The impact of blockchain on the e-commerce industry

The impact of blockchain on the e-commerce industry

Blockchain technology

Till now, we have seen how blockchain has been disrupting multiple industries, transforming the way businesses carry out their day-to-day activities using transparent, reliable, and certain use cases. 

However, the eCommerce sector doesn’t stay still. According to Statista, the global retail e-commerce sales were around 4.9 trillion dollars in 2021. This value is expected to increase by 50% within the next four years, reaching $7.4 trillion by 2025.

Global retail e-commerce sales 2014-2025

Source

Because of this rapid expansion, industry powerhouses like Amazon, Alibaba, and eBay have emerged based on centralized data and dominance.

So what innovation can be brought up to operate more effectively in the e-commerce business? 

The solution is new technology.

Nokia, for example, ranked first in mobile phone manufacture in 2007. In the same year, Apple launched the iPhone 1, nobody remembers Nokia? Apple is everywhere in the media.

E-commerce is the same idea. New technologies have the potential to break monopolies. This technology is, again, blockchain!

So, let’s dive in to know how blockchain can create a difference in the eCommerce sector.

How Blockchain Works in eCommerce

A blockchain is a distributed ledger in which data (or blocks) are linked together in a chain. Because the data is accessible and managed by multiple parties, discrepancies are easily detected, making it reliable. 

While blockchain has long been linked with Cryptocurrencies, its true potential is now being recognized by a variety of businesses. According to Gartner, the corporate value-add of blockchain will exceed $360 billion by 2026.

Blockchain’s key features include:

  • Without a central authority, blockchain enables transparency and consensus-based trust.
  • The decentralized ecosystem provides a solid foundation that is nearly impossible to hack.
  • It allows consumers to engage directly with businesses or other consumers, bypassing the need for intermediaries.
  • Blockchain can convert insights into unchangeable assets, enabling more precise data management.
  • It can save businesses up to 90% of their costs.

Blockchain technology enhances the safety and speed of e-commerce transactions. Utilizing blockchain technology, digital assets can be shared and secured manually and automatically. In addition, user actions like online payments, product searches, purchases, and customer support can be handled by this technology.

Blockchain e-commerce solutions have possibilities that go beyond online payments. On a bigger scale, the technology can be used in:

  • Supply chain management
  • Inventory management
  • Marketing Strategies & Data Protection
  • Improving customer experience
  • Detecting fake product reviews, and so on.

In the further sections of the article, you will get to know about all these applications in detail.

Key Benefits of Blockchain in eCommerce

E-commerce is a great application of blockchain technology because sellers and buyers benefit from it. The technology is easy to use, offers simple solutions to cyber threats, and improves financial security. It also saves money in managing inventory and processing payments, as we will discuss below.

1. Cost-Saving

E-commerce companies can easily link inventory control, payment services, product descriptions, and imagery with other business processes. By reducing the cost of maintaining the systems that support these activities and paying for IT support workers, they can save money. In addition, as a result of cryptocurrency, banks charge lower fees for facilitating transactions.

2. Enhanced Security

Many online businesses feel it challenging to keep up with competitors and expand customer demand. They are also vulnerable to cyber attacks, resulting in the loss of user data and money. 

Online sellers can address these issues using blockchain technology. Using distributed ledger technology, e-commerce data warehouses enjoy the highest level of security.

3. Faster Transactions

Blockchain technology such as Waves can quickly make online payments on e-commerce websites. Unlike traditional payment procedures, where consumers had to wait hours or even days to complete transactions, blockchains now offer consumers the flexibility they need online. 

4. Improved Business Processes

Apart from transactional data, blockchains can hold smart contracts that can automate processes like regular payments and inventory control using preset rules and if-then expressions.

For example, imagine buying a Rolex and making a deposit using a blockchain-based cryptocurrency. You receive a receipt that is stored in a digital contract. 

The store ships the watch to you on a specific delivery date, and if it doesn’t turn up on time, the blockchain refunds your deposit. On the other hand, if you get the watch, the blockchain sends the retailer your entire payment.

Blockchain can also hold digital documents such as customer invoices and warranty claims, making it much easier to verify ownership and warranty validity while simultaneously reducing the number of paper records.

5. Access to Global Consumer

Banks in developing countries often do not provide security systems to their customers. By utilizing blockchains and cryptocurrencies, they can bypass banking intermediaries, giving access to a broader range of eCommerce retailers. In addition, forward-thinking companies can enter new emerging markets by using blockchain and cryptocurrency technologies.

6. Rewards and Referrals for Interactive Customer Experience

Brands can easily issue rewards, cashback offers, and referral programs that can be redeemed across various sites and affiliate brands using blockchain. Companies can also pay influencers or content creators in cryptocurrencies, which can subsequently be exchanged into their currency.

How Blockchain Will Transform the eCommerce Sector?

E-commerce sites and blockchain technologies establish an economic network that benefits both customers and online stores. Using distributed ledger technology in their business processes, online merchants find new ways to serve their customers.

Blockchain technology can be used to improve the consumer experience. Several e-commerce applications that blockchain will create are listed below.

1. Smart Contracts

The Smart Contract is a computer program that automates work by following predetermined rules. Because smart contracts are stored on blockchains, they can automate activities related to e-commerce. 

Smart contractor work in blockchain - New Technology

Source

E-commerce businesses can expand by reducing costs associated with hiring employees for tasks that computers can handle. Smart contracts can also simplify inventory management. Online sellers will easily be able to monitor their inventory.

2. Supply Chain Monitoring

Online retailers can achieve their business goals by building a trustworthy supply chain. Thanks to supply chains, store owners can know what products are on their way and when they will arrive. 

Supply Chain Management - Process Flow

Source

In addition, supply chains help business owners verify the commodities offered by vendors. They may prevent vendors from swapping certain products and increase transparency when they use the blockchain to track the supply chain.

3. Generating Genuine Reviews

Online business owners can use blockchain technology to authenticate customer reviews. Reviewers of Internet services and products are questioning the reliability of most of them. 

Source

Credible product reviews and ratings are vital to the reputation of an e-commerce company, so these companies can use blockchain technology to generate authentic ratings.

4. Loyalty Programs & Personal Offers

Online retailers can easily provide their customers with redeemable reward points after they reach specified purchase thresholds by integrating blockchain technology into their business operations. Many online retailers have confirmed that these reward points can be used across various e-commerce websites. 

Work flow :- How a store work with blockchain technology

Source

Due to blockchain technology, customers can also take advantage of customized offers and discounts from retailers. E-commerce businesses can grow their customer bases and expand their product offerings by using loyalty programs.

5. Inventory Control

Inventory management system with blockchain managment

Source

Inventory control is one area where blockchain can be extremely beneficial. For example, businesses can reduce inventory by using traditional shopping carts, but they can also order new goods when pre-defined criteria are met. This ensures that the online business never goes out of stock while also preventing the accumulation of excess inventory.

6. Warranty Management

Consumers and businesses are frequently frustrated by the loss of paper receipts and the inability to confirm warranty coverage. Retailers can quickly and efficiently store warranty documentation with blockchain. Manufacturers, merchants, and customers will all have access to the data, making warranty data easily available and verifiable.

Recent Examples of Blockchain-Based eCommerce Project

Here are some examples of real-world initiatives that demonstrate blockchain’s impact on eCommerce:

1. Amazon

Although this isn’t a blockchain initiative, Amazon has gone even farther, recommending that organizations adopt Amazon Web Services (AWS) as a blockchain-as-a-service solution with ready-made blockchain templates.

implementation of Blockchain management system at Amazon Web Services

Source

AWS currently provides managed blockchains to businesses based on popular Ethereum and Hyperledger. 

So it’s not difficult to imagine Amazon accepting cryptocurrency in their web store, which would be a great milestone for eCommerce.

2. Metafactory

MetaFactory describes itself as a “platform for community-owned digiphysical clothing.”

It’s organized as a DAO and provides artists with a platform to design things that are then manufactured, transported, and distributed by the platform’s partners.

Its goal is to bring designers, businesses, and buyers into a single community while also eliminating pricing inefficiencies.

Given the importance of storytelling in today’s fashion industry, MetaFactory would be an interesting social experiment.

The platform is still in its early stages, but if they move their cards well, it could rival Shopify.

3. Honeywell Aerospace

Honeywell Aerospace operates an airplane resale segment with over $1 billion in parts.

Filing complicated documentation with the FAA, including time-consuming paperwork, is required when selling refurbished airplane components online.

The procedure has been greatly simplified, saving the organization huge amounts of money in document management expenditures.

Given how reliant B2B eCommerce is on sophisticated supply chain operations that are also incredibly wasteful, blockchain could be an ace.

Blockchain Has Already Gained Momentum in eCommerce

Blockchain technology and e-commerce are intriguing in transparency, stability, and cost benefits. Businesses that cannot provide value to their clients face several risks. Despite these advantages, companies must adopt blockchain for long-term success due to its unique benefits to e-commerce.

Those vendors wishing to embrace a transparent business model and deal with consumer data efficiently may find blockchain technology a great option. Furthermore, it reduces the demand for paper-based manual processes and ensures the security of crypto transactions.

To stay ahead of your customers, your business needs to explore the tangible benefits of blockchain technology and e-commerce.

At Parangat, we develop blockchain applications to help businesses prosper and optimize user experiences. Contact us anytime if you’d like to learn more about how blockchain might help your e-commerce business adopt this new tech. 

A Comprehensive Guide to NFT Marketing

A Comprehensive Guide to NFT Marketing

NFTs are spreading like wildfire, and NFT marketing strategies are catching on like greased lightning. It’s still in its infancy, yet, fresh ideas are viewed favorably.

Let the recent statistics speak:

After a $300 million investment, the online marketplace OpenSea is now worth $13.3 billion.

Last year, NFT trading volume surpassed $23 billion, an increase of more than 20,000%

latest market research report titled Non-fungible Token (NFT) Market - 2022-2026

Source

It’s all about being engaged in popular platforms and growing trends regarding marketing methods. You’ll have a better chance of meeting your marketing objectives if you arrive early with a brilliant idea, like the metaverse’s growing popularity.

With our comprehensive guide to NFT marketing, you can claim your piece of the pie in this field.

What Are Non-fungible Tokens(NFTs)?

NFT stands for non-fungible tokens. They are digital assets that are purchased and traded like any other assets. NFTs are tokenized, meaning they have a unique digital certificate as proof of ownership. Blockchain is a digital ledger where the ownership of these tokens is stored.

All of this appears to be quite confusing.

But here’s an example:

Assume you wish to purchase the Mona Lisa. The fact that there are only one original adds to the painting’s value.

Even though there are thousands of copies of the Mona Lisa, you can only own the original.

The same is true of NFTs, with the exception that everyone has practically agreed on which copy of a digital image is the “original.” You have the original, tokenized form of any NFT you buy, but others can still access it.

This is where the example deviates: with an NFT, there is no tangible item to hold. Your transaction is instead registered in a blockchain ledger.

NFT and Marketing

NFT marketing is the activity or process of developing, promoting, and distributing your NFT products or services to the target market and value-added trading products.

NFTs can be compared to art, which is a beautiful thing to consider. Of course, NFTs are much more complicated, and they are constantly changing, but the significance of marketing cannot be overstated. For example, if no one knows about a work of art, it may not sell for much. Without publicity and some rarity and hype, the price does not skyrocket.

As billions of dollars are being invested into the NFT sector, giant marketing corporations spotted an opportunity and jumped on it. They were using their extensive traditional marketing knowledge to fundamentally shift the game and drive the adoption of NFT & web3 technology.

However, because there are so many NFTs, they aren’t valued only because they’re rare. They are marketing their worth more than anything else. Ultimately, even the most beautiful work of art won’t be worth much if it doesn’t attract enough attention and excitement to entice others to buy it.

NFT marketing can also help you enhance consumer interaction and is a terrific way of keeping your audience up to speed on your product or notifying them about new products coming out.

How Can NFT Help in Marketing?

To begin with, quality marketing allows your company to stand out in a crowded digital world. To build a strategic strategy, you need to stay up to date with current events and changing conditions.

NFTs, come into the equation here. It’s brand new. It’s fascinating. The most important aspect of NFTs is that they provide a variety of marketing opportunities.

