• Metadata serves as the working principle of NFTs, it helps in the creation of unique NFTs by providing them with identifiers; barcodes are a pretty good example.
• The value of each NFT is defined by the information embedded in metadata, it allows the users to trade objects using NFTs.
• Just like any physical asset, NFTs manifest the same typical features such as tangibility, uniqueness, and proof of ownership.
• Currently, the real-life use cases of NFTs can only be seen in online video games and decentralized markets where digital assets are accepted as payments.
• While digital collectables and art NFTs capture the attention of many users online, crypto-enthusiasts are trying to find ways to implement tokenization in the fields such as games, fashion, art, academia, music, etc.

NFTs are unique, intangible, untameable, and completely secure digital assets; the prospective applications are still under observation. The fascinating feature of NFTs is they are irreplaceable and can’t be meddled with other digital assets; their uniqueness and limited quantity make them formidable and valuable at the same time. NFTs can be used as digital currencies and; at the same time used for authentication and ownership.

Understanding the Concept of NFTs

The concept can be mind-boggling to some people and quite simple for some. Anything that is digital, we can transform it into a non-fungible token, it depends on the creator. For example, A digital artwork was sold for almost $70 million, it was bought by an eminent NFT collector. It is the most expensive crypto art there has ever been. Similarly, CryptoPunks 10,000 pixelated images with unique characteristics traded for thousands of dollars once.

• One might think, “how do we evaluate the value of digital creations?” Or “why would someone be ready to spend tons of money on something that is not tangible?” The question is quite reasonable, but the fact something is unique or first-of-its-kind automatically is worth appreciating and having possession of such items is immensely rewarding for most people. The value of these items can only increase in future.

• The good news is that anyone can become an NFT artist; however, it takes a great level of diligence and creativity for creating something so creative and unique. Conversely, there are millions and billions of things scattered in our ecosystem, so we are never short of new ideas. A person doesn’t need to be like Leonardo da Vinci to create something spectacular and unique at the same time. An NFT artist only needs to be vigilant of such ideas.

• The NFT technology and its concept is intuitive and prolific. The technology is at its embryonic stage,  the experts are still trying to discern the multiple facets of this technology including its feasibility. Preserving scarcity and manifesting ownership of digital and tangible assets are some intriguing features of NFT technology. NFT technology is so appreciated because it is supported by blockchain technology.

Blockchain is a high-level cryptographic technique that can convert all sorts of digital content or data into a non-fungible token. NFTs are only accessible by authorized personnel possessing the unique key. This makes the digital asset safer and more secure. On the whole, NFT technology offers better accessibility over a global network, it is easily affordable, neither complex nor technical. Everyone can create an NFT.

Applications of Non-Fungible Tokens (NFTs)

There is a plethora of real-world use cases of NFTs as they replicate the features of physical objects and despite being digital, they are still intellectual properties. The NFTs don’t just limit to being digital content like 2D or 3D, the applications of NFTs are far more extensive. Let us explore some of their practical uses.

Authenticating The Products

Blockchain offers formidable encryption methods; fool-proof enough to keep digital information from leaking. Thus, NFTs can be greatly useful for authenticating the legitimacy of the products. We create blocks for storing data, and protect them using strong encryption methods like hash key function.

We can authenticate a product by assessing the manufacturing details the product which is unique for every product. Nowadays, it is pretty easy to dupe products and make them look completely legitimate to the naked eye. The sure-fire way of authenticating them could be through NFTs that are literally implausible to dupe.

Safekeeping and Verifying Medical Records

NFT encircles a distributed ledger system that can store data safely; ideal for safekeeping the confidential medical records of patients. Medical records are often subject to various internal and external threats, for various fraudulent activities and concealing the truth from authorities. NFT-based ledgers are top-notch systems for keeping patients’ data safe from malicious manipulation attempts by internal or external entities.

Securing Intellectual Properties and Patenting

Tokenizing your digital asset can be a smart way of patenting and NFT provisions allow the users to protect the intellectual property through a unique ownership authentication method. Conventional methods of establishing the ownership of any piece of digital content involves using rights tools. NFT offers distinguished ownership of digital assets that also includes timestamps of data transition from one phase to another throughout its history.

