NFT technology has proven to be a game changer for both brands and their customers alike. With the introduction of product-based NFTs, businesses have been able to employ a range of blockchain solutions that are altering the way in which brand-product-consumer interactions work.
Unfortunately, not many growing brands are aware of the immense potential that such NFT functionalities have in improving their business operations. As a solution, Authlink has developed a simple, easy and highly convenient method to create and manage NFTs. While the idea of creating NFTs for each physical product sounded challenging and cumbersome to young brands earlier, now it has become quick and efficient with the Authlink platform.
Let’s take a look at how creating NFTs on the platform actually works. But first, let’s dive deeper into the relevance of NFTs in business.
What makes NFTs worthwhile for business use?
One word: Convenience. Earlier, there were many processes in the supply chain that were done manually, but could have been automated for higher efficiency and transparency. With the advent of product-based NFTs and subsequent smart contract based solutions, supply chain processes have become automated, helping businesses save time, money and manpower.
However, the advantages of NFTs do not end at easing supply chain operations. NFTs are bringing customers closer to their products and consequently to the brands that are selling them. By integrating NFT applications with innovative solutions like smart product label technologies, it has become possible for products to speak for themselves. This includes providing detailed and accurate provenance and sustainability information, guiding customers on product use, offering detailed insights and suggestions to make better purchase decisions, and much more.
What’s more, NFTs make it easier for businesses to confirm the authenticity of their products, both for themselves and to our customers’ minds at ease. With a few taps, customers can verify product genuineness using their smartphones.
Simply put, NFTs are transforming businesses for the better, and are bridging the gaps between products and customers. Now, let’s take a closer look at the process of creating product-based NFTs.
Creating NFTs with Authlink
As established earlier, creating product NFTs, also known as product identities or product twins, is extremely simple on the Authlink platform. Regardless of how high the volume of products in a company is, assigning an unique NFT for each and every one of them is easy on the platform. Here is a broad look at the 3 major steps involved in creating product assets on the Authlink platform.
1. Sign up on Authlink
First of all, as a brand owner or representative, you need to sign up for the Authlink platform with relevant company information and documents. This includes creating a company account, assigning people in Manager, Creator and Issuer roles, creating a digital signature and so on. You will receive confirmation and updates through your specified email account to make things convenient. You can also sign up easily with Gmail.
2. Create a product design
Creating product designs is a preliminary step to creating actual product identities or NFTs. You can do so by uploading relevant information about the products for which you want to assign NFTs. Do make sure that the product attributes you mention on the platform perfectly mirror the actual physical features of the product. Once the product design is created, it is only a simple matter of getting it issued.
3. Create product identity
As soon as a product design is issued, you can start creating its product identity. Again, this is done by uploading valid information about the product. You can also add relevant provenance information about the product at this stage. This process can be done in bulk by importing CSV/XLS, or automated by integrating with ERP, CRM, POS, Shopify or custom applications.
Startups can get started on Authlink with a single login while mid-sized and enterprise companies can assign roles within the organization for higher efficiency. You can assign different roles such as Manager, Creator and Issuer. The Manager monitors administrative activities, views and accesses pending files, and so on. The Manager can also upgrade the existing account, and also add new Managers, Issuers and Creators. The Issuer issues new product designs and identities for the organization and manages cryptographic signatures to sign and issue files. Also, the Creator drafts documents, designs templates and certificates, and sends files to issuers for final signing.
This is all it takes to create product NFTs on the Authlink platform. As soon as the above-mentioned steps are completed, you will be able to track, verify and manage your products across the supply chain system using their digital counterparts. Doesn’t this sound convenient?