Let’s take a look at how NFT’s marketing methods might aid firms in their marketing efforts:

1. Create a Unique Experience

People nowadays pick a brand above competitors based on their brand experience. The NFTs can assist you in creating a unique experience by collaborating with artists and content creators.

In marketplaces, they promote your brand by providing an engaging experience. NFTs allow us to communicate with the brand uniquely. As a result, you’ll be more noticeable, memorable, and, most importantly, intriguing.

2. Expand Audience Reach

To begin with, embracing the NFT marketplaces allows you to access new audiences. From digital producers and art lovers to young and experienced business people, there are a variety of communities. Due to its uniqueness and increased real-world value, participants are eager to participate.

People notice you more if you make more NFTs. These engagements in the NFT markets will allow you to expand your consumer base as people become familiar with you and talk about you. Increase your chances of closing a deal by reaching out to more potential buyers.

3. Build Community

Customers favor brands that engage them in conversation. Twitter is a popular platform among NFT owners. To develop a network or share their NFT collections, most of them have a Twitter account.

You can generate conversations and online NFT groups for your brand by reaching new customers on a medium they like accessing. Moreover, cultivating genuine relationships establishes loyalty among customers, which is vital for brands to survive in huge, competitive markets.

4. Drive Preorders

Gary Vaynerchuk is well-known for various reasons, one of which is his obsession with NFTs. He adores them so much that he chose to market his new book, Twelve and a Half: Leveraging the Emotional Ingredients Necessary for Business Success.

It’s essential mentioning that this isn’t his first book; the book may quickly have sold well without the NFTs. Regardless, the book immediately surpassed a million pre-orders on its first day, a huge accomplishment.

It operated like this: for every twelve copies bought in 24 hours, purchasers received one NFT. Based on the findings, NFTs certainly made a splash.

5. Create Interest in Your Brand

If you’re a trailblazer in your field, you might stand out. Living brands attract people. When you deliver unique experiences to your online community, you will develop an interest in your brand. NFTs will boost conversion rates and sales.

NFT marketing is a fantastic prospect as it is a developing industry. Probably, none of your competitors is present. As a result, even a small marketing project on social channels will increase brand visibility.

Top 7 NFT Marketing Strategies

As businesses are becoming more popular, there is a greater desire for exclusive marketing methods. Let’s look at a few NFT marketing methods that will help you reach your business objectives.

1. NFT Listing

The first item to be established for better reach is an NFT listing. Listing an NFT is the best way to begin. It’s a crucial component of producing money. Taco Bell, for example, has compiled a record of NFTs which sold in under 30 minutes.

2. NFT Marketplaces

Because there are so many marketplaces to choose from, it’s critical to select one right for your NFT project. Many focus on specific sorts of NFTs, impacting the site’s audience. Here are a handful of the most well-known marketplaces to consider:

Open sea: OpenSea is the world’s largest NFT marketplace, and it’s a great location to sell art, musicals, videogames, and other items.

super rare: The emphasis is solely on digital art, and you must obtain approval before selling anything. It does, however, have the advantage of pushing NFT releases.

Rarible: It’s a terrific place to sell a wide range of NFTs, and there’s a lively discussion board for marketing.

Other alternative markets are available, each with its unique set of features and benefits. These are not only fantastic sites to sell work, but they can also link you with possible buyers.

3. Paid Advertisements

Even in the realm of NFTs, Paid advertisements can help you reach a bigger audience and maintain an active online presence. With the help of Facebook, Yahoo, Google, and SEO and a solid online presence, you can increase your visibility.

4. Telegram and Discord Marketing

Better marketing is ensured with Telegram and Discord. To increase your reach, you can create your posts, develop a community, engage in events, share memes, etc. With extended support, you may also start a dialogue. Furthermore, it is realistic for organizations looking to enter the market.

When it comes to Discord marketing, one thing to keep in mind is that the community must be well-managed. This will most likely necessitate experienced moderators who know how to set it up and keep the group functioning properly.

5. Influencer Marketing

Influencer marketing is a standard method of bringing a product to the public’s attention and generating interest. Working with influencers may seem self-evident, but there are techniques to boost the effectiveness of your efforts. And, when it comes to NFTs, it’s a fantastic option.

Make a point of finding influencers that are relevant to your target market. Locating an influencer who operates on a channel you are confident will have a positive impact is the first step. It is also beneficial to locate influencers who can lend credibility to the marketing campaign. It’s even better if they use the same brand as the NFT. Furthermore, consider how you may add value to their lives.

6. Utilize Whitelist

Mutual gain is the foundation of any partnership, and whitelists can help you achieve that. Attempting to reach out to influencers and forum administrators on sites like Discord and others is terrific to get your name out there. They will, however, want to know what does it for them, and with good reason.

In reality, in exchange for assisting with marketing, certain people can not only receive discounts and instant access to an NFT, but they can even receive a free NFT. Furthermore, if you can give value to the community or be an active member, that link will be strengthened even more.

7. Cross-Promotion Tactics

Relationships matter and mutual gain are always appreciated. That is why cross-promotional strategies are so powerful. The various communities become closer and generate more buzz by collaborating with a partner. And, given the importance of hype, it’s a pretty powerful tactic.

It’s made more effective by how devoted some groups are, particularly when it comes to artwork and celebrity NFTs. Other marketing strategies, such as incentives, conferences, and other marketing tactics that get people involved, can be woven in with cross-promotion tactics.

Conclusion: NFT for Marketers

NFTs offer marketers a new method to connect with their customers, increase awareness, and even advertise new product lines. Are they, however, here to stick, or are they merely another marketing blip? Only time can tell if this is true. We’ve seen that big brands are utilizing NFTs in novel ways, so it’s worth responding to.

Prior to diving into new techniques, make sure SEO and content marketing are working for you. These tried-and-true techniques create long-term success, not just market attention.

We at parangat can assist you with your marketing plan and your interest in employing NFTs for marketing. For more details, contact us today!

The impact of blockchain on the e-commerce industry

The impact of blockchain on the e-commerce industry

Blockchain technology

Till now, we have seen how blockchain has been disrupting multiple industries, transforming the way businesses carry out their day-to-day activities using transparent, reliable, and certain use cases. 

However, the eCommerce sector doesn’t stay still. According to Statista, the global retail e-commerce sales were around 4.9 trillion dollars in 2021. This value is expected to increase by 50% within the next four years, reaching $7.4 trillion by 2025.

Global retail e-commerce sales 2014-2025

Source

Because of this rapid expansion, industry powerhouses like Amazon, Alibaba, and eBay have emerged based on centralized data and dominance.

So what innovation can be brought up to operate more effectively in the e-commerce business? 

The solution is new technology.

Nokia, for example, ranked first in mobile phone manufacture in 2007. In the same year, Apple launched the iPhone 1, nobody remembers Nokia? Apple is everywhere in the media.

E-commerce is the same idea. New technologies have the potential to break monopolies. This technology is, again, blockchain!

So, let’s dive in to know how blockchain can create a difference in the eCommerce sector.

How Blockchain Works in eCommerce

A blockchain is a distributed ledger in which data (or blocks) are linked together in a chain. Because the data is accessible and managed by multiple parties, discrepancies are easily detected, making it reliable. 

While blockchain has long been linked with Cryptocurrencies, its true potential is now being recognized by a variety of businesses. According to Gartner, the corporate value-add of blockchain will exceed $360 billion by 2026.

Blockchain’s key features include:

  • Without a central authority, blockchain enables transparency and consensus-based trust.
  • The decentralized ecosystem provides a solid foundation that is nearly impossible to hack.
  • It allows consumers to engage directly with businesses or other consumers, bypassing the need for intermediaries.
  • Blockchain can convert insights into unchangeable assets, enabling more precise data management.
  • It can save businesses up to 90% of their costs.

Blockchain technology enhances the safety and speed of e-commerce transactions. Utilizing blockchain technology, digital assets can be shared and secured manually and automatically. In addition, user actions like online payments, product searches, purchases, and customer support can be handled by this technology.

Blockchain e-commerce solutions have possibilities that go beyond online payments. On a bigger scale, the technology can be used in:

  • Supply chain management
  • Inventory management
  • Marketing Strategies & Data Protection
  • Improving customer experience
  • Detecting fake product reviews, and so on.

In the further sections of the article, you will get to know about all these applications in detail.

Key Benefits of Blockchain in eCommerce

E-commerce is a great application of blockchain technology because sellers and buyers benefit from it. The technology is easy to use, offers simple solutions to cyber threats, and improves financial security. It also saves money in managing inventory and processing payments, as we will discuss below.

1. Cost-Saving

E-commerce companies can easily link inventory control, payment services, product descriptions, and imagery with other business processes. By reducing the cost of maintaining the systems that support these activities and paying for IT support workers, they can save money. In addition, as a result of cryptocurrency, banks charge lower fees for facilitating transactions.

2. Enhanced Security

Many online businesses feel it challenging to keep up with competitors and expand customer demand. They are also vulnerable to cyber attacks, resulting in the loss of user data and money. 

Online sellers can address these issues using blockchain technology. Using distributed ledger technology, e-commerce data warehouses enjoy the highest level of security.

3. Faster Transactions

Blockchain technology such as Waves can quickly make online payments on e-commerce websites. Unlike traditional payment procedures, where consumers had to wait hours or even days to complete transactions, blockchains now offer consumers the flexibility they need online. 

4. Improved Business Processes

Apart from transactional data, blockchains can hold smart contracts that can automate processes like regular payments and inventory control using preset rules and if-then expressions.

For example, imagine buying a Rolex and making a deposit using a blockchain-based cryptocurrency. You receive a receipt that is stored in a digital contract. 

The store ships the watch to you on a specific delivery date, and if it doesn’t turn up on time, the blockchain refunds your deposit. On the other hand, if you get the watch, the blockchain sends the retailer your entire payment.

Blockchain can also hold digital documents such as customer invoices and warranty claims, making it much easier to verify ownership and warranty validity while simultaneously reducing the number of paper records.

5. Access to Global Consumer

Banks in developing countries often do not provide security systems to their customers. By utilizing blockchains and cryptocurrencies, they can bypass banking intermediaries, giving access to a broader range of eCommerce retailers. In addition, forward-thinking companies can enter new emerging markets by using blockchain and cryptocurrency technologies.

6. Rewards and Referrals for Interactive Customer Experience

Brands can easily issue rewards, cashback offers, and referral programs that can be redeemed across various sites and affiliate brands using blockchain. Companies can also pay influencers or content creators in cryptocurrencies, which can subsequently be exchanged into their currency.

How Blockchain Will Transform the eCommerce Sector?

E-commerce sites and blockchain technologies establish an economic network that benefits both customers and online stores. Using distributed ledger technology in their business processes, online merchants find new ways to serve their customers.

Blockchain technology can be used to improve the consumer experience. Several e-commerce applications that blockchain will create are listed below.

1. Smart Contracts

The Smart Contract is a computer program that automates work by following predetermined rules. Because smart contracts are stored on blockchains, they can automate activities related to e-commerce. 

Smart contractor work in blockchain - New Technology

Source

E-commerce businesses can expand by reducing costs associated with hiring employees for tasks that computers can handle. Smart contracts can also simplify inventory management. Online sellers will easily be able to monitor their inventory.

2. Supply Chain Monitoring

Online retailers can achieve their business goals by building a trustworthy supply chain. Thanks to supply chains, store owners can know what products are on their way and when they will arrive. 

Supply Chain Management - Process Flow

Source

In addition, supply chains help business owners verify the commodities offered by vendors. They may prevent vendors from swapping certain products and increase transparency when they use the blockchain to track the supply chain.

3. Generating Genuine Reviews

Online business owners can use blockchain technology to authenticate customer reviews. Reviewers of Internet services and products are questioning the reliability of most of them. 

Source

Credible product reviews and ratings are vital to the reputation of an e-commerce company, so these companies can use blockchain technology to generate authentic ratings.

4. Loyalty Programs & Personal Offers

Online retailers can easily provide their customers with redeemable reward points after they reach specified purchase thresholds by integrating blockchain technology into their business operations. Many online retailers have confirmed that these reward points can be used across various e-commerce websites. 

Work flow :- How a store work with blockchain technology

Source

Due to blockchain technology, customers can also take advantage of customized offers and discounts from retailers. E-commerce businesses can grow their customer bases and expand their product offerings by using loyalty programs.

