How Nonfungible Tokens Are Unlocking A New Digital Economy
November 1, 2022 - 9 min read
November 1, 2022 - 9 min read
In This Newsletter, We Look At What Is Trending In Various Markets Around NFTs, And How These Will Further Shape The Rise Of A Digital Economy.
While 2020 was a big year for decentralized finance, the nonfungible token (NFT) industry has also exploded over the past few months. With massive amounts of investment flowing into the industry, it grew 17% in 2019 and is forecast to grow 50% by the end of 2020. At the beginning of December 2020, the top five players in the NFT sector had seen over $1.2 million in volume over the past seven days.
NFTs are cryptographic tokens that represent something unique. While bitcoin has a supply of 21 million identical tokens, NFTs are not mutually interchangeable — instead, they have individual characteristics that set them apart. Read more on Forbes.
By the end of 2022, it is anticipated that piracy will cost all industries a total of US$51.6bn. This forecast is based on the rapidly increasing rate of illegal streaming and downloading, which has resulted in a loss of US$6.7bn for the industry.
As a peer-to-peer network, blockchain technology essentially eliminates any central authority. The benefit of a P2P network is that it provides features without using one single server, instead of working by distributing the media content. **
**Read more in the Technology Magazine.
LG Electronics Business Solutions (LG) has just announced a global partnership with the NFT platform Fr0ntierX. Thanks to this partnership, LG will be delivering world-class, interactive NFT integrations and experiences on LG webOS Smart Signage.
This partnership has enabled LG to dive headfirst into the NFT space. The partnership allows for secure authentication of NFTs on-screen, as it is built around Fr0ntierX’s suite of software solutions. Therefore, this will empower brands to maximize NFT utility.
Fr0ntierX software will enable real-time NFT authentication on-screen in retail, conferences, events, and other environments. “Fr0ntierX offers a unique solution to address all aspects of our vertical markets – ground-breaking software, 100% carbon neutral NFTs with webOS integration, and a suite of white-labeled applications and possibilities,” commented Richard Topping, Enterprise Sales Head at LG Electronics Business Solutions Europe.
Read more on the NFTEvening.
The Bank of New York Mellon Corporation (BNY Mellon) has gone live with an electronic platform that stores and protects cryptocurrencies, including bitcoin and ether.
The 238-year-old bank’s new Digital Asset Custody platform currently allows its US clients to store and transfer blockchain-based cryptocurrency with the same assurances the bank offers to protect traditional assets.
BNY's new services are rare because of regulatory uncertainty around cryptocurrencies, and most US banks are waiting for more clarity, according to Avivah Litan, a vice president, and distinguished analyst at research firm Gartner.
Read more in the ComputerWorld - The Voice of Business Technology.
Non-fungible tokens, also known as NFTs, are a unique form of digital asset gaining momentum in the digital asset space. They represent unique assets on a blockchain and possess their own set of digital rights.
This article explores precisely how these new types of NFTs can open up new revenue streams for both content creators and owners alike.
Below are some of the possibilities they offer, from licensing items with unique identifiers and tracking their distribution to creating scarcity through limited-edition releases.
Read more in the FinTech Magazine.