- There will be a commission to the file, which will pay you every time someone buys the piece or resales. You need to have a wallet set up, and it needs to be filled with the crypto of your choice
- Sites charge a gas fee for every sale (the price for the energy it takes to complete the transaction), along with a fee for selling and buying. Conversion fees and fluctuations in price depending on the time of day are also present. The fees can often add up more
- NFTs use a huge amount of energy in their creation. Environmental activists express concerns about the real impact it could have on the environment.
- Ethereum alone uses about the same amount of energy as the entire country of Libya. one piece called ‘Coronavirus’ consumed an incredible 192 kWh in its creation
To summarize, NFTs, though they are still in their infancy, can be extended to a wide variety of applications from logistics industries to fashion businesses. Across the world, NFT are now used predominantly in different supply chains across product categories to keep track of the journey and ensure traceability. As shown above, from preventing counterfeiting to ensuring cost control in manufacturing, NFT has immense potential to be a game-changer, businesses should definitely explore this technology as per their specific needs.
Found this interesting? Do check out the solutions offered by Chainflux by clicking the links to the use cases we have developed using blockchain technology. We were recently covered by The Hindu on our traceability solution offered to NSE, read more about it here (https://www.thehindubusinessline.com/markets/gold/nse-bengaluru-blockchain-start-up-launch-nse-shine-for-bullion-trade/article36999633.ece). Drop us a line at email@example.com]