![]() ![]() There are various challenges and risks that may affect the adoption of non-fungible tokens, including but not limited to: What challenges / risks exist for adoption of non-fungible tokens? Learn more about Ethereum on Amazon Managed Blockchain. ![]() Amazon Managed Blockchain reduces the overhead required to create and manage full nodes for the public Ethereum mainnet as well as the Ropsten and Rinkeby testnets. AWS is proud to support open-source, public Ethereum networks in its Amazon Managed Blockchain offering, allowing customers to deploy Ethereum full nodes in a matter of minutes with the reliability and scalability of AWS services. Have an NFT use case in mind? Build your NFT application on AWS and leverage AWS’ wide breadth of services from Amazon Managed Blockchain to deploy and interact with your smart contracts to CloudFront where you can serve NFT metadata content to your users around the world. Royalties – NFT’s can track fractional ownership or royalty entitlement for a piece of medi or content or art.Credentialing – identity credentials like driver’s licenses or professional certifications like AWS’ wide range of cloud certificates can be issued as NFTs to reduce the burden of proof for these credentials and eliminate the siloed nature of credentials today.Think of a company like Disney that has huge brands of licensed universes like Star Wars and Marvel Digital collectibles – organizations or individuals who have a well-defined brand can create NFTs that can be sold on the open market to fans or brand-loyal customers as collectibles.NFTs can be used to create a widely varied ecosystem of in game digital items that can be bought sold and exchanged on open secondary markets and used across a broader gaming ecosystem rather than anchored to one game In-game items – video games are walled gardens today, players do not own their digital items and secondary markets are hard to implement. ![]() Fan/customer engagement – brands or organizations can issue or sell NFTs that represent exclusive collectibles, products, experiences, or voting rights for the future development of a product or service in order to deepen the engagement customers / fans have with the brand/organization.Furthermore, there are infinite possibilities for post-purchase collectability of tickets through exclusive experiences and digital art. NFT event tickets - companies can distribute and sell tickets to events using NFTs, reducing friction for verification of ownership and authenticity and helping to eliminate fraud.Today, the foundational invention of non-fungible tokens (NFTs) made popular by CryptoKitties is being applied to a broad set of use cases from digital art and in-game items, to digital identity credentials and land titling. Furthermore, the friction and risk of fraud in the transfer of these assets to a new owner is drastically reduced. Using the native digital signature scheme on the blockchain, it is easy to verify the authenticity of each CryptoKitty, its unique attributes, and its owner. These non-fungible tokens, or NFTs, are collectible game characters with randomly assigned attributes that make each CryptoKitty more or less rare. In 2017, Dapper Labs launched a decentralized application on the Ethereum blockchain called CryptoKitties, which was the first true example of digitally verifiable and transferable non-fungible tokens. Traditionally, the ownership and authenticity of these assets have been facilitated by paper-based or centralized digital systems, which are often inefficient, present friction in the transfer of assets and leave room for fraud. Today that trend has extended into collectibles like autographed memorabilia, trading cards, and more. Furthermore, throughout history, individuals have collected scarce and valuable assets such as art, jewelry, and land. The process of verifying the ownership of both physical and digital assets is an integral component of most businesses and systems.
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