How NFTs can help fight counterfeit products in the future? – NBCNEWS

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NFTs are the most well-known niche within blockchain technology, but many probably don’t realize how versatile and powerful they are next to expensive JPEG profile photo collections, such as fighting counterfeit goods by tracking production and shipping histories. NFTs lend themselves remarkably well to this purpose, as every item in the world has a unique history, and uniqueness is the literal definition of “NFT“.

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NFTs, or non-replaceable tokens, are digital blockchain assets that have a unique “thing“, where the thing can literally be anything. They have two components: a title deed secured on a blockchain and a URL in that deed that points to the metadata of the token, which can be an image, video, folder, download link, etc. Most NFTs are transferable, which means means people can buy or sell them on NFT marketplaces such as OpenSea, Magic Eden or CNFT, giving them a speculative (and volatile) open market value. images or play-and-earn game assets, they can also represent professional online services, where each token can be redeemed as a coupon for its service. NFTs can also be customized for usage purposes, such as NFT lawsuits transferred to crypto scammers wallets, in which case it makes more sense that they are non-transferable so anyone can identify a wallet with stolen digital property. NFTs are the most versatile, adaptable and misunderstood technology to come out of the internet age, and their use cases have only just begun.


Related: How to Name a Crypto Wallet With an NFT Domain

Origin Wires is an artisan clothing company that uses NFTs to represent each handmade garment. NFT metadata is used to store a detailed history about each garment’s manufacturing locations, materials and sources, and overhead costs, and that metadata is stored in a QR code on a label within each item. With the right infrastructure, it would be possible to track every location where the product was shipped around the world, and each item would have its own transaction and ownership history. While this is still a new use case and will require its own trial-and-error evolution until industry standards are created, it is a very powerful way for NFTs to be used. For a company that makes handmade products with hefty price tags (for example, an Origin Threads shirt costs $200), demonstrably proving an item’s authenticity can make a huge difference to bottom line.

Secured by the Cardano Blockchain

Origin Threads uses the Cardano blockchain for its NFTs. Cardano is a low-cost, eco-friendly blockchain designed to be scalable, fast, and inexpensive to use. Rather than being designed, developed and deployed like most blockchains, Cardano is being researched and developed incrementally by scientists and academics around the world. Since Origin Threads’ NFTs run on Cardano, they do not harm the environment, an issue often noted for Ethereum NFTs.

A system of standards is needed for tracking NFTs in the manufacturing and supply chain, which would give each physical item metadata telling its exact history and confirming its authenticity. This will make hiding unethical manufacturing and sourcing materials impossible, forcing companies to strive for higher standards. Counterfeit items are easy to detect by both humans and computers because the QR code either points to a fake NFT or to a legitimate NFT whose actual product has been shipped to another location or has already been purchased. With the right blockchains, these NFTs will be carbon neutral and will represent countless consumer items and their manufacturing history.

Now that the bubble has burst and prices have fallen, innovation and benefits of NFTs can now continue. NFTs have great potential to fight counterfeiting, and Origin Threads recognizes this. NFTs can make counterfeiting impossible, forcing counterfeiters to sell cheap counterfeit products instead of fully priced counterfeit brand names. How companies like Origin are learning to use threads NFTs most effectively, more companies will jump in and do the same for their products, providing consumers and retailers with enough information to stop counterfeiting and protect the hard work of traditional artisans like Origin Threads.

Next: How Ethereum’s September Upgrade Could Solve NFT’s Energy Problem

Source: Origin Wires

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