5. Inventory Control

Inventory management system with blockchain managment

Source

Inventory control is one area where blockchain can be extremely beneficial. For example, businesses can reduce inventory by using traditional shopping carts, but they can also order new goods when pre-defined criteria are met. This ensures that the online business never goes out of stock while also preventing the accumulation of excess inventory.

6. Warranty Management

Consumers and businesses are frequently frustrated by the loss of paper receipts and the inability to confirm warranty coverage. Retailers can quickly and efficiently store warranty documentation with blockchain. Manufacturers, merchants, and customers will all have access to the data, making warranty data easily available and verifiable.

Recent Examples of Blockchain-Based eCommerce Project

Here are some examples of real-world initiatives that demonstrate blockchain’s impact on eCommerce:

1. Amazon

Although this isn’t a blockchain initiative, Amazon has gone even farther, recommending that organizations adopt Amazon Web Services (AWS) as a blockchain-as-a-service solution with ready-made blockchain templates.

implementation of Blockchain management system at Amazon Web Services

Source

AWS currently provides managed blockchains to businesses based on popular Ethereum and Hyperledger. 

So it’s not difficult to imagine Amazon accepting cryptocurrency in their web store, which would be a great milestone for eCommerce.

2. Metafactory

MetaFactory describes itself as a “platform for community-owned digiphysical clothing.”

It’s organized as a DAO and provides artists with a platform to design things that are then manufactured, transported, and distributed by the platform’s partners.

Its goal is to bring designers, businesses, and buyers into a single community while also eliminating pricing inefficiencies.

Given the importance of storytelling in today’s fashion industry, MetaFactory would be an interesting social experiment.

The platform is still in its early stages, but if they move their cards well, it could rival Shopify.

3. Honeywell Aerospace

Honeywell Aerospace operates an airplane resale segment with over $1 billion in parts.

Filing complicated documentation with the FAA, including time-consuming paperwork, is required when selling refurbished airplane components online.

The procedure has been greatly simplified, saving the organization huge amounts of money in document management expenditures.

Given how reliant B2B eCommerce is on sophisticated supply chain operations that are also incredibly wasteful, blockchain could be an ace.

Blockchain Has Already Gained Momentum in eCommerce

Blockchain technology and e-commerce are intriguing in transparency, stability, and cost benefits. Businesses that cannot provide value to their clients face several risks. Despite these advantages, companies must adopt blockchain for long-term success due to its unique benefits to e-commerce.

Those vendors wishing to embrace a transparent business model and deal with consumer data efficiently may find blockchain technology a great option. Furthermore, it reduces the demand for paper-based manual processes and ensures the security of crypto transactions.

To stay ahead of your customers, your business needs to explore the tangible benefits of blockchain technology and e-commerce.

At Parangat, we develop blockchain applications to help businesses prosper and optimize user experiences. Contact us anytime if you’d like to learn more about how blockchain might help your e-commerce business adopt this new tech. 

How To Create An NFT Marketplace in Metaverse?

How To Create An NFT Marketplace in Metaverse?

NFT for marketplace in metaverse

“Non-fungible tokens (NFTs) are non-transferable units of data that exist on a blockchain and can be purchased or traded in digital form. These digital files can be photographs, videos, and audio files”.When it comes to the popularity of NFTs, it’s worth noting that, according to DappRadar reports, NFT trading volume hit $10.7 billion in the third quarter of 2021. That’s a massive gain of 704 % over the previous quarter.

Graph showing rising trend of NFT transactions

Source

NFT Marketplaces, on the other end, are seeing more significant traffic as the community of NFT users grows. In domains like play-to-earn games, fundraising projects, digital art collectibles, and subscription schemes. CryptoPunks, Magic Eden, Axie Infinity, and OpenSea, were the leading NFT marketplaces last year.

However, the gaining popularity of metaverse makes a tremendous impact when joining hands with NFT marketplaces. Startups and businesses are increasingly paying attention to the development of the Metaverse NFT marketplace. 

The metaverse is the next great thing in technology. In the next ten years, it will have billions of users. Epic Games, Nvidia, Roblox, and other major companies have invested in Metaverse.

You’ve come to the correct place if you’re a meta and NFT geek seeking a chance to be an early adopter of this hot new technology. You will learn about the Metaverse NFT market’s foundations and the step-by-step walkthrough of developing a metaverse NFT marketplace.

What Is Metaverse?

The metaverse is a digital community of social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency, allowing people to interact digitally. For improving the user experience, augmented reality overlays visual components, sound, and other sensory input onto real-life scenarios.

Metaverse originated from Neal Stephenson’s futuristic cyberpunk novel ‘Snow Crash.’ According to the novelist Neal Stephenson, the metaverse is a virtual world in which humans can interact with each other and digital solutions through their avatars. 

Surprisingly, Neal Stephenson’s concept for the metaverse depicted it as the internet’s future evolution on the shoulders of VR technology.

Graph showing increasing trend of Metaverse market size

Source

Many individuals and organizations today are eager to take advantage of the benefits offered by the metaverse. According to Gartner, by 2026, 25% of individuals will spend at least one hour in the Metaverse for work, retail, education, social media, and leisure.

Role Of NFT In Metaverse

To the amateur’s sense, the advent of the metaverse notion and the exponential expansion of NFTs may be a coincidental event driven by boredom and young investors looking for something different. 

Companies such as Samsung and PricewaterhouseCoopers started investing in virtual lands in the metaverse. It is no longer the cause of the trend that we will use the metaverse and NFTs for our businesses in the future. Metaverse and NFTs are successfully converting our imaginations into reality. The sandbox and Decentraland, for instance, have moved beyond design and testing and are now scaling internationally.  

These trends all point to the same growing theme: the metaverse is expanding, and their integration with NFTs is fostering the discovery of new technical innovations.  Although NFTs may sound like a distant relative to crypto culture, they are the gateway for assimilating people and their needs with the metaverse.

Integrating NFTs with Metaverse will foster the following advantages:

  • Metaverse uses NFTs to allow users to construct digital avatars (replicas of real-life identities). The NFT system aids in transferring ownership of in-game collectibles and accessories such as skins, armors, and tanks. In addition, the tokenization approach establishes each avatar’s rights.
  • NFTs can uplift the traditional social network paradigm of user contact, socialization, and transaction in the Metaverse.
  • The NFT ticketing system distributes tickets to the desired audiences for metaverse events such as concerts and live events.

What Is Metaverse NFT Marketplace?

The Metaverse is a virtual world where all the real-world scenarios that we imagine exist in the form of 3-D space. Ultimately, we are always connected to the metaverse, which allows us to explore our senses of hearing, touch, and sight and blend with digital items in the actual world to produce stunning 3-D effects. On the other end,  Extended Reality (XR) is the name given to this group of technologies.

Metaverse commercial potential

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Several designs for the metaverse NFT have come up, and they are getting momentum among crypto enthusiasts. While in the crypto domain, the metaverse NFT has a new track that results in the creation of virtual games.

Creating a world-class digital realm is not a new concept, and it has already been seen in video games. The digital asset boom, also known as NFTs, boosts the digital products market and platforms that deliver virtual and augmented reality.

Technically, a Metaverse NFT is a replicated area or land produced based on the user’s assumptions. Metaverse NFT is a three-dimensional space that appears to be the next phase after the virtual world, and it seems to be a second universe in which anyone can interact using their avatars.

Key Features To Include In NFT Marketplace Development

To reap the benefits from the disruptive combination of NFTs and Metaverse technologies, there are certain key features to incorporate while developing an NFT marketplace:

1. Cross-Chain Interoperability

Interoperability between different cryptocurrencies, wallets, and gaming platforms will incorporate a wide range of functionalities in your marketplace, leading to enhanced interactivity and operations among the users.

2. Wallet Integration

To make Cryptos and NFTs work under the same marketplace, integrating the required wallets is the most crucial point to remember.

3. Eliminating Third-Party Interference

Enabling peer-to-peer transactions is better than relying on intermediaries to secure asset transactions.

4. NFT Storage

Including the NFT storage such as Filecoin and IPFS will serve the purpose of an efficient database in the marketplace.

5. Multi-layer Security

Incorporating multi-layer security will prevent the platform from hackers and other intermittent illegal activities.

6. 3D Display

The use of 3D displays makes it possible to establish a replica of real-world scenarios. Users will experience real-world scenarios in the virtual world without a significant difference. This feature creates more interest for users to explore more metaverse NFTs to make use of it.

7. Tokenization

Enabling users to use their asset tokens for trading and transactions instantaneously will ease the use of the platform.

8. Two Factor Authentication

Providing trust to users at first glance is possible through two-factor authentication. This process will make them feel secure to explore the world of the NFT marketplace in the metaverse.

9. Uniqueness of Goods

The rarity of the goods will make users feel more eager to buy and sell goods to earn reasonable profits.

10. Social Interaction

Striving for the betterment of social interaction should be the primary goal as the whole platform is virtually created and operated.

How To Make Your Own Metaverse NFT Marketplace?

Developing a novice technology is not an easy task, and the metaverse developers should consider multiple factors before implementing a solution for their organizational initiatives. 

Here are some crucial guidelines to follow and implement while planning and developing a metaverse NFT marketplace for your initiative.

Step 1: Select A Relevant Blockchain Network

Before deciding to choose the right blockchain network for your metaverse MFT marketplace, it is crucial to align your business initiatives by implementing the following parameters:

1. Costs of Transactions and Token Development

Because NFT-based transactions will not necessarily involve trading in million-dollar art items, cost-effective alternatives are necessary—micro-transactions, such as in-game digital collectibles. Digital assets, card games, and so on are becoming more common. 

Cost minimization is essential for usability and adoption; no one will willingly pay high fees for these transactions. Hence, reducing blockchain development expenses is crucial, particularly in non-fungible token markets.

Due to this, the cost structure of NFTs on the blockchain is critical, and feeless is the best option.

2. Transactional Speed

Especially in domains involving value storage and transfer, speed is one of the essential factors in the success of a digital system. However, as many blockchains do, businesses should not trade speed for exorbitant expenses and low security.

As blockchains are immutable, a faster finality means fewer timeframes for attackers. Any platform that achieves this momentum while maintaining decentralization is ideal for creating metaverse NFT marketplaces.

3. Robust Smart Contracts

The reliability of its smart contracts is a crucial element of blockchain technology’s overall security. This feature implies the development of a secure, bug-free code. In addition, smart contracts must undergo extensive testing to provide the highest reliability and efficiency. 

That makes NFT marketplace developers and consumers can be confident that security breaches and hacks are impossible.

4. Possibility of Forking

The significant factors that contribute to the value of NFTs are uniqueness and originality. By duplicating NFTs, hard forks can compromise these features and their integrity. As a result, NFTs on the ‘old’ chain may lose all value. Given these considerations, it is critical to design NFTs, and marketplaces, on fork-resistant blockchains.

Step 2: Create An Interface

The navigation and user interface are critical for NFT marketplaces since it determines the first impression, user experience, and usability. Hence, the metaverse NFT marketplace developers should ensure that the audiences appreciate the new design and make it convenient enough for anyone to understand. It would need to make people think of Amazon or eBay.

Step 3: Coding Smart Contract For Core Functionality

Smart contracts are logical information that predetermines the functionality according to the particular action. They play a significant role in blockchain, and hence for NFTs.

The smart contracts that make up an NFT marketplace are responsible for the platform’s complete technical and behavioral functionality. Therefore, implementing the appropriate functionality in the smart contracts decides the entire technical functionality of NFTs on the metaverse.

Step 4: Creating A Database

It is essential to maintain the NFTs listed on the marketplace so that these NFTs will be stored in IPFS (InterPlanetary File System). In addition, the database will hold other user-related information and NFT information.

Step 5: Integrating UI & IPFS

The front-end and back-end development for NFT marketplaces is the final phase after defining the scope and functionality of the design. Developers attempt to build the most significant structure possible by including user-friendly top-tier features. This episode’s primary goal is to supply fast and dependable processing power to the NFT market.

Metaverse developers will integrate the front and back end once the user interface is built and once the storage for the NFTs is completed.

Step 6: Beta Testing & Fixing

This is the last step in the process of constructing an NFT marketplace. Finally, various test runs on the entire metaverse NFT marketplace to find and eliminate issues. As a result, a faultless NFT marketplace is developed, deployed, and given to the business platform.

