Top Use Cases of NFTs for Managing Real-World Assets
In recent years, NFTs have proven their value in improving real world asset management efforts in several ways. The NFT wave is making its way across different sectors.
Here’s a quick look at the benefits of using NFTs to manage real world assets:
- Helps confirm product authenticity
- Provides solid proof of product ownership
- Offers high product data security
- Brings transparency in asset dealings
Let’s take a closer look at benefits through top use cases in various industries.
Wine and Spirits Industry
Key factor – Authenticity
A person wants to purchase a vintage wine bottle from another person. The latter is the original buyer, who made the in-store purchase. The new buyer is apprehensive about the genuineness of the product, and wants to get a clear confirmation.
As a solution, the seller uses the product’s NFT to establish authenticity. Through the NFT, the buyer gets detailed information about the product provenance, brand information, and more, all on their smartphone. This helps in ensuring a seamless and stress free purchase process for all involved parties.
How it works: The wine brand adds an Authlink Smart Tag on the wine bottle, linking it to its NFT. The customer scans the bottle to access all the relevant information. Even if the new buyer decides to resell the bottle, the information remains untampered and accurate for easy authenticity verification.
Key factor – Ownership and security
A customer bought an expensive diamond necklace, and wants to establish ownership over it and keep the related documentation secure. They plan to resell the necklace later on.
Blockchain technology enables a digital vault where the customer can manage their product NFT. They can upload all the documents and keep them safe. Plus, the NFT acts as a solid proof of ownership that is hard to refute. When the time comes for resale, the customer can digitally transfer the ownership to the new buyer in a secure manner.
How it works: Authlink Mobile Vault enables users to securely store product information and manage their valuable NFTs. It also allows easy and seamless transfer of ownership while reselling.
Food and Beverages Industry
Key factor – Transparency
A customer wants to buy baby food, but has been hearing scary stories about inferior ingredients lately. They want to ensure that the food product they are purchasing is free from manipulation, and that all the ingredients have been sourced properly.
At the store, she gets all the information instantly on her smartphone. There is detailed and genuine information available on the product’s journey from the farm to the shelves. They are therefore able to make the purchase without worries. This further helps them connect with the brand better.
How it works: The product has an Authlink Smart Tag which enables the customer to scan it and access provenance information within seconds. The brand adds Track n Trace information which the customer can check out for a better understanding of the product.
Try it out for yourself
NFTs have the potential to transform industries for the better, and it is time to be a part of the change. The Authlink platform is bringing the real and virtual worlds closer with pioneering NFT-based services. Book a demo of the platform or sign up for the beta version today to learn more.