How to use tokens in e-commerce NFT – online store?

Although the acronym NFT is responsible for a concept that is misunderstood by many, more and more organizations are deciding to apply them to their investment portfolios. What role can tokens play in online stores?

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Non-exchangeable tokens, ie registration of digital transactions using cryptographic blockchain technology, can also be used in the online store. This is noted by an increasing number of organizations, and the benefits of using tokenization are available in an increasing number of articles. One of them is created by Marketing przy Kawie website, based on which you can list several advantages.

E-commerce tokenization

The main problem with digital works is that they are easily reproduced and cannot be distinguished from the original. Thus, a marginal approach to digital art can provide a solution tokenization. The value of a digital file can be determined by the number of previous owners and its authenticity. The use of blockchain allows you to verify the authenticity of a particular case and allows developers to participate directly in the transaction without the involvement of institutions or intermediaries (usually using large commissions). In addition, the owner controls the number and appearance of works, is recognized more quickly than in the system of traditional vernissages or premieres, and can gain value and follow the rotation of the work.

NFT platforms for e-commerce

We already have platforms on the market that allow us to apply the token system to our e-commerce structures.

NFTify is a tool that allows companies to create a store without involving programmers who encode it. In addition to blockchain, the website also uses artificial intelligence, which is responsible for detecting non-convertible tokens already in someone’s possession.

Shopify BETA, a trial version of one of the largest and most popular platforms that supports the implementation of online stores. – The beta program is open to brands, artists and creators who exist on social media. To participate, you must be a merchant based in the United States on Shopify Plus *. Does it look like your brand? Then let’s do it – read on the product page.

Splyt is a website where you can sell real items as tokens. Merchants can sell a physical item and receive a fee for each transaction made with it. Partners, in turn, can collect payments for the sale of these items without interruption. Thanks to the use of Ethereum, which stores all information and resources and can immediately transfer them to other organizations on the network. This system does not require the trust of users. This means that it is not so unreliable, on the contrary, there is no need for one. The use of cryptography in the recording of data in a blockchain eliminates the need to entrust it to, for example, banks or foreign entities and institutions that are typical of investment or hedge funds.

Pandora, like Splyt, allows you to sell physical items as NFT. Here you can buy, sell, borrow, divide and trade tokens. Tokens can also be stored to generate bonuses.

Where is NFT currently used?

Tokens are already used in both art and music. It has been found that the growing popularity of streaming means that you have to share your earnings with service platforms, which is due to the low earnings of artists, especially the lesser-known ones. NFT allows you to sell your work on the D2C model as a fragmented sign, which is already used among others. Eminem. Prominent players in the sport are KB24 and NBA Top Shot.

Tokens allow you to exchange the most interesting match fragments with NFT. In the fashion industry, tokens prove the authenticity of an item based on a single label QR scan. Blockchain eliminates the possibility of counterfeit fashion, and some fashion houses create full digital collections sold in virtual space, such as games. Turning to the games, there is a wide range of applications.

You can often token collection items such as maps, unique equipment, character skins, or original maps worth tens of thousands of dollars. It has been found that the application of tokens will allow elements to be transferred between digital spaces, and in the event of a server crash or the closure of a given header, this does not mean the loss of an element that allows you to store a valuable asset. .

Blockchain and NFT technologies make fraud and forgery very difficult when storing information about transactions and tokens. In the future, unaltered tokens can replace SKUs. In addition, they allow you to better track information in e-commerce. Users can view all changes stored in the blockchain throughout the life of the product.

In summary, e-commerce tokenization is, as experts claim, a step towards eliminating intermediaries, distributing profits fairly, or supporting a D2C-based process, ie distributor-customer relations. The introduction of a token-based system also allows us to reduce the costs and operations that we deal with banks today. The conclusion of smart contracts for NFT transactions through Ethereum will allow for the immediate initiation and approval of financial transactions that can be immediately verified by each participant in the network in which a particular transaction is made. This can help remove trade restrictions and get rid of fraud.

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