Step 7: Deployment

Finally, after multiple rounds of testing and troubleshooting, the metaverse NFT marketplace will be made available to users worldwide.

It’s A Wrap

The Metaverse and NFTs are still in their infancy. However, their horizon is growing as large firms enthusiastically invest in technology. The main aspects of the Metaverse and NFTs, including digital evidence of ownership, money transfer, governance, accessibility, and interoperability, all require blockchain technology. 

Therefore, the main problem is to select a project that would appeal to consumers and attract new participants. Furthermore, if you’re planning to adopt NFT technology in your future business operations, it is wise to imbibe blockchain technology in your current business operations. Reach out to parangat, and we’ll conduct an audit to help you discover impediments and possibilities for deploying blockchain services for your company.

Blockchain Benefits & Advantages for Businesses

Blockchain Benefits & Advantages for Businesses

Benefits of  blockchain technology

Blockchain was introduced in the year 2009 and faced a lot of criticism. Only a few acknowledged the disruptive future of this technology. But now, the Trust, Applications, and Benefits of blockchain technology are the other way around.

According to fortunly statistics, by 2018, about 90% of European and US banks have begun investigating blockchain’s potential. In addition, 74 % of IT executives believe blockchain technology has enormous business potential. In 2021, 24% of businesses invested between $5 million and $10 million in the blockchain.
Blockchain is a part of Distributed Ledger Technology (DLT). It is a public ledger that records all kinds of transactions online. In addition, blockchain technology helps in storing any kind of information with Transparency, Security, Immutability, and Traceability.

Image showing the benefits of blockchain in online transactions

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Blockchain offers many other spellbound features for various industries and applications. Let’s dive into the top 10 benefits of blockchain technology with real-time examples.

Blockchain Technology: Top 10 Benefits

1. Enhanced Security & Privacy

Blockchain introduces a new concept called consensus mechanism, which states that every record should be agreed upon and accepted by the network’s users before placing it on the blockchain network.

Image showing the difference in the security before & after blockchain

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Each record on the blockchain is linked to previous records, and all records are interconnected. This mechanism ensures that any data change in any record will change the record’s identity. However, it breaks the identity of records in the blockchain and makes us aware that the data is in breach. 
All the transaction records in the blockchain are encrypted end-to-end, enhancing the privacy of each user’s data, and promoting high security.

2. Decentralized Structure

Decentralization is the most significant trait of blockchain technology. Traditional data storage and transaction systems are always centralized, consisting of only one server. And if the server fails for any reason, the whole data vanishes. 

With blockchain technology’s decentralized structure and unique characteristics, the data is distributed across the internet and transparent to every blockchain user. Moreover, there is no aspect of data degradation or unavailability with decentralization. Therefore, any user across the globe can access any information using any data, provided he is authorized.

Image showing the difference between working of centralized & decentralized framework

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Example:

Contura Energy,  a major coal supplier in the United States, relies on obsolete letters of credit to conduct international payments. Banks issue these letters of credit on behalf of clients.

Here, an intermediary bank serves as a guarantee of payment for buyers. Though this approach is reliable, it is labor-intensive, slow, and inefficient.

Contura Energy recognizes the importance of digitizing and automating its letter of credit procedure. However, the challenge they face is ensuring trust and verification between merchants and customers. 
Using AWS, they’re developing a decentralized, blockchain-based solution to make international trade payments more efficient, cost-effective, and risk-free. In addition, a decentralized system improves openness by allowing all participants to view the data and documentation in real-time.

3. Cost Reduction

Blockchain technology eliminates the intermediaries, which is a significant cost cut down for businesses. By reducing manual tasks such as data aggregation and amendment, blockchain’s consensus mechanism and encryption technology simplify reporting and auditing operations.

The decentralized feature will also cut down maintenance charges due to eliminating central servers.

Example:

Assume a business owner intends to start an internet store selling handmade, artisanal goods from her hometown. However, she wants her high-quality items to be available to consumers across the country, so she hires a shipping firm to handle the delivery. 

However, if she employs a blockchain-based smart contract, she doesn’t require an intermediary to establish the relationship between her and the shipping vendor. In addition, both parties have encryption keys that allow them and their authorized users to see contracts.

Smart contracts are virtually tamper-proof, and once documented, the original agreements are unchangeable. As a result, everyone saves time and money as they don’t have to coordinate with an intermediary service to facilitate the transactions.

4. Improved Efficiency

Traditional processes require a lot of manual intervention and take more time and effort. But with blockchain technology and its decentralized functionalities, we can eliminate manual labor and the intervention of intermediaries.

Employing Smart contracts, proof of work, and proof of stake, make the operations more efficient and speedy.

Example:

All financial corporations strive to improve the efficiency of their payments systems, ledgers, reconciliation, and maintenance to boost productivity and provide reliability.

Incorporating blockchain technology can help encrypt the joining ledgers, monitoring the transactions in real-time without relying on intermediaries. This means payments and other services can be processed quickly and efficiently. It also saves the time and energy of the inter-operations of the business.

5. Traceability 

With blockchain, companies can build a supply chain that includes vendors and suppliers. In the traditional supply chain, tracing objects is difficult, leading to problems such as counterfeiting and product loss.

Blockchain has made the operations of the supply chain industry more transparent. Tracking the commodities allows the parties in the supply chain to ensure they are not misused or replaced. Businesses can also use it to track their internal operations using blockchain traceability systems.

Example:
Walmart is the best example in this scenario. They use blockchain technology to keep track of groceries and other products. They can also display the history of the development in real-time. Traceability promoted trust among the users and reduced monitoring costs.

6. Personal Control Of Data

Impact of blockchain in  validation of data

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In blockchain technology, you have complete control over your digital data. Your data is well-protected by blockchain, and your ownership is never affected. 

You have complete control over which aspects of your digital data you choose to share with whom and for how long. All these ownership functionalities are incorporated using smart contracts. 

In the blockchain, every user has direct and decentralized access to any of their data without relying on third parties. Also, users can have direct contact with any commodities online and make direct contracts and transactions with excellent transparency and trust.

7. Immutability

One of the fascinating aspects of the blockchain is that no one can modify the data once the data is recorded. You can also benefit from obtaining a permanent record since all transactions are date and time-stamped. 

When the data is immutable, no entity can modify, manipulate, replace or falsify the data. The blockchain network immediately detects such a breach, and the consensus mechanism will not permit the change to happen.

Real-time Example:

Fluree changes how people think about data ownership, access, and security. Fluree is a distributed ledger that uses an ACID-compliant blockchain to record every state change in history as an immutable changelog item. In addition, FlureeDB, a graph query engine, enables advanced query capabilities.

Fluree is a practical and powerful platform for building, distributing, and scaling custom blockchains by bringing blockchain to the data tier.

8. Transparency

An organization can use blockchain technology to create a decentralized, transparent system visible to everyone on the network but accessible only to the authorized ones.

Peers are responsible for carrying out and validating transactions on a blockchain. Although not all peers participate in the consensus method, they can participate in the validation process. 

The consensus approach helps validate every transaction and activity on the blockchain network. Each node keeps a copy of the transaction record once validated. As each user on the network holds information about the transaction record, this is how blockchain promotes transparency among its users.

Example:

Businesses are using blockchain technology to incorporate it into their supply chain management. For example, to track and trace the operations of their goods and services both internally and externally.

Businesses need the trust of their customers to grow, and customers trust the companies that provide transparency. 

9. Tokenization

Tokenization means transforming tangible and non-physical assets into blockchain tokens. In simple terms, tokenization is the digital way of representing ownership of any data or asset in the form of tokens. As a result, the concept of blockchain tokenization has gained tremendous popularity recently.  
When looking at the many types of blockchain tokenization, you’ll encounter digital assets that can trade within a blockchain project’s ecosystem. Non-fungible tokens (NFTs), platform tokens, utility tokens, and governance tokens are just a few of the various tokenization options available on the blockchain.

Image showing how blockchain technology transforms paperwork to digital contract

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Example:

To tokenize $1 million in the blockchain world, the issuer must first get authorization, deposit the funds in a bank account, and issue 1 million tokens worth $1. 

Users can exchange these tokens without requiring the delivery of an asset. Still, the token holder can present them to the issuer and receive dollars in their account if they meet the specific requirements.

10. Better Customer Experience

Implementing blockchain technology to provide value to customers is gaining traction in almost every industry. As a result, companies are becoming more aware of the importance of blockchain, and several firms are incorporating it into their operations to connect customers with the brand.

In particular, blockchain technology would improve client relationships in organizations with bureaucratic management by providing increased security and speed. However, we should highlight that it has benefits in other fields as well, such as telecommunications, medicine and health, copyright, and online sales, to name a few.

Benefits of blockchain technology

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Example:

IN the traditional business processes, customers must provide an enormous quantity of data before completing a transaction on any e-Commerce site. Businesses need the information to complete the transaction and confirm who they claim to be.

As the interaction between the customer and the corporation, blockchain technology stores the keys to a customer’s identification in a secure, independent location and authenticates that identity independently.

Organizations and their customers can rely on Blockchain IDs because no one can modify them. In this way, blockchains allowed clients to take back control of their data.

Key Takeaway

Due to these profound benefits of blockchain technology, businesses in almost every industry are migrating from traditional systems to blockchain-based operations. 

However, the critical point is that blockchain technology is still a novice technology. Therefore, like any other newly introduced technology, enterprises should be ready to address the complications and drawbacks while trying to implement it for any of their business transformations.
Nevertheless, the good news is, at Parangat, our specialized staff of highly-skilled blockchain professionals will identify your visions, and impediments in the process and will provide you with the most feasible solution for implementing blockchain technology in business operations alongside providing you with the full-fledged support from project ideation to deployment.

Top 10 Use Cases of Non-Fungible Tokens

Top 10 Use Cases of Non-Fungible Tokens

NFT Use cases

Non-fungible tokens (NFTs) are non-transferable units of data that exist on a blockchain and can be purchased or traded digitally. These digital files can be photographs, videos, and audio files.

In simple terms, users can exchange fungible assets on equal terms with the same value. Non-fungible assets, on the other hand, are unique and cannot be traded equally, though they are similar in many aspects.

For example, a person may own a 20-year-old sports card of a famous athlete. However, another person holds the same card (for the same athlete) released a few months ago. It is impossible to trade those cards equally because of the non-tangible variables such as the year of release and the type of sporting event. This distinction is because, even though both cards are similar and serve the same purpose, they are represented for different dates and times.

Unlike fungible tokens, non-fungible tokens are physical concepts converted into a digital form. This is how NFTs are different from any real-world assets and their values.

According to Fortunly statistics:

  1. The most valuable NFT is worth around $91.8 million.
  2. @pleasrdao purchased an Iconic “Doge” meme on NFT at $4 million
  3. 23% of millennials collect NFTs in the United States.
  4. In 2021, NFT art sales exceeded 1.5 million in a single month.

Non-fungible tokens, or NFTs, have risen in popularity in the cryptocurrency and blockchain industries. Yet, despite its spellbinding applications and indispensable functionalities, many investors and enthusiasts are still in doubt.

Graph showing increasing trend of NFT globally

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Are NFTs a fascinating concept that will last the wear and tear, or are they just another craze that will disappear as mainstream popularity grows?

These concerns mark it an essential factor to consider the most popular use cases of NFTs, along with real-time examples, for understanding and trusting the prospect of NFTs.

Top 10 Potential Use Cases Of Non-Fungible Tokens

NFTs have proven to be a considerable improvement over legacy systems in various applications. While many people assume that NFTs are solely for digital art, the universe of NFTs is far more significant than we think. 

There’s no doubt that the recent profitable sales of digital artworks as NFTs have sparked growing interest in NFTs. 

The following article will help you find the top use cases for NFTs with prominent real-world examples:

1. NFT In Real Estates

In the traditional concept, confirming and validating real estate ownership is frustrating and time-consuming. This hustle is due to the involvement of several intermediaries, including real estate agents, banks, and government representatives. Moreover, the presence of intermediaries imposes a hefty commission on the real-estate owner.

Graph showing the sale of NFT on Open  Sea

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However, with the implementation of NFTS, the acquisition of real estate and the transfer of ownership has become a two-party involvement procedure, which is an ideal and hustle-free process.

Since NFTs use blockchain technology, data, and real estate ownership are securely recorded and kept, preventing data manipulation and replication.

