The NFT may be a phenomenal creation, but the ecosystem that surrounds it is fraught with issues that are threatening its adoption. The typical NFT marketplace focuses solely on digital arts and memorabilia done by celebrities and big entertainment companies while ignoring other use cases. A corporate brand walks into the typical NFT marketplace with the aim of minting NFTs for their physical products, and unless they want to spend the time and effort to write their own smart contracts from scratch the opportunity is not available. The benefits of NFTs to the corporate world have not yet been explored or solved.
It is said that 'Only the wearer knows where the shoe pinches.' This is the primary reason OfficialNFT® was born. The team behind this innovative NFT solution realized the incredible benefits of NFTs and decided to try out the marketplaces in existence to craft NFTs that will be linked to their products.
Attempting to create NFTs for a brand on one of the existing marketplaces turned out to be exhaustive and a fruitless effort. The marketplaces are focused on artist releases while offering an extremely limited amount of customization features in the UI for the smart contracts being minted. If corporate brands can create NFTs for their products, they stand to gain a lot including keeping resells on-chain, and rewarding all past owners with commissions. This will incentivize all sales to stay on-chain and provide certifiable authenticity for their products, thereby solving the problem of brands losing millions of dollars, and even billions to imitations of their brand products being sold. The existing NFT marketplaces have churned out a series of issues that can't be solved with the current infrastructure on the ground in the ecosystem.
The ability to create a dynamic smart contract with features like multi-generational recurring royalty model, purchase reveals which are interoperable with eCommerce platforms, and NFTs connected to physical goods or assets do not exist. For example, Alice cannot mint an NFT that reveals a credit to her online store for physical products when Bob purchases the NFT, nor can she include commission or purchase reveals for all future purchasers and sellers of that NFT.
OfficialNFT® is incorporating new NFT solutions to differentiate itself as a platform and its product offering.