NFT ideas and use cases for Malaysian entrepreneurs and businesses – Wired PR Lifestyle Story

Most people would be familiar with the basics of non-fungible tokens (NFTs) by now, especially in the context of the art collection scene.

Individual artists like Malaysian, Red Hong Yi, Katun, Munirah Hamzah and so on are getting thousands or millions of Ringgits by selling NFTs. To buy them, there are global markets like NFT Open sea, or natives, for example Stage and TRART.

The value of an NFT is primarily defined by the perceived value, and the extent to which it would like to share ownership of the asset. In the digital realm, although anyone can download or save an art image, we can’t prove that we own the original if we don’t have a digital certificate of ownership in NFT mode.

It is this aspect that makes crypto art one of the most popular cases of NFT use in the market today. But NFTs can be used in many other ways in addition to art collection.

Here are 5 cases of NFT use that have the most potential for widespread use in Malaysia. Local entrepreneurs were chosen based on what they are currently taking advantage of and how these applications could benefit Malaysians if they were launched.

1. Collectibles

NFTs can be used to represent physical objects, such as business cards that are popular with sports and comic book enthusiasts.

Examples of digital sports collections include “Moments” sold on the NBA Top Shot platform. It could be a video clip that makes a player move at times, or an NBA Top Shot, a blockchain-based trading card system that offers outstanding game features.

Another example of an NFT collector is Jack Dorsey’s first tweet. He sold it using a platform that tokenizes tweets called NFT Valuable, where anyone can place an offer on any of the tweets listed, and others can make a counter-offer to outperform you.

In Malaysia, we have seen large companies jump into the trend, for example Kadokawa Gempak Starz with the sale of its NFT card packages.

Local comic artist and toy designer Michael Chuah turned his character’s toy images into collectors, such as his Yuurei Neko Sama Collection 1. Rare. The one that includes these 5 virtual figures will unlock the hidden 6th variant.

Sure, anyone has the option to create collectible items to sell as NFTs, but it depends on whether they are launched or not. asset demand, giving value.

2. Tickets

Some NFTs may be used as an entry or membership for exclusive events, benefits, etc. An example of this use is shown. Bored Ape Yacht Club sells merchandise, organizes social events, and organizes sailboat parties for members.

He has made another use case MinNature Malaysia, whose group creates miniature versions of the real landmarks of Malaysia in their art exhibition. Using cryptography is a way for groups to sell tickets to their art gallery (NFTs) to move and expand their reach in digital space.

As the pandemic has shifted Malaysian attitudes towards digital solutions (such as replacing cash payments with e-wallets), it would make sense to move cards to NFT space as well. Because the NFTs are in the blockchain, the trace of the cards will be more traceable as each transaction is recorded.

This would be it cancel scams and online sellers, those who buy tickets in bulk and sell them in the secondary markets to make a profit at higher prices.

3. Play

On the subject of collections, NFTs are also applicable in the gaming industry. In games, their use is immediate, such as giving characters upgrades, upgrades, and the like.

In the game called Zombies, run!, runners must achieve certain milestones in their fitness journey to earn tokens and medals within the app. These winning play collections can be used as game currency to purchase certain items and showcase your achievements.

Meanwhile, Axie Infinity and Fighting pets They are Pokemon style games with animals and interchangeable items. While NFTs have a cosmetic function here, each pet also has some special fighting abilities, which affects the value of the pet when negotiating.

Although there is still no popular game in Malaysia to introduce NFTs, GameFi is expected to grow significantly in the coming years. Thus, local gaming companies also have many opportunities to explore this space.

Dictionary time: GameFi is a fusion of the words “game” and “finance”, and refers to the financing of video games. This concept means giving players financial incentives to play and progress through games.

Okex / Coin table

4. Finance

Not all NFTs are valid because they are attached to art or collection items. In decentralized finance (DeFi), NFTs also provide financial benefits, which includes their utility factor.

For example, NFTs and cryptocurrencies can be a form of foreign exchange. Filipinos who work as domestic workers in Hong Kong, Malaysia or Singapore can be paid through these methods, probably with greater value, as we have learned in one. Wild Digital SEA 2021 panel.

Philippine residents can also use crypto to make payments at home and in the car. All this is possible because it is owned by the Central Bank of the Philippines he accepted several crypto exchanges to act as a “shipping and transfer company” in the country.

Thus, more people in the Philippines have a cryptographic wallet than a credit card, as the former is said to be more affordable and more profitable than everyday jobs.

If this trend is also taken in Malaysia, it could bring significant benefits to those in poor populations. Among others, B40 households do not have sufficient funds or paperwork to start a bank account or gain access to investment opportunities.

5. Logistics

NFTs can be used in supply chains to authenticate products, ensure their quality, and verify their origin. While they are still in the early stages, NFTs are in the blockchain are suitable for logistics due to their immutability (inability to change over time) and transparency, which keeps the supply chain data traceable and reliable.

Gucci, Balenciaga, Louis Vuitton, Richemont and Prada already have luxury brands collaborated to launch a blockchain platform Known as the Aura Blockchain Consortium (Aura).

Aura’s blockchain functions as a database of luxury products, where each item is assigned a unique digital identity (NFT).

This would verify the quality and origin of the products through the supply chain tracking of materials from start to finish.

In the food and other agricultural industries, it is also important to know where the goods have been and for how long. It would be most beneficial for Malaysian agricultural startups, especially since the country is a global agricultural hub.

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These are just a few of the well-known use cases of NFT, which have even more applications. Ownership of digital property may be a means of verifying the payment of music and domain name rights, identity theft and fraud reduction documentation.

As NFT grows in popularity, there is a good chance that we will see more cases of ideas and use in the future. However, it is worth noting that not all NFT applications have had enough time to go beyond a small idea or project. Some have not been practical or familiar.

What we have stated above are just cases of widespread use worldwide, and we believe that they have the potential to grow in Malaysia as well, based on our current behaviors.

It will be up to Malaysian entrepreneurs and businesses to take advantage of NFTs as they see fit, and as more metaberses are being implemented, it is likely that many more local NFT projects will be created.

However, in order for these projects to be well received, consumers must be properly trained in their operation and be aware of any risks in advance.

• Read more about what we’ve written about NFT, blockchain, and cryptography here.

Featured Image Credit: Declan Lim in Axie Infinity Malaysia / 123rf.com / Sprinkle