NFTs operate decentralized, eliminating the need for intermediaries and excessive commissions and enabling direct ownership transfers between the parties.

2. NFT In Sports 

The NFT development sector has cooperated with several sports leagues and businesses. They’ve taken advantage of the critical aspects of NFTs, as seen by the launch of the sports NFT marketplace development platform.

Graph showing the popularity of various NFTs

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The National Basketball Association (NBA) has created NBA Top Shot, its own NFT marketplace development platform. The unforgettable NBA moments are converted into a digital collectible and are made available for purchase on this exclusive NFT marketplace.

The NBA Top Shot platform has brought in a significant amount of money for the league and security for the collectibles’ creators.

3. NFT In Gaming

The world of online gaming is one of the fastest expanding industries. The concept of NFTs in the gaming industry is not new, as players have already dealt with them to purchase digital items in games. Those assets, however, cannot be sold.

NFT in gaming industry

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Gamers can use non-fungible tokens to monetize their in-built digital collectibles by playing NFT-based games.

The in-build purchases appear in the form of NFTs in the NFT-based online gaming platforms. Therefore, these digital assets are purchased and sold on any NFT marketplace development platform.

By manufacturing exceptional digital collectibles, NFTs assist gamers to become more motivated while playing NFT games. NFTs are rare in nature, so the thought of giving rare gaming NFTs motivates gamers to pursue careers in NFTs.

4. NFT In Certificates & License

Employing NFTs in Certificates and Licensing is essential for confirming the ownership and authenticity of certificates throughout the hiring or admissions process. However, in the current scenario, the corresponding committee can only review and approve the certifications given by employees and students to a certain extent.

NFTs can contribute to this domain by addressing authenticity concerns and providing complete certificate authority. Compared to the old process of validating and authenticating certificates, this NFT use case takes relatively little time. The same NFT application can assist in both license verification and registration.

5. NFT In Memes

Use of NFT in memes

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The expansion of NFTs and social media has been in perfect sync in recent years. “Memes” are a fun concept that originated on social media. And one of the more intriguing NFT use cases is memes. Memes are quickly convertible into NFTs on any NFT marketplace development platform.

Meme creators have had a fantastic opportunity to monetize their entertainment production. Since memes are created with NFTs and on the blockchain environment, they cannot be copied or modified. This feature ensures that the customers are the rightful proprietors of the digital item.

6. NFT In Fashion 

Asset counterfeiting is a significant obstacle in the fashion business. Customers have been sold several counterfeit products every single day. This stumbling block is no longer a concern in the NFT environment.

Graph  showing impact of  NFT in fashion  industry

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NFT confirms ownership of a purchased product. NFT verification provides information on the manufacturing location and the previous owner of the product. The NFT application also complies with consumer protection laws, enhancing employee well-being.

7. NFT In Marketplace Development

The fast growth of NFTs has allowed them to create their decentralized exchange through the NFT marketplace.

Graph showing increasing market capitalization of transactions globally

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The NFT marketplace is a unique platform where users can trade digital assets such as NFTs.

The immense popularity of NFTs has prompted businesses to construct their own NFT marketplace development platform. Corporate companies have found that new profit methods are pretty effective in the digital environment.

8. NFT In Property and Patents

While patents fall under intellectual property, they easily qualify as an investment product for a company. The deployment of NFTs for patents could assist patent tokenization.

Graph showing rising trend of NFT in property and patents

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Consequently, patent owners will have an easier time finding profitable ways to commercialize their patents.

Non-fungible tokens for patents offer open, highly secure, and widely accessible trade systems, which is interesting. Organizations could have several assets related to intellectual property rights and patents. 

The sharing of Intellectual property rights among several buyers is simplified by fractional ownership of an item. As a result, businesses will be able to use fractional ownership to generate additional revenue sources.

9. NFT In Music And Art

To create a collectible piece of music, musicians can link their audio tracks to NFTs in the same way they can attach images or videos. It’s similar to releasing the first digital album. In most cases, musicians struggle to receive a fair share of royalties. 

It may not always be possible for their music to be adopted by more extensive streaming services. As a result, this approach addresses all of these concerns, and artists will no longer need to rely on third-party services.

In the realm of digital artworks, piracy has been a severe concern. Many talented artists share their digital works on the internet, where they can be easily copied and sold. Unfortunately, the artwork’s ownership is incorrectly claimed and sold to someone else.

But in the case of NFTs, the ownership of the artwork is recorded securely on a digital ledger known as a blockchain.

Due to the digital ledger system, plagiarism and theft are no longer a concern. NFTs provide proof of ownership and prosecute infringements.

The introduction of NFTs into the artwork sphere has motivated digital artists to express their creativity and sell their work.

10. NFT In Goods & Supply-Chain

The commodities and supply chain business can benefit from blockchain as trustworthy technical assistance. Many well-known companies, including Amazon, have already begun to use blockchain to track their products’ path through the supply chain from the point of origin to the client.

Blockchain’s transparency and immutability make it a suitable solution for the logistics industry. This feature of blockchain guarantees the trustworthiness and authenticity of supply chain data. Customers are becoming more conscious of perishable goods storage sites and durations, such as food and other goods.

Real-Time Examples Of NFT Use Cases

1. Metaverse

In the metaverse, the NFT examples would send you straight to Facebook. The most popular social media platform intends to transform into a virtual environment that will allow users to immerse themselves in the experience. 

Facebook might use the logical expansion of virtual and augmented reality over its current technology and infrastructure for the metaverse. Also, Facebook has plans to allow users to utilize digital avatars to mingle, engage, and develop the virtual environment around them.

2. Intellectual Property NFTs

The administration of intellectual property rights is one of the most common uses of NFTs. The collaboration between IPwe and IBM for changing corporate patents is the most recent example of the usage of NFT for intellectual property. 

The collaboration intends to create an ecosystem for patent tokenization, allowing for faster patent commercialization, licensing, and sales.

3. Coca Cola

Coca-Cola is likely one of the most well-known brands that recently entered the NFT market. The firm joined the metaverse by issuing NFTs of collectible Coca-Cola bottles from the past. 

Surprisingly, the company raised about $575,000 for the artifacts through an online auction. Coca-Cola is one of the non-fungible token use examples demonstrating how NFTs may inspire community interaction and brand promotion while also providing a new revenue stream.

The Takeaway

The NFTs have unquestionably revolutionized the concept in a variety of industries. NFTs assist businesses in rising to the top of their respective sectors and claiming the monetary advantages of what is rightfully theirs – their personal property. 

Businesses have borne a significant expense without the usage of non-fungibles.

But the implementation of non-fungible tokens quickened the process of transaction and audit, resulting in a boost in profits.

However, like any other newly introduced technology, enterprises should be ready to address the complications and drawbacks while trying to implement NFTs for any of their business transformations. Nevertheless, the good news is, at Parangat, our specialized staff of highly-skilled blockchain professionals will identify your visions and impediments in the process and will provide you with the most feasible solution for implementing NFT technology in your business operations alongside providing you with the full-fledged support from project ideation to deployment.

NFT Marketplace For Real Estate: A Step by Step Approach

NFT Marketplace For Real Estate: A Step by Step Approach

NFT marketplace for real estate

Along with emerging technologies like Blockchain, Cryptocurrency, Virtual Reality, and Augmented Reality, NFT has become the new talk of the town. Global users use NFT marketplaces to list, sell, buy, and manage assets like real estate.
According to statistics, virtual lands worth more than $300 million contributed to 25% of NFT purchases in December 2021.

Graph showing sale of Non fungible tokens

An NFT real estate market provides dealers with a secure digital infrastructure through which they can sell or buy properties. These marketplaces can be niche-focused or integrated, allowing NFTs to list from several fields.

Also, the NFT marketplace offers unique identification, which prevents data manipulation and protects against security concerns.

This blog post will walk you through the steps to creating an NFT real estate marketplace.

What Are Non-Fungible Tokens(NFTs)?

NFTs are cryptocurrency-based digital assets that anyone can sell online. The non-fungible tokens exist only for a limited time. However, they have a high market value due to their irreplaceable nature. Therefore, as demand rises, the digital asset’s value also increases.
The real estate component of NFT is gaining rapid popularity. For example, a virtual plot was recently sold for 1.5 million dollars or 888 ETH. Currently, the United States is leading the growth of the NFT marketplace by investing and trading in it.

How Do NFTs Work In The Real Estate Industry?

Consider the scenario where you own real estate and want to sell it. In traditional ways, you will discover purchasers through intermediaries, who will charge you commission fees if your house is sold.

Most of the time, the commission costs demanded by intermediaries are outrageous. You can quickly discover purchasers and submit your proposal for selling properties if you have a broad network of friends or family members. If this isn’t the case, you’ll have to rely on intermediaries.

However, this scenario is entirely different if you sell or purchase properties through an NFT marketplace. Here, you can locate the buyers with the help of a decentralized network that doesn’t use any middlemen and therefore doesn’t impose commissions.

The Working Model:

Blockchain technology makes NFT transactions look like a pretty straightforward process. Users can create customized contracts to their requirements, defining the terms and nature of the exchange. Many Blockchain systems can mint NFTs on their networks, and Ethereum, Flow, and other well-known cryptocurrencies are examples.

When buyers buy an NFT, they receive a certificate stating that the NFT is now their property. The transaction takes place by connecting crypto wallets to the respective NFT marketplaces. These wallets allow for the transfer of funds from the buyer to the vendor and the storage of NFT. Metamask, Trust Wallet, and Enjin are some of the well-known crypto wallets.

An NFT for a real estate marketplace, like any other, will include some basic features for listing and purchasing NFTs.

Advantages Of Implementing NFTs In The Real Estate Industry

1. Transparency & Security

Trading properties online requires a high level of security, and Blockchain-powered NFT platforms enable general resistance to hacking and data exploitation. In addition, traders can access transactional data of their properties, ensuring transparency.

A single person or entity can’t control a Blockchain by its very nature and can therefore be hard to hack. This function maintains the security of the NFT real estate marketplace, and users can execute transactions without worrying about being robbed or defrauded.

2. Mortgage

You can easily lend or borrow NFTs from decentralized marketplaces once you own NFT-based real estate property. As a result, NFTs encourage the concept of a mortgage.

3. Fractional Ownership

Real estate owners can divide their property into smaller fractions, or NFTs. Additionally, sell the bits of NFTs that carry the property’s ownership.

Fractional NFT Marketplace real estate

In other words, buyers with limited means can purchase fractional NFTs for a fraction of the market value. In this way, multiple investors can earn partial ownership of the same asset.

The mechanisms of fractionalization are pretty straightforward: Take a whole NFT and divide it into a specified number of shares (1,000, 10,000, or even 10 billion) that are sold at a specific price. Then, these shares can be bought and sold on secondary markets without affecting the value of the original NFT.

4. Absence of Middleman

What if you could exchange your real estate properties without using any middlemen? As there are no intermediaries on the decentralized NFT-based real estate network, users can take a fresh breath.

5. Low Transaction Fee

The marketplace owners have the option of making their platform exclusive. In the exclusive marketplaces, there is less traffic, leading to lower transaction costs.

6. Transferability

Easy transfers are another crucial element to include. Many NFT marketplaces succeed because they simplify users to transfer assets to other users. The user will return for more if the transfer process is swift and efficient.

7. Ownership verification

A blockchain-based NFT marketplace can also verify ownership. The system ensures that the NFT of the estate is precisely validated.

A Step By Step Approach To Create An NFT Marketplace

1. Know Your Audience

Begin by determining your target audience and what they expect from an NFT marketplace.

The following are some essential points to ponder:

  • What kinds of commodities or non-traditional technologies do you want to sell and host in your marketplace?
  • Are you targeting a domestic or international audience?
  • What wallets, services, and forms of NFT trading do you want to provide?
  • What services, features, and information flow must be available in your marketplace if you’re just catering to artists and creators?

It will be easier to develop and deliver personalized services to your clients if you clearly understand your business model, target demographic, and service offerings.

2. Market Research

NFT is a perfect blend of different technical possibilities in real estate. In recent years, blockchain technology has evolved, leading to new market trends. It’s now up to an NFT Marketplace development company to develop solutions for long-term success.

Organizations that provide NFT market development services can significantly benefit from competitive analysis, industry research, periodicals, journals, and other educational tools. This type of study can help you create NFT solutions that are highly tailored, scalable, and future-oriented.

