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What is NFT Technology? 

Non-Fungible Tokens (NFTs), are a class of digital assets that are not interchangeable. This means that each NFT is unique and different from another. As a type of cryptographic token, NFTs are underpinned by blockchain technology. This makes them traceable across an immutable digital ledger, providing a verifiable history of the assets. NFTs cannot be destroyed, replicated or forged. 

In practical terms, NFTs are being utilised in a number of different ways, not just within the crypto community, but increasingly, among some of the worlds largest commercial entities.

Selected NFT Use Cases

A wide variety of NFT use cases are being applied across a range of industries, from real estate to supply chain, sports, music and more…

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Digital Collectibles

NFTs in the form of digital collectibles are helping sports teams, the music industry and artists to not only increase fan engagement, but to unlock highly-profitable new revenue streams. This next generation of collectibles underpinned by non-fungible tokens are easily tradeable, provably-unique on the underlying blockchain, and cannot deteriorate like their physical counterparts. Extremely popular with younger, digital-native fans, NFT Digital Collectibles are helping the sports and music industries cater to a global fanbase digitally. 

Track and Trace

NFT technology is revolutionising the supply chain. Utilising NFTs as digital twins, and assigning them to individual goods or assets means a full, immutable, provable and shareable view of assets as they flow through the supply chain ecosystem. From tracking raw materials, to authenticating luxury goods, non-fungible tokens on the blockchain are being used to identify the provenance, journey and legitimacy of goods from source to shelf.

Fractionalised Real-Estate Ownership

Whether representing virtual real-estate in gaming ecosystems, or physical real estate such as houses, NFTs allow for the fractionalised ownership of property. This means individuals can invest in a share of a property with others, at a portion of the property’s total cost — significantly lowering the barriers to entry for real-estate ownership. Peer-to-peer sales and transfer are made easy by NFT technology with all transactions recorded on the blockchain. Smart contracts can even execute according to pre-defined conditions, reducing the reliance on intermediaries and accelerating the process.

In-Game Assets

The market for in-game assets continues to grow. Yet, despite the heightened demand, concerns around ownership continue to plague the industry. NFT technology offers a solution in the form of transferable digital assets that users can prove definitive ownership of — thanks to the underlying blockchain technology. What’s more, NFTs can be stored securely in personal wallets, cannot be replicated or forged, and can even be transferred across platforms and ported across different games. All this means greater utility and value for gamers.

Why use NFT Technology?

The transferability, adaptability and scarcity of NFTs is leading to the adoption of NFT technology to tokenise a wide range of assets. They can be used to create digital twins of physical assets, simplify transactions, remove intermediaries and improve business processes. Key attributes of NFTs include:

Unique

NFTs can be used to create one-of-a-kind digital assets. No two NFTs are the same and each individual NFT token is provably-unique and visible on the blockchain.

Traceable

Ownership, source and movement of each NFT is visible on the associated blockchain, giving a transparent and traceable overview of NFT assets in real-time.

Authenticated

NFTs cannot be forged or replicated. Each token is underpinned by an immutable digital ledger and decentralised network, allowing tokens to be authenticated.

Adaptable

Non-Fungible Tokens are highly adaptable, powering a large number of NFT use cases and applications. They can be purchased or traded across various DLTs.

Building your NFT Strategy

Protokol's NFT Services

Whatever your use case, Protokol can help you create an effective NFT strategy and optimise the use of NFTs throughout your organisation. Our NFT Development services provide all the support you need to utilise NFT technology in your business, from exploration, to implementation and beyond…

Our Services

Discovery

Unlike other NFT companies, Protokol will undertake a full needs analysis to help you build a robust and effective NFT strategy that addresses your unique business challenges. We’ll undertake a full discovery process, establishing your digital readiness, exploring a potential solution and creating a compelling business case that details a provable ROI.

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Solution Development

Protokol’s custom NFT Development services are a full end-to-end package. From project briefs, to proof of concept, to solution design, testing, training and more. Whether you’re in the market for a small-scale pilot project, or a large-scale deployment, our experts create a wide variety of custom NFT solutions that deliver real impact.

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Integration & Implementation

Our NFT Technology and custom solutions are designed with interoperability in mind. We ensure that your solutions don’t just exist in a vacuum, but instead become an integral part of the wider business ecosystem.

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NFT Resources & Insight

Article

5 NFT Use Cases Creating Value and Transforming Industries

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Blockchain Digital Collectibles Article

How Blockchain Is Powering Digital Collectibles for the Sports Industry

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Protokol in City AM Press

City AM & Protokol: The Unforeseen Reputational Risks of NFTs

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NFTs for Music Article

NFTs for Music Are Unlocking New Value Across the Industry

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Article

How NFT Technology Powers Esports Digital Collectibles

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Explore NFTs for Your Business

We’ll help you explore how NFT Technology can be used in your business. Book a consultation to get started.

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Discover our NFT Services

From Digital Advisory to custom NFT Development Services, Protokol’s range of services help bring your use case to life.

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