Category Archive NFT Marketing

NFTs are expanding. Users that are interested in non-fungible tokens currently tend to think of them as cryptocurrency tokens that include digital art or cryptocurrency development companies. The way we produce, share, and consume digital material will alter soon as a result of NFT development. Numerous DRM (Digital Rights Management) use cases will be included in NFT commercial use cases.

Users can better appreciate the subtleties of each form of NFT and the many blockchain protocols involved by understanding NFTs and the token standards that underpin this phenomenon. Numerous consumer apps are based on Ethereum’s ERC721, which was the first NFT standard to be made available. Digital users and artists may not always be aware of the specific token standard or blockchain they are using when they mint or produce NFTs through third-party services.

Ethereum Blockchain

The ERC721 Ethereum-based standard for non-fungible tokens was the first. The most popular blockchain platform for developing and launching NFTs is Ethereum, which established itself as a pioneer in this field. The Flow and Tezos blockchain systems, however, are coming up quickly and are likely to surpass Ethereum soon.

On all blockchain networks, transactions have a cost, which is typically insignificant. On Ethereum, “gas” is used to complete transactions. The founders of Ethereum did not anticipate that the price of ETH would increase to the extent that it would make it prohibitively expensive to conduct transactions on the platform when the gas was set to the price of ETH on the open market at the time of creation. As of the time of writing, creating an NFT on Ethereum in accordance with the ERC721 standard costs more than $80.

Solidity is the native language of Ethereum. Ethereum began off with a proof-of-work consensus system and intends to move to a proof-of-stake system.

ERC 721 standard

The most popular standard token that served as the foundation. Each ERC721 token is distinct and can be traded separately; they are not fungible. This is why special digital assets, like a piece of digital art created by an artist, can be kept in such a token. Tokens are one-of-a-kind and cannot be destroyed or copied. Due to the scarcity and uniqueness of each token’s attributes, each one might be regarded as a collectible. This established the first non-fungible token standard.

ERC 998 and ERC 1155 standards

The ERC998 and ERC1155 standards are two significant non-fungible token standards on Ethereum that are not as widely used as the ERC721 standard.

Because they are both non-fungible, ERC998 and ERC721 tokens are comparable. Additionally, ERC998 tokens are “composable,” which means that the assets included in this class of tokens can be combined or arranged into complicated positions and traded through a solitary ownership transfer.

Unique non-fungible tokens (like ERC721) and standardised fungible tokens (like ERC998) can both be found in an ERC998 token (such as ERC20). It is possible to exchange and value the ERC 998 token. The ERC998 token can be viewed as a portfolio of assets or as a holding company for a variety of assets because it can contain a single set of digital assets.

This token standard was created with the idea of using non-fungible things to represent in-game collectibles and marketable assets and fungible tokens to represent transactional cash in video games.

The Ethereum governance committee is now considering a number of alternative token standards, such as ERC 1190, which allow for the creation of flexible and complicated NFTs.

Blockchain Flow

We must start with Cryptokitties in order to comprehend Flow. ERC721 tokens were used in the launch. It gained so much traction that the Ethereum blockchain network got congested.

In an effort to address this issue, the game’s development team (Dapper Labs) established Flow, a blockchain that was built with gaming and crypto collectibles in mind. NBA Best Shot, a very well-liked NFT-based digital collectibles platform, was also designed by Dapper Labs. The proof-of-stake consensus technique is used by Flow.

Flow-NFT protocol

The Flow language, Cadence, is used to create smart contracts on the Flow network. The process permits “Upgradable Smart Contracts,” or smart contracts that may be implemented in a “beta state” and thereafter upgraded progressively by the original authors until they are pleased.

Users will be informed that this smart contract is not yet finished, and they can decide to hold off on trusting it until it is. The smart contract’s original creators can release control irrevocably once they are pleased with the code, at which point it becomes immutable. Scalability is a feature of Flow.

Blockchain Tezos

The liquid-proof staking consensus technique is used by the decentralized blockchain Tezos. The native cryptocurrency of Tezos is called Tez. The platform’s developers understand that for widespread acceptance and user-friendliness, transaction fees must be cheap. Only FA2 is non-fungible out of the three basic token specifications used by Tezos.

FA2 benchmark

A universal token contract interface called the FA2 Token Standard, also known as TZIP-12, allows a variety of token kinds, including fungible, non-fungible, non-transferable, and multi-asset contracts.

Developers have a great deal of freedom to create novel token types that can handle intricate token interactions while still keeping a uniform API for third-party applications and wallets. These token structures may comprise NFTs and include a variety of game components with interchangeable and interactive aspects.

Conclusion

Although Ethereum was the first blockchain platform to support NFT development, it was not designed with NFT in mind. NFT was put first in the development of platforms like Flow and Tezos. There will undoubtedly be more NFT standards available in the near future.

