Why is Circularity Using NFTs?
Why indeed... Despite a situation of immense volatility in the NFT market in 2022 and all of the bad press that this blockchain asset has received over the past 2 years, at least, NFTs hold an incredible potential at the industrial and scientific level that has still not been explored.
This isn’t even considering the fact that massive companies – including music labels, sports brands, airlines and food corporations – have made use of NFTs for marketing purposes; we are talking of the ability to use NFTs as contracts for real estate and automobile renting and sales; integrating them into supply chain and healthcare databases for quick and universal access to a supplier or patient’s information and requirements; and even as proprietary chemical molecules that have been synthesized for a specific client and minted as an NFT, with said client (the owner) being able to hold or transfer their NFT as seen fit.
NFTs are more than just “monkey art” and “pixel punks” that we have seen since 2015; they represent the ability to tokenize unique ownership assets or contracts and transfer them with ease by using the blockchain. As the blockchain matures – and the market, of course – they will not fade away (as many anti-crypto individuals argue) but will instead gain more relevance than ever.
Because of this, Circularity is bullish on this next generation of NFTs – NFT 2.0 – that will hold an important role in industrial blockchain applications.