Gaming Industry

NFTs play a critical role in the gaming industry; NFTs applications match perfectly with gaming platforms. NFTs have now become an intrinsic part of different gaming , we use them as collectables and currencies in various gaming platforms; used for gathering or trading gaming assets inside the game. Also, we can use NFT-based assets across different gaming platforms as common denominations for payments and other transactions.

Supply Chain Transactions

Most of the irregularities happen in the supply chain industry only. During the import/export of products across borders, products transmission occurring at different checkpoints can be disruptive. it makes them susceptible to various piracy-related threats. The food industry has to pay more attention and draw counter-measures to protect their products from unauthorized access during transport.

Read More: Five Real World Applications of Block Chains

It is almost impossible to accurately track and verify the products coming from long distances; also to check their authenticity. Using NFT identifiers we can accurately check the product’s authenticity and track the entire history of its transport. Blockchain technology helps in encrypting NFT identifiers that makes them completely impervious to all kinds of data breaches. So, it is impossible to hack into the system. Therefore, NFTs can work cohesively with the supply chain.

Conclusion

Additionally, NFTs can benefit various other areas such as procuring election votes, protecting academic credentials, ticketing, artwork tracking, and real-estate-related documentation, etc. At this moment, NFTs are still in the adolescent stage. The experts are yet to explore more applications and possibilities of using NFTs.

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The post Exploring Real-Use Cases and Prospective Applications of NFTs appeared first on Cyfuture Blog.

Our internet ecosystem is mostly under the control of handful of tech giants, but Web3 allows every user to be an equal participant and recipient of content and services available on the Internet. While many of us deem Web3 as the future of the Internet and some of us believe Web3 is a mere overstatement. The reason why Web3 is raising many eyebrows is that it promises to give the power of the internet back to people.

Read More: Blockchain Technology – How Is It Shaping The World Around Us?

The Historical Transition of Web

The term “Internet” was initially known as “Web,” The developers built pathways for users to share data (colloquially known as content these days) with each other. The data was transferred over a network of computers deployed in close proximity to one another. The growth of the internet started manifesting from that movement. The applications of the internet upscaled tremendously and assessing them is almost impossible.

Web 1.0

The first version of the internet consisted of two major entities – creators and consumers. Creators were website developers who created websites as a platform for sharing content, and consumers used these websites for acquiring services and content. The functionalities were limited to static content comprising images and texts only. It was the adolescent stage of the Internet.

Web 2.0

The internet that most of us know today is Web 2.0 which offered better interactivity with optimized functionalities, and allowed the users to upload and share content by themselves. The added functionalities, simplicity, and user-friendly interface drove many users to explore the prospects of the internet.

• The developers soon started contemplating the possibilities of running data-driven applications on the web, giving rise to web-based applications. Web-based applications made online monetary transactions possible with complete security.
• Furthermore, the monetization of applications took place as developers started building apps for different purposes (specially built to cater to users’ requirements).
• Although Web 2.0 applications provide absolute security, many of the applications have inadvertent access to users’ personal data. Making user information prone to enterprises for sending personalized advertisements and marketing pitches to users.
• Eventually, the companies enlisted as Big Tech – namely Google, Facebook, Twitter, etc., monopolized the whole internet. As they collect and share users’ personal data with product-based companies.
• These product-based companies filtered their potential customers using the data of millions of users on the internet and modified their marketing and sales strategies according to the users’ persona.
• Web 2.0 applications run on centralized systems which are often subject to data breaches and it allows government entities to sneak into our personal details and control the thoughts and behavior of people by sharing/inciting thoughts matching their propaganda or shutting down the entire server in case of contingencies.

Web 3.0 or Web3

The advent of Distributed Hyperledger Systems. We also call them decentralized systems which is gaining popularity among users. It offers complete immunity from centralized authoritative entities acting as the judge, jury, and executioners. Blockchain technology is behind the creation of Web3, making it an indomitable web services there was ever been. 

Web3 caters to all the functions of Web 1.0 and Web 2.0 but at its core. It is not under the jurisdiction of a centralized governing authority. Web3’s core functionality comes from blockchain technology. Blockchain offers top-level data encryption methods for keeping the data completely immune from cyber-related threats.

The concepts of Web3 and cryptocurrency are quite relatable. It is because, at the core, their security methodology is based on cryptographic asymmetric-key algorithms and hash functions. Web3 has currently the most impactful security protocols are impervious to online threats like data breaches or unauthorized access.

