Remember that precious autograph you got from your favorite cricketer or that rare photograph that captured a candid pose from a famous writer? These cherished “collectibles” belonged exclusively to you.
In the digital world, it’s pretty easy to multiply it, making it go viral. You lose your exclusive ownership of these “collectibles” in the digital age.
Here are the Blockchain-backed Non-Fungible Tokens (NFTs) that allow you to own your exclusive digital asset.
“If you sell, it goes to the buyer without leaving a copy. There will only be one piece of this scarce digital asset at any given time, ”Pruthvi Rao, co-founder and CEO of local blockchain technology company ZEBI, told Business Line.
The technology helps identify the original document and creates a business opportunity for the true owner and further monetizes it.
“If the document is transmitted 100 times, it is copied 100 times. So it is always possible to duplicate or distribute content easily, but never be able to recognize the original document, ”he said.
The company launched the country’s first technology platform exclusively for the cricket ecosystem. NFT enables the sale and collection of digital media, unlike the traditional mode of distribution and the consumption model that has existed for so long.
He said the company has hired around 30 personalities from the cricket world to populate the NFT platform with their exclusive offers.
“This will open up a whole new world of opportunities for content creators and collectors to monetize and fill original digital collectibles,” he said.
The five-year-old Blockchain startup plans to expand the reach of NFT technology to other areas where authentic content is valued and distributed.
The company, which has so far raised $ 13 million, has 30 employees. It is in the process of raising pre-series A funds to continue its growth.
The company, which has created Blockchain-backed solutions for land registries and academic institutes, is seeing a huge turnaround in the blockchain industry across the globe after experiencing a rough patch last year.
KV Kurmanath, Deputy Editor-in-Chief,
The Hindu Business Line,
Hyderabad 500 016, Telangana.
Twitter: @Kurmanath; @activity area