We all know that non-fungible tokens have changed the widespread digital world. Nowadays, every organization is intrigued by the potential and benefits provided by NFTs. And soon, it is going to contribute to the field of digital eCommerce. In other words, NFT is a technology platform that may be used to verify ownership. Non-fungible tokens are decentralized and built on the blockchain.

Many digital areas have reaped the benefits of their exceptional adaptability. Similarly, promoters of blockchain are developing a strategy to integrate NFTs into the e-commerce market. Because of its popularity, several businesses are interested in developing NFTs for e-commerce networks.  

So, if you want to have custom eCommerce development and merge it with the NFT and metaverse, you are on the right platform. Because in this blog, we will discuss how NFTs are the future of the eCommerce industry.

What are NFTs, and why Merge with eCommerce?

A Non-Fungible Token, or NFT, is a digital asset that is held on the blockchain. Each token has a specific value, NFTs are transferable, unlike dollar bills, gold, or cryptocurrencies. They are termed digital collectibles since each NFT is a one-of-a-kind digital representation of a property.

The use of NFT in e-commerce platforms has been a hot topic in the crypto industry. Many E-commerce web development companies are working on NFT solutions. So, you should choose a professional NFT Marketplace development company to integrate NFTs into an e-commerce platform who have extensive experience with NFTs in e-commerce.

The integration of NFTs with e-commerce platforms appears to be a stumbling block for the system. The two are utterly incompatible because the e-commerce network is based on the exchange of physical goods and the non-fungible token is virtual money. However, this merging method provides firms with various revenue opportunities.

How NFTs are a Good Fit for the E-Commerce industry?

The trade of items and services on an e-commerce platform involves a significant number of third parties because it functions in a centralized ecosystem. The usage of NFTs eliminates the need for third-party engagement. In recent years, the adoption of NFTs has risen to amazing heights. Moreover, in the corporate sector, virtual money has become a trend because the chances of getting more revenue have increased. When the customers buy the products, they receive their orders immediately after the purchase, whereas when they buy from eCommerce, customers receive them after several hours. So, when you provide the NFT version to your customers, it brings satisfaction and happiness.

Perhaps, most multinational companies are using NFTs to increase their revenue in the eCommerce sector. Let us explain to you with an example: Nike, a sneaker company deployed NFTs to their online store with the name of CryptoKicks. With it, the customers can request the NFT version of the footwear.

Future of the NFTs in the eCommerce Platforms

Do you have any idea how the mobility of the NFTs is a valuable resource to the business? In fact, the integration of the eCommerce platforms with the NFTs has given profitable choices. However, it is anticipated that soon NFTs will bring over the eCommerce company to allow the customers to enjoy the world of NFTs. No doubt, NFT is a dynamic network. So the eCommerce business might experience significant and natural adjustments. Further, with the introduction of the NFT in the eCommerce still, the public prefers to buy and sell the products through the traditional eCommerce platforms. 

Many people think using NFTs will devalue their eCommerce platform. Whereas the dominance of the digital platforms is increasing, and the audience is transferring to the NFT platform. In fact, the merchants can combine the NFT MarketPlace  and eCommerce can help you achieve large profits in return. However, the eCommerce system is user-friendly and removes all the old methods of purchasing the products. It has new features through which the customers do not have to wait to purchase the item. The eCommerce model is advantageous because it does not provide the joy of receiving the items immediately. The delivery of the products takes time when you purchase online. But with NFTs, you can fill this gap.

Benefits of Non-Fungible Tokens in the Ecommerce industry

 There are numerous benefits of NFTs for the eCommerce:

• NFTs aren’t the same as DRM
• Moreover, they are not Copyright
• The record of ownership and transactions can not be changed because its public
• Because the system is programmable, creators may be able to earn new forms of royalties.
• Reshape the digital economy and e-commerce by NFTs.
• Social tokens and personal tokens
• Gaming and virtual property
• Ownership and transfer of AR

How can NFTs Change the eCommerce industry?

Business owners can use NFT in the eCommerce industry by assigning a unique digital token to the properties of a specific product or service. It represents the solution on the blockchain and is used to identify its owner both inside and outside of it. This layout can provide a number of benefits, including but not limited to the following:

Documentation of Ownership

One can use NFTs to demonstrate asset ownership. In fact, minor details such as copyright transfer are managed by the conditions of the NFT transactions agreement. The claim is between the buyer and seller. It is due to the fact that an NFT’s properties cannot be changed behind the scenes or without a record.

Exclusivity Symbol

Another essential benefit of NFTs is their exclusivity definition. Instead of waving certificates of authenticity by makers to demonstrate how exclusive or unique the asset might be, buyers of certain NFTs of rare things might refer viewers to a digital signature.

Closing Thoughts

NFTs have a long way to go in their current form to become a generally accepted payment option for a variety of goods. These tokens can demonstrate their importance in the eCommerce sector via regular transactions, consistent exposure, and real-world demonstrations of their benefits. To integrate the NFTs with eCommerce, we have to get custom eCommerce development and monitor the new changes and wider market adoption to acquire the full potential.