As cryptos awoke from their long slumber in the past few months, one particular application has come to the forefront: Non Fungible Tokens (NFTs). A class that is different from all types of tokens and coins being circulated in the market, these tokens are similar to other types of tokens, except with NFTs, each one is unique.
The uniqueness of individual tokens can be used by attaching the digital token to an asset, whether virtual or physical. This means that the tokens are unique digital representatives of the asset and thus, reflect its value. This has made it possible for artists and companies all over the world to monetize their products and brands in a way never thought possible. Musicians like Guy J have capitalized this concept and the artist sold the rights to one his track Cotton Eyes using an Ethereum powered NFT for 40 ETH.
In this case, the ERC-721 standard token gives the new owner complete legal and royalty rights over the track, along with the pride of a collector item. There will never be another token that will represent the song, thus making it one of a kind item- or would it?
NFTs have been around for some time now, with the first practical example being the famous CryptoKitties, the virtual feline breeding game launched in 2017, but with recent traction, the rate of adoption of these unique tokens is faster than ever. Innovative as NFTs are, they come with their own set of real-world problems. What if you buy an NFT with the expectation to gain rights and ownership of an expensive asset as you put down a ton of money for it, only to find that the NFT was created by a scammer? The authenticity of NFT is the biggest issue today.
Prüf of Authenticity
Prüf is a blockchain NFT platform that has the authenticity issue in mind and has created an ecosystem that ensures any NFT minted using its system can be easily authenticated. Prüf is an open-source platform that allows anyone to create their own branded token minting authority, and mint their own NFTs, without having to write any code. Each tokenized asset can be easily traced back to its issuing brand, giving the creators a whole new way to brand themselves and their products.
The authenticity is created through Prüf’s Asset Class Node. With an Asset Class Node (ACNode), issuers create their own brand or identity to issue their own NFT. The node will let issuers create characteristics of their tokens, such as:
- Brand namespace
- Asset category
- Monetization details
- Unique product information for physical goods
- Digital media, software, or files for virtual goods
For buyers, this creates a breath of relief, as they can easily use the blockchain to verify that the NFT was issued by the brand or artist it claims to represent. Immutable and hack resistant, the issuer’s ACNode signature gives the buyer confidence that the NFT is real, unique, and not fake.
NFT Assets Types on Prüf
The beauty of NFT’s is that anything- and we mean anything, can be represented. In addition to physical assets, This can be any sort of media (music, video, movie, etc.), pieces of art, documents (real estate, vehicles, collectible cards), software, and even login credentials to websites and servers, granting access only to the token holder.
The possibilities are endless and Prüf is the first platform in the world that gives both the asset creator and the eventual user a simple, foolproof method to verify the provenance and authenticity of their token. Since the NFT’s issuer is permanently recorded on the blockchain, the potential buyer can even check the ledger and verify that the issuer is the PRüF authorized minter and not a clever imposter.
Even without established laws and regulations in the NFT sphere, Prüf provides an industry-leading, innovative method for people and companies to create digital ownership of their products and assets while creating a whole new way to brand themselves and monetize their creative work.