3. Product Discovery 

After you’ve figured out what you want to sell, you’ll need to determine if your products or services are suitable for the market or your target audience. During the product discovery phase, you can examine the potential, significant features, and ultimate goals of your NFT marketplace.

Clients can also envision their product in real-time using innovative prototyping tools throughout the product discovery stage. The product visualization does not stop at the user interface; it also includes recognizing the difficulties, potential solutions, and market performance.

The procedure also lays out the project development and management strategy, including key elements like the structural base.

To acquire a fundamental knowledge of what NFT is and why you need an NFT marketplace to complete the job, read our thorough guide on NFT marketplace development.

4. Designing NFT Marketplace

Having a product structure will make it easier for you to create a compelling marketplace design that assists users in interacting with your product. You need to utilize a multilateral product design strategy that focuses on the many criteria to make your product user-ready for a varied audience.

A decent design will efficiently convert your audience into potential clients. In a richly featured NFT marketplace, each user would find a saturated interface that meets their needs.

You’ll need a capable team of NFT marketplace designers who can use their knowledge of product design, the NFT real estate market, and your target audience to develop a visually appealing and result-oriented plan.

5. UI Development

By utilizing top frameworks and programming languages, developers can implement the functionalities of the marketplace into the product to reach the end goal. Although the basic premise remains the same, engaging UI developers familiar with the NFT sector is always preferable.

You will need a collection of the below-mentioned technology resources to develop an NFT real estate marketplace:

  • A Cloud-based Hosting Platform

To deploy the final product quickly, NFT real estate marketplaces require a flexible and scalable development environment.

Instead of deploying the program on a single server, an NFT real estate marketplace development company can use cloud hosting.

Cloud architecture enables automated and regulated solutions while providing APIs, web portals, and interoperable mobile applications.

  • System for Managing Databases

A compatible database management system (DBMS) allows you to create a competent, safe, and secure environment for handling various types of data. Our goal is never to compromise on security. jeopardize the trustworthiness and long-term viability of data on an NFT real estate marketplace.

Database management systems (DBMS) are essential even when building cryptocurrency trading software.

  • Platforms for the Frontend and Backend

A Blockchain development company can carve an interactive frontend and a solid backend that establish a client-oriented NFT marketplace using a variety of frameworks, computer languages, and scripts. 

The most common technologies used to build an NFT real estate marketplace are React.js, Express.js, and Node.js.

6. Implement Blockchain Model

Blockchain helps in storing NFTs. The best Blockchain will provide secure and smooth operation. Smart Contracts facilitate the execution of protocols. Blockchain applications are built using frameworks like Drizzle, Ganache, and Truffle.

Ethereum, Binance Smart Chain, Solana, Cardano, and Polygon are all NFT marketplaces built on Blockchain. It would be possible for developers to create a Smart Contract and deploy it to your NFT infrastructure.

The purpose of establishing a compatible Blockchain ecosystem that is to:

  • Provide extensive functionality.
  • Keep track of what’s going on.
  • Streamline the product’s futuristic Blockchain ambitions.

7. Integrating Crypto Wallet

One of the most critical requirements of a multifunctional NFT real estate marketplace is a crypto wallet with many features. For example, it allows the incorporation of crypto tokens and ensures the secure transmission of gas fees on both ends. 

You’ll need a crypto-compatible wallet with capabilities that support the needs of a Blockchain-enabled NFT marketplace to conduct secure and smooth transactions.

Crypto wallets are available in a variety of forms. You can also employ a cryptocurrency wallet app development business to assist you in developing a custom cryptocurrency wallet specifically for your marketplace.

8. Testing 

Testing is more than just looking for flaws and errors. It’s a final stage where you evaluate your concept’s possibilities that have evolved into a finished product. Therefore, we need to examine every small and significant chained feature, functionality, interface, and even NFTs within the program listed on the platform.

You look at the design, development, and other aspects of making it a complete NFT marketplace solution.

9. Deploy & Launch

Once you have a deployable NFT marketplace product, deploy it on the server seamlessly and safely. External resources and Smart Contracts will be integrated into a single bundle with flexible deployment. The ability to deploy leads to more successful business outcomes.

You can launch your NFT real estate marketplace on several design and development platforms. In addition, you can present your product in many ways, such as to potential clients, investors, and partners.

Top 5 Real Estate NFT Marketplaces

Now that you’ve learned about NFT marketplaces in detail, including their benefits and a step-by-step implementation guide, it’s time to learn about the top performing NFT marketplaces in the world to gain confidence in integrating them into your business in the right way.

1. Open Sea

OpenSea offers a diverse range of digital goods, ranging from original artwork to real estate. By searching here, you can locate various one-of-a-kind virtual properties.

OpenSea is the most secure platform for virtual buying and selling, with a trading volume of about 1.67 billion dollars. 

To purchase NFT real estate, OpenSea offers two possibilities. A property can be sold at a fixed price or at an auction where several purchasers can submit bids. If the seller accepts your offer, you will be able to purchase the land you choose.

2. Cryptovoxels

Cryptovoxels is a well-known and reliable virtual property marketplace. Approximately 80% of the land sold in this area has already been developed.

From their site menu, you can select specific land locations. Select any of them you like and purchase them with your virtual wallet. Cryptovoxel’s world’s aesthetics look pixelated, making it exciting and appealing to users.

3. Polka City

Polka City provides users with access to a variety of virtual locales. It has the potential to be a lucrative source of income. In comparison to other marketplaces, joining Polka City is a simple process. It is accessible without the need to open a new Blockchain wallet.

Each site is an NFT with a real-world value that allows you to make money. Creating an internet property here is comparable to that establishing a physical location. 

4. Super World

SuperWorld virtual real estate offers over 64 billion plots to choose from. You can have anything you want, from historical landmarks to stadiums and scrappers. In addition, it enables you to locate a home with sentimental importance for you. 

You can buy and sell these digital assets since they are tradable. SuperWorld allows you to own a one-of-a-kind, irreplaceable piece of digital real estate. Each plot is a 100m × 100m rectangle, the same size as a Yankee stadium.

5. Decentraland

Decentraland is another prominent NFT marketplace for virtual and digital assets. It allows you to purchase virtual land and create a virtual community. In addition, you can explore, engage, and play games within this online environment.

Once you have control of the land, you can build whatever you want. It could be a static image or a fun game. Decentraland is a virtual economy where users can conduct trades and monetize their assets. 

A plot of land on Decentraland can cost thousands of dollars. This has even attracted the attention of the online art community. Digital artists have purchased land on Decentraland and constructed art galleries to display their work.

Key Takeaway

While every NFT marketplace development idea is fantastic, not all of them turn a profit or are effectively implemented.

The best outcome always stems from the best path:

  1. Right Plan
  2. Right Partners
  3. Right Approach

At Parangat, we provide the best Blockchain consulting, the development of the NFT marketplace, and a range of additional products and consulting services. We have a brilliant panel of well-versed professionals in the latest Blockchain platforms and other cutting-edge technology.

Hence, regardless of the size and scope of your organization, we stand by all three Rs:

Right Investigation, Right Suggestion, and the correct implementation.
Book a meeting with our specialists today for additional information and get started with your NFT marketplace development!

Metaverse and NFTs: How Are They Related?

Metaverse and NFTs: How Are They Related?

Metaverse & NFT

Welcome to the Metaverse, where our digital and physical worlds collide. Imagine your avatar entering a virtual wine shop and speaking with an avatar wine specialist to seek some answers to your questions. You place an order for wine and have it delivered to your home.

In addition, the acronym NFT has recently been all over the news, but most people have no idea what it stands for–non-fungible token–much less what one is. However, this didn’t stop NFTs from becoming a big market.

Graph showing increasing popularity of NFT globally

This article focuses on blockchain-powered Metaverse, as the future will be decentralized. We will address the role of NFTs in the Metaverse’s virtual world. We’ll find compelling solutions to the queries, “How are NFTs connected to the Metaverse?” and “How do NFTs impact the Metaverse?”.

Metaverse and NFTs: What Are They?

Metaverse: 

A Metaverse is a virtual world that allows people to connect digitally by combining social networking, online gaming, augmented reality (AR), and virtual reality (VR). To improve the user experience, augmented reality overlays visual components, sound, and other sensory input onto real-life scenarios.

NFTs:

A non-fungible token (NFT) is a cryptographic asset with unique identifiers and metadata that distinguishes it from others. Aside from cryptocurrencies, they cannot be exchanged for equivalents. In contrast, fungible tokens, such as cryptocurrencies, are identical to one another and used as a form of exchange. 

 To simplify your understanding:

  • The Metaverse can be considered a blockchain-based digital world with visual components provided by virtual reality and augmented reality technologies.
  • Non-fungible tokens, or NFTs, are a new type of digital asset that is one-of-a-kind, indivisible, and immutable. They aid in representing digital and physical asset ownership on the blockchain. NFTs have a significant impact everywhere, from digital artwork to the game industry.

How Are NFTs and Metaverse Correlated?

Almost every discussion concerning the Metaverse revolves around the possibility of combining it with NFTs. Many people believe that NFTs are merely another part of the larger Metaverse.

NFTs function in the Metaverse in the same way that real-world items do in the real world. NFTs are an integral component of the emerging Metaverse, whose survival is dependent on asset tokenisation.

To make use of the combined benefits of NFTs and Metaverse, every Metaverse project, whether gaming or business, must mix the two. Some computer experts believe Metaverse and NFTs are mutually beneficial. 

In the Metaverse, NFTs are useful in a wide range of applications. The NFT plays a crucial role in asset ownership to interoperable blockchain games

NFT technology is necessary to give the asset owner absolute digital ownership. Nevertheless, the viability of NFTs in blockchain games is the primary reason for their popularity in the Metaverse. By complementing the virtual environment, interoperable games enhance the development of gaming Metaverses.

NFTs play the following roles in the Metaverse:

  • Metaverse uses NFTs to enable users to create digital avatars (replicas of real-life identities). The NFT system helps in providing ownership and transferring it for in-game collectibles and accessories such as skins, armors, and tanks. Also, the tokenization concept establishes ownership of each avatar.
  • Metaverse events such as concerts and live events use the NFT ticketing system to distribute tickets to the intended audiences.

How do NFTs Impact Metaverse?

In the Metaverse, NFTs have the potential to disrupt the traditional social network paradigm of user contact, socializing, and transactions. 

NFTs are unique and valuable as an asset because they run on a blockchain network and cannot be exchanged. In 2021, the market for NFTs will be worth $41 billion. By 2025, the market is expected to reach $80 billion.

You may have discovered the various ways in which NFTs can assist in constructing the Metaverse. However, it is critical to recognize the role of NFTs in altering the Metaverse’s fundamental design. 

You’ve noticed that NFTs can potentially disrupt Metaverse’s traditional social network user engagement, transaction, and socialization patterns. So, how would these impacts play out in the Metaverse?

Here are a few examples of how the Metaverse NFT interplay might develop in the future:

1. Leads to a Fair & Transparent Economy

The Metaverse’s decentralized virtual realm allows corporations and people to replicate and port real-world assets. Play-to-earn games are a popular way to integrate more digital items into the Metaverse. Such games increase player engagement and empower them by giving in-game financing and trading benefits.

Players can use NFTs to participate in play-to-earn games and earn money for their contributions. These games have guilds acting as middlemen to buy gaming assets, collectibles, land, and other real estates. Guilds are also responsible for paying players who have run out of money.

Graph showing  comparison among various NFTs in real estate

In the Metaverse, users can acquire virtual properties just like they can in the real world. Users can own and create virtual real estate based on their preferences, thanks to the underlying blockchain technology and NFTs. Users can buy and sell virtual properties and rent them out for passive revenue.

Additionally, they can construct various structures on the virtual land, such as online stores, and use these spaces to conduct social gatherings. Many sectors are approaching the concept of virtual real estate because it allows for the online sale of tickets and merchandise.

3. Reaching a Global Audience

Few brands could foresee the enormous advantage of NFTs long before they became widespread, and they began using NFT technology to improve their brand. When everyone understands the Metaverse and NFTs, companies worldwide are leveraging virtual products and NFTs to reach a larger audience.

The gaming sector was one of the first to implement NFT technology, and it has more significant potential to draw younger viewers than any blockbuster film or sporting event. Even well-known brands now sell the digital version of their goods before releasing the physical versions. NFTs help brands build popularity and effectively engage potential customers in this way.