The technology behind cryptocurrency and Web3 is a blockchain. It helps develop financial incentives for all the users striving to be equal participants on web. Contributing in the making, governing, and enhancement of distributed ledger systems for different projects. Blockchain technology allows the users to avail of the services and contributes to these services at the same time. 

Read More: Blockchain Technology: An intuitive guide you will ever read in 2022

How Is Web 3.0 Different and What’s so Special About it?

The all-new Web 3.0 is still under contention and we are yet to witness the imminent versatility of the new version of the internet. We are currently using Web 2.0 which is already providing tons of applications that would be enough to operate a plethora of business and entertainment applications. It is a known fact that Web 3.0 includes cutting-edge technologies. Technologies like artificial intelligence, blockchain, decentralization, and machine learning makes it more formidable than its former version. 

Developers across the world are working tirelessly to bring Web 3.0 into reality. Web 3.0 is said to be an advanced version of Web 2.0 in every way. Furthermore, with technological breakthroughs like metaverse and no-code, the amalgamation of Web 3.0 and metaverse is going to be an incredible transition. The combination has the potential to disrupt our current reality. Metaverse is certainly going to be a breakthrough in the entertainment, education, and business sectors. 

Having said that, let us talk about the characteristics of Web 3.0 

Ubiquitous

Well, certain someone might interject and say, ubiquity is the primary characteristic of Web 2.0 as it is available and accessible to everyone. So, what makes it so different than Web 3.0? Well, the point is, due to the presence of AI in it, the data or information shared across the web will be much faster and would be more interactable. For example, if you post anything on social media, it will reach everyone at a phenomenal rate and the followers will be able to react to it in a more elaborate and intractable way. 

Semantic

With the advent of AI and Natural Language Processing (NLP), internet users will be able to access information on a larger spectrum. For example, if a person is trying to search for a particular topic that is completely oblivious to them; let us assume trying to buy Bitcoin. It would be the marketer’s job to track the customers’ search criteria for devising a relevant market strategy. Where the customers can access different aspects associated with Bitcoin. 

Whether the person is trying to learn how to buy Bitcoin, whether the person is trying to know the current value of Bitcoin, whether the person is trying to search for online platforms, tools, and services that help in dealing with cryptocurrencies. All these aspects can be overseen by AI without the need for an online marketer. This will save a lot of time and effort for people on both sides of the internet. 

Artificial Intelligence

The authentication procedures on the internet will become more robust with the help of artificial intelligence. Semantic analysis can significantly improve people’s experience on the internet by enabling foolproof security protocols. For example, if a group of people on the internet are trying to spoil a company or brand’s image by sharing duplicate negative reviews. The AI-powered semantic analysis tool can figure out the difference between genuine and fabricated reviews. 

Read More: Machine Learning – A New Wave of Intelligent Automation

3D Graphics

Enhanced 3D graphics experience is undeniably one of the best features of Web 3.0. It is intended to improve the internet users’ experience by multifold. The combination of metaverse and Web 3.0 is surely going to work beyond a common man’s anticipation. It is soon going to replace the 2D image representation of Web 2.0 like it was ancient. We will be able to witness Web 3.0 as if it were a different reality entirely. 

Is there a Correlation Between Web3 and Metaverse?

The new augmented reality concept and advanced version of decentralized internet are becoming the talk of the town; no surprise that both of these concepts are often misinterpreted to be similar, however, both of them are very different from each other. They have quite distinctive purposes; but yes, they are interconnected. 

The fact is, Metaverse and Web3 are based on distributed-decentralized methods, and that is the only thing that is common between them. They are not intrinsic to one another, but developers are trying to explore the prospects of Metaverse with Web3 using other cutting-edge technologies like NFTs, IoTs, Artificial Intelligence, and Machine Learning. 

Conclusion:

Ever since Mark Zuckerberg coined the concept of Meta, the whole world is scrambling to know more about Metaverse, Web3, and all the other crypto-powered technologies. Web3 is definitely the future of the Internet, but we are yet to discover the future possibilities of Web3, as it is quite riddling as of now.  

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The post Web 3.0: Is it Really Going to be the Future of the Internet? appeared first on Cyfuture Blog.