Intangible registration system
The most basic of a blockchain is the bookkeeping function that prevents duplicates, copying, and fraud. If the chain is intact, you should know for sure that registration is genuine and that has not been tampered with. It allows for multiple applications in value transfer and authentication.
There are many industries where authentication is a major problem. Sales of expensive wine, paintings, brand clothing, technology, keys, contracts, assets all suffer from a perpetual threat of piracy and counterfeiting. A separate blockchain protocol has solved this by creating unique tokens, where the properties and identity cannot be copied.
For example, you could put a digital concert ticket with numbered seats on a blockchain, and it would be impossible to copy for sale on the black market. It will also be easily marketable, as it is on a global and open blockchain, but you will also be guaranteed authenticity if you buy it in the secondary market.
Is the industry gathering for a protocol?
The protocol that has experienced the greatest adoption is ERC-721 on the Ethereum chain. It was first widely known through the Crypto Kitties hype. The game involves developing unique cats on blockchain and then turning them into a market. Just before Christmas, we read that Nike will start to tokenize their premium sneakers, which can be individually customized, but also make it easier to sell in the secondary market. The buying and selling of designer sneakers have become very popular in the US and China.
Microsoft launched its own non-fungible token system on the Azure platform. This ecosystem they have called Azure Heroes. In the first few days of the New Year, the Bayern Munich football club conducted a token sale in which they offered the public to buy unique player cards on the blockchain. The cards themselves were traded on the ERC-721 protocol and went under the title FC Bayern Munich New Year 2020 Edition Legendary Player Cards. This is the second time the football club is auctioning off unique playing cards. The first auction was called C Bayern Munich Christmas 2019 Edition.
Can be traded in several places
There are also separate marketplaces for the sale of non-fungible tokens. The most popular are OpenSea, RareBits, and OpenBazaar. Another non-fungible token project right now is Axie Infinity.
They launched a new game before Christmas which according to the media has already made a success. Axie Infinity COO, Aleksander Leonard Larsen, has told Kryptographen that they have already found an economic model for the players of Axie.
“We are incredibly pleased with the commitment from our users – although it is early and we have so far prepared for ‘Play to Earn’ they have already started trading ‘Small Love Potions’ on Uniswap. You can earn around $10-12 if you play effectively for a few hours. ”
Because the ERC-721 token can be traded on the Ethereum blockchain, it allows users to monetize, sell, buy or save digital chips on all platforms that also make Ethereum.
“It’s incredibly interesting to keep track of how fast it is possible to integrate games with DeFi made by our users at Uniswap. Open economies are the future ”