Thoughts on NFTs being used to back up ownership of real world, physical items?

All Cryptocurrencies

by COINS NEWS 50 Views

NFTs are currently not very popular because most people think of them as just dumb jpegs without any real value. Whenever NFTs are brought up people question what real world problems they can solve.

I think there is a huge use case that is not really achievable with any other existing technology and that is a proof of ownership of real world, physical items. Some companies are already utilising this, such as Tiffany & Co. announcing their NFTiff NFTs that sell for whopping 30 ETH a pop and can be redeemed for a custom, physical piece of jewelry.

There's also StockX which uses NFTs as a proof of ownership of physical shoes. The NFTs can be redeemed at any time for a pair of the actual shoes from the StockX vault. This solves many problems because hyped shoes are being scalped in bulk and shipped around the world many times as they are being re-sold. NFTs can single-handedly remove all problems that this currently has:

  1. No need to ship the physical box around - this reduces emissions and make it more eco friendly
  2. Makes flipping way easier for both the buyer and the seller
  3. Reasonable royalty fees guarantee that the creator still gets paid on resales (this is very useful for concert tickets in my opinion - which are also scalped and re-sold at 3x the price)
  4. Completely removes fakes from the market

Now, how StockX executed on this is another topic completely however I think there is so much potential here if done correctly. In your opinion, what are the pros and cons of this?

submitted by /u/idiotstrike
[link] [comments]

You can get bonuses upto $200 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² Maiar - DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑🟑🟑 Huobi🟑 Kucoin.