NFT is not just a work of art. Use your expertise to create your own NFT

NFT has a "smart contract" that changes the traditional transaction model and enables automated execution: value and profit distribution among platforms, issuers, and sellers. For example, buyer A wants to purchase an NFT for 1 million. In each transaction, he pays a 2.5% handling fee to the platform and a 10% royalty to the issuer. The remaining 875,000 will be the cost of purchasing the work. These three amounts constitute the total transaction amount of 1 million.

At the same time, the application of NFT smart contracts is not only in artistic creation, but can also continue in different areas of our lives. It changes the form of the entire transaction value chain.

NFT changes the transaction model

Assume that the builder sells the built house to seller A, and seller A sells the house second-hand to seller B, and 10% of the transaction amount will return to the builder. Then the builder's logic for building the house may be different. Considering that houses are long-term trading commodities and the more they are traded, the more their value increases. Breaking through the traditional trading logic, the houses are not just physical objects, but works that can be affirmed and appreciated.

Or, you are a well-known interior designer. In the past, you had to draw an interior design for each house. Now you only need to draw it once, and let other designers buy your design, add their own ideas and modify it. Every time someone uses your design, you can receive a 10% copyright fee. At the same time, the more people use it, the more famous your design will become.

The same is true for those who sell insurance. Current insurance must rely on the insurance company's policy to determine whether to issue insurance money. In the future, these insurance brokers only need to create a smart contract, which can construct a combination according to the buyer's own conditions. When a claim is required, the smart contract will automatically transfer funds to the account. Even for the insured persons and insurance practitioners, continuous inheritance can be achieved.

Nowadays, many people wear smart watches and bracelets that collect their sleep data every day, but have you ever thought that your sleep data can actually be sold for money? One day, a research institute wants to do a sleep study and needs to collect sleep data from many people. Your data itself is an NFT, and you can sell it to any unit in need. Every time your data is used for research, you can receive a certain amount of money.

NFT digital collection

Turning physical objects into digital ones, NFT collections are more valuable —— NBA Top Shot

One of the most famous cases in the past came from the NBA, which has been issuing physical collectible cards in the past. However, traditional printed paper cards are prone to loss, yellowing, and damage. It is also possible to mistakenly buy pirated copies on the market, and preserving collections will also create many risks over time.

NBA Top Shot, a digital player card issued using NFT that records exciting basketball moments, is no longer just a flat picture.

When we buy NFTs, some people buy because they need them, some because they like them, some because they want to collect them, some because they want to show off, and some because they intend to speculate. Many different motivations are the reasons why NFT attracts the public to participate.

You can also think about whether your industry has the possibility of combining with NFT in this way?

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