Since the breakthrough of the common consciousness in 2021 – and even being the subject of a Saturday Night Live parody – non-mushroom tokens have been known to act as a means of digital art.

Although this application is revolutionary in itself, many cryptocurrency enthusiasts believe that the industry is just getting started in developing compelling NFT applications.

One of the biggest challenges in buying and selling goods in the internet age has to do with authenticity – and in recent years, many luxury brands have investigated whether blockchain technology can help fight counterfeiting. As journalist Tim Phillips writes in his book Counterfeiting: The Fatal Counterfeiting Trade, copies can be made of just about anything … including prescription drugs and auto parts.

This is not a problem that is limited to physical products, as digital objects have their own set of problems to deal with. Because of the ease of publishing information online, creators face enormous challenges when it comes to protecting copyright. Images, which can cost thousands of dollars per license, can be copied, pasted and distributed by anyone with just a few clicks, leaving little or no revenue.

While the rise of streaming services has helped solve some long-standing concerns about piracy, it is no longer a completely solved problem. The Global Center for Policy Innovation estimates that illegal film and television viewing lost $ 29.2 billion in revenue in 2019 – and that was in the United States alone.

Software piracy remains an unresolved issue, with free versions of core software from Microsoft and Adobe circulating in the darkest corners of the Internet. Not only can this deprive a company of the revenue it needs to innovate, but it can also be costly for users who believe that these files are often corrupted by malicious software.

Meanwhile, influencers and artists may face another major problem: their work is stolen by social media users and then handed down as their own.

Take control back
Hacking and tampering can be problems that generations take to solve. But as our world becomes more digital, NFTs can become valuable weapons in the pursuit of originality. Many legitimate consumers end up associating with counterfeit goods and illegal content without even knowing it – this is because many online shopping systems do not provide customers with clear proof of ownership. This can have an indirect effect if the person wants to sell the item to someone else in the future.

Uquid has developed a new protocol known as NFTD, an intelligent supermarket system for digital products that works with fungus-free codes. Each seller in this market is identified, as well as the items they must provide, with unique symbol identifiers, as buyers receive proof of ownership when the transaction is complete.

A wide variety of items can be sold in this market, including poetry, novels, movies, videos, photographs and sound. Other digital products are also available, including software, virus protection, games, refill subscriptions and gift cards. Many cryptocurrencies can be used to buy, as well as DeFi payment methods that Uquid already supports.

Uquid’s approach can also give confidence in the online buying process on gift cards – an experience that can otherwise be risky.

Source: CoinTelegraph

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