NOE: NFT of Everything
When the Internet was first introduced, many people were sceptical of the Internet. Companies that create websites and sell goods on the internet are underestimated. Trust in online transactions is still questionable. What happened now? Creating a digital account is a must for all companies if you want to exist in this evolving era. Maybe this is what is happening in the NFT world.
NFT for some people is still a question, why is this valuable? What’s the point of having NFT? Why is NFT important? How does it work? and many more questions. It’s the same as it used to be when the internet was introduced. At that time, everyone only knew the internet as a digital showroom or a place to
introduce something in cyberspace. But over time, almost all of our activities are related, we can even complete them, via the internet.
Currently, NFT is still more inclined to focus on making digital art assets and trading them. However, the development of NFT technology encourages the development of NFT adaptation in our lives. The question is, how adaptive are we to implement NFT as an important factor in several aspects of our lives? This paper will explain what the potential of NFT is and how the NFT of Everything (NOE) –NFT for all affairs- can happen.
Smart Contract Mechanism in NFT
Minting is the process by which NFTs are created. The minting process consists of three processes, namely block formation, information validation and information storage on the blockchain network. Each block contains a smart contract that explains the ownership of the NFT, other rules that will apply when the NFT is used.
Unlike other tokens, NFTs cannot be exchanged one against one another. One NFT is unique in that it has a different identification. In this smart contract, we can embed some rules and information such as: what is NFT used for, what is the binding on the NFT, how is the distribution of royalties, what is the resale mechanism, burning process and so on.
What is NOE?
NOE or NFT Of Everything is the concept of adapting NFT technology to various fields. NOE is a business model exploration step, user experience (experience for users) and system building (system development) with NFT as the basis of development. With NFT’s vast and continuously developing capabilities, NFT can be used in many things in our lives.
Everything related to ownership, certification and identification can be stated in the NFT. NFT provides a secure, compliant digital proprietary protocol. Therefore, the development of this NOE is very important for heading into a new era of Metaverse. In the metaverse all will need identification, need a certificate of ownership and much more, NFT can be the basis.
How can NOE be a solution?
In the real world, we can know the ownership sign of an item from where we put it, when we buy it and when we use it. Well, in this case, some tangible items that are ordinary, such as clothes, shoes and our daily items, implicitly have a sign of ownership. But for valuables, we usually have proof of ownership such as a certificate. Including ownership of the ability shown by a diploma or certificate of competence.
In the meta world, this is done with the NFT mechanism. Every item printed on Meta will be created in NFT where there will be a token of ownership. This will make it easier to record ownership and create value in the item.
This ownership mechanism is so important in Metaverse that NFT is very much needed. NOE helps adapt to all mechanisms in the real world to be NFT organized so that it has the potential to appear in the metaverse later.
What should be considered when adapting NOE?
NOE’s adaptation has a focus on certifying the metadata of any business or item. NOE can be done if we have got what is called the core of the business model.
For example, if we are exploring NOE on the property or real estate, we need to know that this business is actually a certificate business. Land becomes underlying, therefore the NFT to the certificate is the NFT to the property. We need to do some exploration in the certificate and what data to record. Unlike real certificates, the metadata in the NFT of these properties can be directly adapted to other applications.
Another example is in hospitality. In the hotel, the core of the business is identity and privilege. In this case, NFT can be used to become a member of the hotel, giving special privileges, such as staying later. NFT buyers can purchase NFT in full upfront with a guarantee the hotel will provide the privilege of a one-night stay for one year. In addition, hotels can issue NFTs to help with operational costs. What else can be done when tourism is sluggish. NOE opens a new business model to continue to explore. Another advantage of NOE is that it is a perfect “bridge” to attract the crypto community into our market or company. This exploration and courage to try to be an NOE driver can quickly be implemented.
Now, how smart are we to explore our business?
