Do you remember that precious autograph given to you by your favorite cricketer or that rare photo that captures the candid pose of a famous writer? These cherished “collectibles” were yours only.
In the digital world, it’s pretty easy to multiply and go viral. You lose your exclusive ownership of such “collectibles” in the digital age.
Here come blockchain-powered non-fungible tokens (NFTs) that you can use to own your exclusive digital asset.
“If you sell it, it goes to the buyer and doesn’t leave a copy. There will only be one piece of this rare digital asset at any given time, ”Pruthvi Rao, co-founder and chief executive officer of local blockchain technology company ZEBI, told Business Line.
The technology helps identify the original document and creates a true owner business opportunity and further monetization.
“If the document is forwarded 100 times, it will be copied 100 times. So it is always possible to simply duplicate or distribute content, but never recognize the original document, ”he said.
The company launched the country’s first technology platform exclusively for the cricket ecosystem. The NFT enables the sale and collection of digital media, as opposed to the traditional distribution and consumption model that has existed for so long.
He said the company hired about 30 personalities from the cricket world to populate the NFT platform with their exclusive offerings.
“It will open up a whole new world of ways for both content creators and collectors to monetize and populate original digital collectibles,” he said.
The five-year-old blockchain startup plans to expand the scope of NFT technology to other areas where authentic content is valued and disseminated.
The company, which has raised $ 13 million to date, has 30 employees. It is in the process of raising Pre-Series A funding for further growth.
The company, which has developed blockchain-powered solutions for land registers and academic institutes, sees a huge turnaround in the blockchain industry around the world after hitting a bad patch last year.
KV Kurmanath, Deputy Editor-in-Chief,
The Hindu business field,
Hyderabad 500 016, Telangana.
Twitter: @Kurmanath; @ Business line