How NFT Exchange Platforms Change eCommerce

NFT Exchange Platforms Provide Proof

Non-fungible tokens (NFTs) can be used to directly facilitate common business transactions, even if these daily dealings don’t make the news like NFT art sales do. NFT exchange platforms are often used to create unique digital products, ensure copyright is upheld, prove ownership of physical property or real estate, and keep a history of materials used to make a product. All of this information is verifiable in a blockchain and can be added to but not changed. 

The concept of NFTs is still in its infancy, and it’s impossible to tell all of the applications it might be used for in the future. Because the ability to digitally forge information is nearly impossible, NFTs are showing up in ways that are only tangentially related to business. Here are some of the clever ways that NFTs are being used today, all of which can be incorporated during B2B eCommerce development. 

Electronic games and their accomplishment tracking are big business, whether you’re talking about the $130 billion video game industry or the gamification that goes into fitness trackers. Nearly everyone has some sort of electronic goal they’re working toward. It might be a digital trophy that a person puts on their PlayStation profile to show how good they are at a game, or it could be a certain point level to achieve to get a financial reward with a health insurance activity site. 

NFTs can be an easy way to prove that these accomplishments have occurred. The information managed by NFT exchange platforms can prove that someone actually did what the icon says and that they didn’t get it from hacking into a website or paying their brother-in-law who works at a company to give them bogus awards. On the other hand, if it’s a paid extra — such as a character skin, weapon, or upgrade — purchases can be verified as well so that they are locked to a specific account. This can prevent people from re-selling virtual products. Top B2B eCommerce platforms can already pull this off. 

Proof of certification may become the most common way that the average person utilizes NFTs in the future. For some, it’s already happening. A person can prove that they have completed courses to achieve certain notoriety or training in a field. A few examples would be: 

• Degrees – degrees from a college or university 
• Medical Certifications – CPR, EMT, CNA 
• Industry Certification – certifications from thousands of organized bodies, everything from auctioneer certification to résumé writing certification to arborist certification 
• Memberships – Proof of memberships in professional organizations 

Another benefit of NFTs is that they can carry more than just the certification. They can also display credits earned, when certifications were earned and how long until they expire, grades...anything that could be useful in determining if someone is right for a job.  

An NFT can be in addition to — or even replace — a résumé or CV. Each NFT is unique and provable thanks to the blockchain. While the original information is static, additional information can be added as a person achieves more certifications. This is especially important in a world rife with people buying diplomas and degrees from fake universities.  

Certifications of Businesses

Non-fungible tokens can also be beneficial for the certifications that the business itself has to uphold. This can prevent fraudulent activity if a business is currently claiming they are certified in a particular area but aren’t. 

Colleges and private schools have to be accredited in order to operate, or at least announce the fact that they aren’t. An NFT could prove that they are up to date with their accreditation. Preschools could prove that all of their employees are CPR-certified, or a city could create NFTs showing what businesses have and haven’t passed health inspections. Maybe it's a HIPAA compliant website that wants to show that they've completed certain HIPAA compliance steps to keep protected health information safe. The lack of NFT proof won’t always prevent a business from operating illegally, but it can at least be a transparent means for people to find out if they are. 

Smart Contracts

Smart contracts can be a powerful part of the best NFT marketplaces. These contracts are another part of the information NFTs carry, and dictate that certain terms take place. Steps can be automated, so if there's a smart contract saying that an expensive commercial piece of equipment will have the funds transferred to escrow upon purchasing, then the buyer is going to have their funds automatically put into an escrow account. Upon receipt and verification that the equipment is in good working order, the buyer’s funds are released. 

Smart contracts can also set parameters on how trademarks and copyrights can be used. They might expire after three years, or they might only be able to be used by the “renter” for a certain number of uses. Terms can also be included that stipulate usage of and restrictions on the material. These contracts can all be created with blockchain and referenced in your existing B2B platforms and sales portals. 

NFTs are another powerful way of opening up markets and enabling markets to have more integrity when a government body might be less-than-honest. Although the NFT and the concept of blockchain and smart contracts can reinforce — and even extend government reach and capability to enforce in the real world on some of the laws — in some areas it may be necessary to go beyond what the government is doing in that region. This, by its very nature, can open up large groups of people who don't have access to a system that doesn’t operate fairly. This could help lift them economically, because many of the reasons that countries are not financially and economically successful starts with the integrity of their government. If your eCommerce business model is international, NFTs could help you tap these new markets. 

The Future of NFTs

The future of NFTs is far from written. While blockchain and NFTs have become popular because of cryptocurrency and art transmission., the primary use for this technology probably hasn’t been discovered yet. There will be commonly used applications, newsworthy applications, and niches that the average person never hears of. The large-scale uses today will likely be broken down into new uses until everyone has some interaction with NFTs — whether they know it or not. 

 NFTs offer a big opportunity for anyone who's operating a B2B eCommerce site and wants to take advantage of these trends before they occur. We encourage you to look for an eCommerce provider that has the technology that's capable of deploying these capabilities and already has experience with blockchain, smart contracts, and is aware of the newest applications. Clarity can put you at the cutting edge of NFTs while integrating it into your eCommerce framework. Contact us today to see what we can do for you.