be used in other games to purchase new items

Slide 4

This slide showcases different use cases in which NFTs helped different users. It explains the use cases of NFTs such as consumer connect by coca-cola, real estate, metaverse, and digital fashion.

Instructor’s Notes:

The multiple use cases of NFTs are as follows:

Consumer connect by Coca Cola:

• Coca-Cola is one of the top brands to enter the domains of NFTs
• The company issued the vintage collectibles of Coca-Cola bottles
• The company collected around $575,000 for vintage collectibles in an online auction
• This shows that companies can use NFTs as a way to connect with consumers and earn revenue

Real Estate:

• The IPwe and IBM collaborated for transforming corporate patents
• With the help of NFTs, these organizations help create an ecosystem to make patents tokenized to enable the commercialization, licensing, and sales of patents

Metaverse:

• Social media companies such as Facebook use metaverse technology to enable users in socializing, interacting, and building the virtual world with digital avatars
• NFTs helps the social media companies in a unique way to create avatars in digital worlds
• The uniqueness of avatars would determine their values

Digital Fashion:

• Luxury brands such as Louis Vuitton, Gucci have shown confidence in the potential of using NFTs to promote their products
• These brands want to leverage NFTs to promote their brand
• NFTs also help in maintaining the authenticity of the product, allowing customers to purchase the original product