Decoding NFT: Intellectual property and application of NFT
There is an inside joke in the NFT circle: name it a NFT if it can be successfully sold, otherwise, it’s just a jpg.
This joke, evidently, stems from people’s stereotype of NFT: just a picture that can be downloaded and copied on the Internet, and hard to consider it as ‘valuable’. Surely, those who directly equate NFT with jpg do not know much about the blockchain technology and Web 3.0 mindset behind it, however, this joke, still, raises a question we should ask, that is, how to ‘own’ NFTs in the physical world?
Evidently, the ‘ownership’ here does not refer to the metaphysical terms such as records on the blockchain, but some visible and tangible objects; in short, how to embody and develop the IP (Intellectual property, intellectual property rights) of NFT in the physical world.
The new platform ‘NFT Your Case’ launched by CASETiFY is working towards this direction. As a world-renowned mobile phone accessories brand, CASETiFY has always been selling ‘customized’ mobile phone cases, and the new platform NFT Your Case is an important cornerstone of the brand's further development in the Web3.0 world: the platform connects its users with MetaMask and WalletConnect and promises that only verified NFTs will be made into mobile phone cases.
Moreover, each mobile phone case is printed with a QR code related to the source of the NFT and related data, and the center shows the NFT itself. In addition to making NFT work into mobile phone cases, CASETiFY has also launched a special ‘verified blue’ version of the iconic camera ring for some popular NFT projects (only holders of BAYC and Crypto Punk can enjoy this at this stage), but CASETiFY has indicated that it will open this function to other NFT communities in the future; and before that, NFT work holders can still make their collections into mobile phone cases, and after verification Featuring a classic black camera ring.
The breakthrough of CASETiFY's move lies in the ‘substantiation’ - not only the ‘substantiation’ of printing a picture on the phone case but also the NFT's IP and related identity authentication are taken seriously, that is, the ‘substantiation’ of rights. Therefore, the ‘NFT Your Case’ platform truly regards NFT as a unique digital property and makes corresponding arrangements in the product according to the characteristics of NFT. In this sense, the imagination of NFT is not only limited to the level of digital pictures but as a kind of IP that can transform, develop, and then ‘apply’ in the physical world.
In addition to CASETiFY, Andy, the founder of NFToday who shared on my YouTube channel, also holds the same view: on the one hand, it helps NFT holders to substantiate their collections, and at the same time, it also helps different merchants to expand its customer base by adopting NFT in their business development.
Though CASETiFY and NFToday are working on different products, they embrace the same idea: NFT is not just a picture but a digital property with unlimited development possibilities, which can be used by the owner. With the gradual development of NFT, its interaction with things in the real world will inevitably become more and more frequent, and once the boundary between ‘virtual and real’ is blurred, the application scenarios of NFT will develop explosively, certainly. At that time, more and more people will own their NFTs. A NFT world, thus, is approaching.