4. Enhanced Social and Identity Experiences

NFT Metaverse initiatives would also significantly impact Metaverse users’ identification, social, and communal experiences. By holding NFT assets, users can show their support for a specific project or express their thoughts on the virtual and real worlds. 

As a result, groups of like-minded NFT owners could emerge to share experiences and collaborate to develop content.

NFT avatars are a famous example of how the Metaverse’s NFT connection changes reality. An avatar represents the true self of the player and the one they aspire to be. Players could enter and switch between different areas in the Metaverse using their NFT avatars as access tokens.

An NFT acts as an extension of the user’s real-life identity, offering complete control, flexibility, and ownership.

Users can utilize NFT avatars to earn virtual membership to various real-world and Metaverse experiences. As a result, combining Metaverse with NFTs can improve users’ social and communal experiences. The potential of NFT avatars is further demonstrated by their use in the Metaverse to launch startups and develop content.

5. Ease of Transferring Ownership

With numerous real-world use cases across various industries, NFT has progressed significantly. They’re no longer merely for buying and selling digital assets; premium fashion brands have begun distributing relevant NFTs to promote their products and services.

NFTs provide a simple way to trade gaming memorabilia while maintaining original industry requests. Brands launch their NFTs, and people invest in them, precisely what happens in the Metaverse. The transfer of ownership is also managed by NFT technology, ensuring that immutability is guaranteed.

6. Maintaining Digital Scarcity

Counterfeiting is a significant issue in a variety of businesses. Even huge brands battle to keep their products worth, assuming they would be counterfeited and sold for less money. Product details and design differences distinguish duplicates from originals, but how can they maintain originality and uniqueness in the virtual world? NFTs, come in handy.

NFTs are developed on blockchain and its non-fungible properties, which provide immutability in records and unique ownership characteristics. Even if virtual products are easy to copy, once tokenized through NFT, we cannot replicate them, whether they are avatars or digital assets.

It’s difficult to survive in the Metaverse without digital scarcity, as anyone may counterfeit things and disrupt the entire system.

7. Trading Virtual Goods

NFT trading dominates Metaverse. This virtual product can be a digital reproduction of a real thing or a ‘one-of-a-kind’ virtual product, such as tweets and.png photos. Even though these things do not exist in the physical world, people spend a lot of money on them.

People who own virtual things in the Metaverse enjoy similar benefits to those who buy them in real life. It’s not surprising, for example, to see someone spend thousands of dollars to win a race in a high-end racing car. Not only do avatars in the Metaverse purchase and sell assets using NFTs, but they also debate deals with one another.

To Wrap-Up

The Metaverse and NFTs are still in their infancy. Their horizon is growing thanks to large firms investing in the technology and launching a variety of viable use cases. We constantly learn about new Metaverse and NFT based projects. The Metaverses of the future must be advanced.

The main aspects of the Metaverse and NFTs, including digital evidence of ownership, money transfer, governance, accessibility, and interoperability, all require blockchain technology. The main problem is to select a project that would appeal to consumers and attract new participants.
If you’re planning to adopt NFT technology in your future business operations, it is wise to imbibe blockchain technology in your current business operations. Reach out to parangat, and we’ll conduct an audit to help you discover impediments and possibilities for deploying blockchain services for your company.

Big Data and Blockchain: How Are They Related?

Big Data and Blockchain: How Are They Related?

Big data & blockchain

Big Data has been around for a while, and blockchain technology is currently riding the top of the wave of popularity. What are the potential outcomes of combining these two innovations?

The volume of transactional data stored within various ledgers is getting enormous as cryptocurrencies, and other real-world applications of blockchain technology become more prominent. Using traditional cloud storage providers like AWS or Azure to store these massive data lakes would be extremely expensive.

As a result, blockchain technology and big data have seen a lot of growth because businesses generate many data. At this crucial point, blockchain technology emerges as a reliable, cost-effective, and decentralized ledger to keep anonymous data generated daily.

Big data is a game-changer in today’s tech-savvy world, allowing businesses to use real-time pioneering insights to improve performance. Extensive data services assist governments, organizations, and even small and medium-sized businesses.

Read on to understand how combining these two technologies can create new possibilities for innovation in your business.

Current Challenges of the Big Data Industry

Existing challenges in blockchain technology

By implementing a big data strategy, organizations can reduce operational costs, shorten the time to market, and develop innovative products. On the other hand, Enterprises face dozens of new significant data challenges in getting initiatives from the drawing board to execution.

Here are some of the most significant problems that arise while dealing with Big Data:

1. Professionals with Inadequate Knowledge

Companies require trained data specialists to run these latest technologies and massive data tools. Data scientists, data analysts, and data engineers will be necessary to make sense of massive datasets and work with the technologies.

One of the most significant challenges of Big Data companies is the lack of highly skilled professionals. Data processing tools have advanced rapidly, but most experts have not. 

For Example:

When employees are not aware of using or storing the data correctly, they might misuse or ignore the data leading to inefficient analytics. They might not even use the database properly for the backup, and these mistakes would lead to data scarcity.

2. Mishandling and Misunderstanding of the Massive Data

Due to a lack of understanding, companies fail to succeed in their Big Data efforts. Employees may be unaware of what data is, stored and processed, or where it originates. Even if data specialists have a clear picture of what’s going on, others may not.

Employees who don’t comprehend the importance of knowledge storage may be unable to keep a backup of critical information, and they couldn’t save data in databases appropriately. As a result, it’s tough to find this crucial information when it’s needed.

For Example:

The sole purpose of tackling big data and analytics is to understand the massive data and the ability to segregate and use it most appropriately. If the employees lag behind these crucial tactics, the outcome will lead to blunders due to data usage in the wrong places.

3. Issues with Constantly Growing Data

The proper storage of these vast amounts of data is one of the most critical concerns of big data. The amount of data saved in data centers and company databases continually and large data sets are difficult to manage as they multiply.

Documents, movies, audio files, and text files are among the unstructured data sources. 

For Example:

Companies often introduce different data handling tools to acknowledge their growing data. The employees should keep pace with understanding the mechanisms to integrate them correctly. Any misuse in handling the tools or overlooking the data stored at multiple places in multiple formats would lead to incorrect results.

4. Confusion Regarding Big Data Tool Selection

Businesses are confused when selecting the simplest possible big data tool for their vast projects. Is HBase or Cassandra the most accessible system for storing data? Is Hadoop MapReduce sufficient, or will Spark be a far superior data analytics and storage solution?

These issues trouble companies, but they aren’t always able to find solutions. They often make poor selections and use inefficient tech. As a result, resources such as money, time, effort, and work hours are spent in vain.

For Example:

Updating the tools or introducing new tools to handle the ever-growing data and produce accurate results is never a wrong idea. But, choosing the appropriate tool for your data is always a challenge that troubles organizations and an incorrect tool selection incompatible with your data are of no use.

5. Data Security

One of the most significant issues of enormous data is securing these massive quantities of data. It is common for companies to put data security on the back burner while focusing on interpreting, preserving, and analyzing their data sets.

Unprotected Data repositories can become breeding grounds for malicious hackers, so this is rarely a wise choice. An information breach can cost a company up to $3.7 million.

For Example:

Data and its security should always go hand in hand. Companies often require highly skilled cybersecurity professionals to handle their data for the following purposes:

1.     Data segregation

2.     Data Encryption

3.     Access Control

4.     Identity Control

5.     Real-time monitoring

6.     Implementing end-point security, etc

What is the relationship between Big Data and Blockchain?

Big data & blockchain: Relationship

Blockchain has the potential to be a valuable tool for storing data online. In a transaction, different parties store transactional information on different ledgers.

With the help of Blockchain, all of these parties can get access to a single network.

The network can record transactions, and all the involved parties can verify these transactions. It will be simple to get these details because all the information will be kept in the Blockchain. 

Users can easily view historical transactions because of the Blockchain technology’s design. It becomes simple to trace the origins of a transaction.

How can Blockchain Transform Big Data?

Here are some of the factors how Blockchain can serve as a driving force behind Big Data:

Impact of blockchain in big data

1. Data Exchange

Thanks to data sharing services like Dock, working professionals may maintain their employment profiles on a single platform rather than working through various profiles on multiple job sites. 

Dock also collects credentials and other experiences from various platforms and stores them all on the blockchain, allowing professionals to build comprehensive profiles.

Study results show that 73% of corporate data isn’t used for data analysis. However, blockchain has the potential to alleviate these constraints by making data sharing more secure and straightforward without incurring significant infrastructure expenses.

2. Decentralization

The high expense is the most significant barrier to incorporating big data analytics into existing infrastructure. Today, blockchain solutions make data analytics tools more accessible by decentralizing the necessary technology.

3. Data Monetization and Sharing

In today’s world, data is the most crucial piece of information, and combining blockchain and big data can help advance the way data analytics is shared and monetized. 

Customers can acquire negotiating power over firms, allowing them to choose which organizations have access to their data and which do not.

Benefits of Using Blockchain Technology in Big Data

1. Improved Data Quality

As diverse sources collect data in different formats, data scientists spend most of their work on data integration. By storing data on the blockchain, you can improve the quality of the data because it is well organized and complete. As a result, data scientists may work with high-quality data to make more accurate real-time forecasts.

2. Strengthening Data Security

Flowchart showing how blockchain improves big data security

As the number of devices linked to the Internet grows, the amount of data kept in third-party places such as the cloud multiplies, introducing new concerns, such as data breaches or threats from unscrupulous third parties.

Traditional security solutions, such as firewalls, cannot solve the issue of big data since companies have no control over the data because it is not held within the organization’s network perimeter. The use of blockchain to store large amounts of data has the potential to solve this problem. 

The blockchain network’s encrypted and decentralized data storage makes illegal access to the data extremely difficult.

3. Preventing Fraud

To detect fraudulent transactions, existing extensive data systems rely on examining patterns in historical data. As a result, big data will not be able to tackle the problem of fraudulent financial transactions. 

Financial institutions can monitor each transaction in real-time thanks to the storage of massive data in the blockchain, allowing them to examine possibly fraudulent transactions on the fly. 

As a result, incorporating blockchain into big data can assist financial organizations in preventing fraud and safeguarding their consumers.

4. Streamlining Data Access

By streamlining data access online, the usage of blockchain would simplify the life cycle of big data analytics. Authorized users can access secure, trusted data without going through multiple checks by involving multiple departments in an organization in a typical blockchain.

5. Real-Time Analysis

Since blockchain records every transaction, it allows for real-time big data analytics. The banks and financial institutes can settle the cross-border transactions, including significant sums, in near real-time as the blockchain-integrated big data analytics enables the financial institutes to settle the transactions rapidly. 

Banks can also monitor changes in data in real-time, allowing them to make real-time decisions such as stopping transactions.

6. Enhanced Data Sharing

The use of blockchain in conjunction with big data allows service providers to exchange data with other parties while minimizing the danger of data5 leakage. 

The blockchain can also reduce the amount of repeated data analysis since each experiment is recorded.

Real-Life Scenarios of Blockchain in Big Data

Use cases: Blockchain technology in big data

Blockchain is the technology behind cryptocurrencies such as bitcoin and Ethereum. On the other hand, big data is a more advanced data science notion that involves a larger dataset with greater diversity, quantity, and velocity. We examine these datasets for patterns, associations, and trends of interest. 

Blockchain, interestingly, is a form of distributed ledger that irreversibly records transactions. Blockchain has a high level of trust, removing the need for third parties to control transactions and ensuring that data is unchangeable. 

Many applications in data science use blockchains to ensure data integrity while doing data analysis and sharing. Following is a list of some of the most popular real-time applications of Blockchain and Big Data:

1. Storj

Storj is an end-to-end decentralized storage project that uses unused hardware and bandwidth to enable peer-to-peer storage contract authentication between providers and users. 

It all begins with encrypting client-side files, split into “shards.” These shards are kept three times on the farmer’s side to ensure backups. 

Only the client has access to the data, providing greater security than standard centralized cloud services. Renters can check on the farmers’ files and pay for the storage system’s upkeep using the Storj cryptocurrency. Renters only pay for the space they use, with no additional setup costs or user restrictions fees.

