A Successful Story of NFT

Knowing the history of NFTs probably didn’t convince everyone that NFTs are useful. Many projects try to replicate their success story, but only a few have even come close such as Bored Apes Yacht Club.

Honestly speaking NFTs are perceived as the art collection, but digital art is just one use case for NFTs and is mostly a familiar use case. Other several use cases such as proof of ownership of anything and one great example is real estate.

Long-term Viability of NFT

Another aspect of NFT use case has been adapted from the forefront concept of blockchain decentralization. Keeping track of the supply chain does not necessarily mean you know the ownership of the milk in your fridge. However, if the milk came with an NFT, people could track down what farm it came from or the date of pasteurizing. Well, this is a cool idea but people will get over it within a week. 

Where this concept really makes sense is in companies that need multiple better solutions of visibility over goods from their starting to endpoints. One well-known luxury brands such as LVMH and Prada are leading the way in this area.

Consumers who buy high-end products, handbags, jewelry, or other items can prove their origin through NFT which displays the product’s history from manufacturer to store as well as proving counterfeit products.