2. Omnilytics

Omnilytics is a big data analytics blockchain platform that gives insights into the sales, marketing, and retail industries. It integrates data from many industries using blockchain, big data analytics, machine learning, artificial intelligence, and other technologies. 

The platform offers data analytics and related services such as competitor benchmarking, trend research, and pricing analysis for clients. Smart contracts, distributed data fingerprinting, data exchange, and other services use blockchain to track data trends and provide incentives through micropayments.

3. Provenance

Image showing how blockchain impacts supply chain management

Provenance is a blockchain platform primarily used in supply chain management that aids in collecting and sharing critical product information in a reliable, safe, and accessible manner. 

The six participants in the blockchain architecture are the producer, the manufacturer, the registrar, standard organizations, agents such as certifiers or auditors, and ultimately the clients. 

The protocol gives consumers access to information about the items’ origins, transit through various points in the supply chain, product quality, and environmental effect.

Putting it All Together

However, enterprises should be ready to deal with several drawbacks and complications when implementing a blockchain to improve big data, just as they are with any innovative solution. We have a specialized staff of highly skilled blockchain developers at Parangat who are well-versed in all aspects of this fascinating technology. Contact us, and we’ll gladly help you implement blockchain technology into your extensive data services.

The Metaverse: Benefits, Challenges, and Use Cases

The Metaverse: Benefits, Challenges, and Use Cases

Metaverse use cases & benefits

Imagine a virtual environment where you can go through your everyday routine from your comfort home. You may meet friends, make purchases, and have everything delivered to your home or consumed digitally. You can go to a virtual cinema and watch movies together. We call it Metaverse.

A thorough examination of the metaverse can help determine whether the metaverse notion will be sustainable in the long term. For establishing an unbiased image of the metaverse, this article provides an overview of the metaverse and its emerging use cases, including its benefits and challenges.

What is a Metaverse?

A metaverse is a virtual world combining social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency that allows people to connect digitally. To improve the user experience, augmented reality overlays visual components, sound, and other sensory input onto real-life scenarios.

Graph showing metaverse market size globally

The term Metaverse originated from Neal Stephenson’s futuristic cyberpunk novel ‘Snow Crash.’ According to the novelist Neal Stephenson, the metaverse is a virtual world in which humans can interact with each other and digital solutions through their avatars. Surprisingly, Neal Stephenson’s concept for the metaverse depicted it as the internet’s future evolution on the shoulders of VR technology.
Many individuals and organizations today are eager to take advantage of the benefits offered by the metaverse. According to Gartner, by 2026, 25% of individuals will spend at least one hour every day in the Metaverse for work, retail, education, social media, and leisure.

Benefits of Metaverse

People are curious about the various advantages of the metaverse to assess how it could be a helpful technology. Major tech organizations have already begun to construct their metaverse visions.

Businesses discovered the possibilities for transforming the future of the internet and digital communication into more immersive experiences. As a result, the talk of the town is to understand the advantages of a metaverse in developing digital solutions that generate value in real-world applications.

Graph showing number of apps adding metaverse to their name

Here are some of the notable benefits of the metaverse:

1. Enhancing the power of blockchain

The primary benefit of the metaverse is that it supplements or complements blockchain-based applications. Note that blockchain is the primary technology behind cryptocurrencies like Bitcoin.

However, blockchain is more than just a platform for creating and managing cryptocurrency and tokens. It’s a decentralized or distributed database that serves as a transaction record or ledger. Another significant application is the production and distribution of non-fungible tokens (NFTs), which are digital assets that are not fungible.
A new trend in gaming is attempting to promote the concept of play-to-earn through the introduction of NFTs using blockchain technology. Players can make an income and gain in-game digital assets that are tradable and used in other platforms or other platforms’ game titles. These are called NFT or blockchain games. Axie Infinity is one of the most well-known examples.

2. Creates New Opportunities for Branding

Social media platforms have allowed businesses of all kinds and marketers to promote their products and services in ways that go beyond traditional media’s reach and capabilities. These platforms have opened the way for developing a new branch of marketing, social media marketing, and a specialized sort of digital marketing.

Of course, given that one of the metaverse’s desired applications is the growth of social media beyond Web 2.0, it can also serve as a marketing tool. It will inherit the benefits of social media, but with additional features. The advantages of virtualization are at the heart of the metaverse’s benefits for organizations and marketers.

Marketers can develop digitized representations of their products or set up stores in a shared virtual environment that customers can view and navigate. It will also offer up a new channel for augmented reality-based electronic commerce. The target market’s interactions with marketing content and adverts will be more immersive.

3. Develops & Promotes Virtual Economy

A virtual economy is an economy that exists on a virtual platform. Although virtual economies are not the same as real-world economies, it’s worth mentioning. People engage in virtual economic activities for entertainment and recreation. Participation in the real-world economy is necessary because it is a question of existence.

The metaverse will serve as a digital marketplace for the exchange of digital and physical goods and services and digital assets. It’s essential to remember that these digital assets can have a monetary value. It will also encourage new trade activities and jobs, whether in the shared virtual area or the actual world.

4. Address Remote Work Challenges

Metaverse can address all of the current remote work issues. It enables managers to communicate effectively with their staff, including reading their body language and engaging in face-to-face engagement. 

Additionally, by keeping track of team productivity through their distinct avatars, the employer may handle issues such as productivity time theft and goldbrick at work.

5. Enhancing the Healthcare

The metaverse provides promising possibilities for enabling interaction between patients and healthcare professionals beyond geographical boundaries in the healthcare sector. 

Healthcare providers can use the virtual environment in the metaverse to communicate with patients in real-world environments. In addition, virtual reality models in the metaverse can provide medical students with compelling and thorough learning experiences.

Challenges of Metaverse

1. Identity & Reputation Problem

When it comes to the real world, the issue of personal identification and representation is relatively easy. However, when it pertains to virtual environments or the Metaverse, one can query what constitutes one’s identity. 

And, most importantly, how to show that you are who you say you are, rather than someone or a machine attempting to imitate your existence. This is where reputation comes into play, not only in terms of authentication but also as confirmation that the entity with which one interacts is trustworthy and legitimate. 

The ability to manufacture facial characteristics, film, and voice poses the most significant obstacle; thus, we can expect new verification methods to emerge shortly.

2. Data Security Issue

Submerging into the Metaverse will require the evolution of security systems to a whole new level to keep up with the Metaverse’s ever-expanding space. 

This would require developing new personal data and privacy protection systems capable of ensuring the security of one’s identity and belongings in the virtual world. 

Therefore, personal verification may reach a point where users will have to provide more personal data than is currently required to identify themselves and verify that the security system works appropriately, safeguarding personal data.

The subject of regulation and jurisdiction will arise due to countries’ engagement within Metaverse, demanding a greater focus on virtual legal areas. With the rising virtual space available to users worldwide, it will be necessary to determine how the matter of jurisdiction will be applied. 

The Metaverse is bound to bring many users together, making it a terrific location to connect and exchange information. Still, it also puts users at risk if there are no regulations governing the boundaries. 

Identifying jurisdiction and a set of laws that can ensure the virtual environment is safe and secure for its users will be a significant task.

4. Currency & Payment Procedures

Without a doubt, Metaverse will have its virtual marketplace, integrating several physical and digital currencies for quick and easy exchange. 

When it comes to transactions, it will be essential to build a unique new transaction verification mechanism, regardless of the currency or marketplace structure. 

The challenge will be convincing users that Metaverse trading is safe and, more importantly, that they can trust it.

5. Property Issue

When we talk about a single unified virtual environment where you can interact with both the world and other people, just like in the real world, we can visualize the ability to buy and sell various items and assets. 

NFTs (Non-Fungible Tokens) have accelerated their rise in popularity, creating headlines in 2021 and attracting more investors and consumers to digital assets and tokens. 

The task will be to create a uniform system that can be used to authenticate the possessors of virtual assets in the Metaverse, similar to how NFTs already represent real-world objects, awarding and proving ownership rights for art, music, films, and much more.

Emerging Use Cases of Metaverse

Metaverse benefits, challenges & use cases
Graph showing increasing market of metaverse in North America

1. Virtual Tourism

Technology has progressed to the point that you can have the pleasure of traveling without physically visiting the destinations. The first-person point of view is the most significant distinction between visiting a site in person and watching it on video. Virtual reality (VR) and augmented reality (AR) can be combined to create an immersive digital world. 

Virtual reality tourism is one of the emerging metaverse use cases that have the potential for mainstream adoption and recognition. The collections of 360-degree video content are growing on popular video streaming platforms like YouTube and many more content hosting sites. 

2. Web Real-Time Communication

Web real-time communication is an open-source initiative that allows mobile applications and web browsers to communicate in real-time. 

Web real-time communication use cases eliminate the requirement for intermediary servers to convey communication between clients. The value of peer-to-peer communication in the metaverse could open up new channels for browser-to-browser communication. 

The metaverse technology’s application cases give a solid platform for creating new online communication standards. Moreover, various media streams, which are critical for developing a virtual world, can increase the value of real-time web communication.

3. Virtual Office & Learning Spaces

Global pandemics sparked the rise of remote working. During the epidemic, professionals from various industries were familiar with Skype conversations, Microsoft Teams, and Zoom meetings. The tools appeared to be promising in terms of facilitating virtual contact among remote workers. 

On the other hand, metaverse offers numerous opportunities for creating a virtual office or learning environment. It can assist in providing experiences that make you feel like you’re all working or studying in the same room.

Example:

Virtuworx has created virtual office spaces based on metaverse use cases. The company has developed a combination of virtual and mixed reality environments with digital avatars, allowing employees to have a more meaningful and practical work experience.

Teams could access multiple services such as events, offices, conferences, virtual training, and trade exhibits with a fully customizable solution.

Furthermore, virtual reality simulations in the metaverse could aid students in architecture and medicine in honing their talents.

4. Real Estate

Clients do not have to travel to the location, and estate brokers do not have to waste time seeing dozens of houses, apartments, offices, or shops. Instead, prospective buyers will be able to take a metaverse real estate tour, which will be nearly indistinguishable from actually being on the premises. 

An individual can also customize a virtual tour based on their preferences. Any customer can tailor the design, scalability, and soundtrack to meet their specific needs. A metaverse virtual real estate site visit will also be more instructive and beneficial, thanks to augmented reality in the form of popups.

Example:

Virtual real estate sales in the four largest metaverses (Sandbox, Decentraland, Cryptovoxels, and Somnium) exceeded $500 million last year, and there’s a good possibility they’ll top $1 billion this year. According to the Brandessence industry study, the market would expand by 31% annually from 2022 to 2028.

In the Sandbox metaverse, approximately 100 Fantasy Islands are currently being built. They feature villas with boats and jet skis as well as other facilities. Ninety islands were sold for a total of $15,000 each. Some had a $100,000 price tag. In the meantime, Republic Realm has spent a record $4.3 million on virtual land.

5. Immersive Commerce

The metaverse will have an impact on commerce and trade akin to what e-commerce platforms have on the global commercial scene.

In the future, brands will open virtual shops in the metaverse, where customers may take a 3D virtual tour and try out various products before purchasing. After you purchase, you will receive the items at your home. The shopping process will be pretty similar to what we see in supermarkets now, except it will be entirely online.

There will be no trade barriers, harsh laws, or borders in this future. Anyone from any country can shop at any retailer.

6. Gaming Industry

Gaming has advanced at an incredible rate throughout the years, and the metaverse takes gaming to a whole new level, allowing users to experience the virtual world as if it were real. 

According to participants, the metaverse is a social space where gamers can compete while simultaneously interacting with their friends.

Example:
GameFi is a play-to-earn gaming platform that integrates video games, blockchain technology, and decentralized money, as you may know (DeFi). The metaverse gaming experience will include GameFi, social gaming, and mixed reality activities. It will shift games away from closed data servers and onto blockchain networks, where anybody can participate and get rewarded.

The Bottom Line

Although there are many different perspectives on the metaverse, practically all experts believe it is a potential industry. It can make investors a lot of money. 

The main aspects of the metaverse, including digital evidence of ownership, money transfer, governance, accessibility, and interoperability, all require blockchain technology. The main problem is to select a project that would appeal to consumers and attract new participants. If you’re planning to adopt metaverse in your future business operations, then it is a wise decision to imbibe blockchain technology in your current business operations. Reach out to Parangat, and we’ll conduct an audit to help you discover impediments and possibilities for deploying blockchain services for your company.