Renan Honorato
January 5, 2023 – 6:03 a.m
The advantages of using this technology for validation are the decentralization of access, consultation and creation of these barcodes (Credit: Shuttestock)
About a year ago, social networks were flooded with versions of a non-fungible token (NFT) purchased by the number 10 player of the Brazilian national team, Neymar Jr. The pink monkey on an orange background is the most iconic of the three pieces the player was awarded that are part of the Bored Ape Yancht Club collection, worth R$6.48 million. However, over time, the cryptocurrency market has expanded the horizons of integrating NFT into products beyond the technical realm.
For Sarah Al-Mashar, CEO of Evlos, a financial solutions company focused on digitization, NFTs are individual tokens that facilitate and democratize the traceability of any type of product. “NFTs are nothing more than traceable codes, any kind of giant, unique RG or barcode whose origin can be found,” he comments. The three pieces Neymar bought, for example, are listed as #5269, #6633 and #10953.
Current technologies connected to the Internet provide multiple possibilities. Over the past year, various paths to the metaverse, NFT and blockchain tokens have been tested. “The metaverse is the internet of the future that is being tested by companies large and small,” says Sarah.
What do you do with an NFT?
The possibilities of using non-fungible tokens on the financial market permeate, above all, checking the legality of agreements. For example, the integration of credit rights—the amounts that individuals or legal entities have to receive from checks, card installments, and contracts, among others—associated with traceable tokens. By implementing traceable codes, financial institutions will be able to more accurately manage the steps and paths of the credit network.
According to Sarah, based on this tracking logic, NFTs can also be used for copyright and property rights in general. In the following hypothesis, if Artist A sells the lifetime right to listen to Song B to Buyer C, then the director who wants to put the song on the movie soundtrack will have to rent that product from Buyer C so that people can get it. “Right” to hear.
The advantages of using this technology for validation are the decentralization of access, consultation, and barcode generation. Non-fungible tokens act, in a sense, as notary powers of attorney insofar as they ensure the trust and legality of financial transactions. “The NFT creates contract registration by way of a digital code that anyone with access to the internet and the blockchain can consult,” says the executive. However, Sarah points out that you should be careful with the security measures used by validation networks and NFTs. “Just as at the notary’s office anyone can come and ask for something, on the Internet, there is also this risk,” he adds.
What do you do in Metaverse?
This year, for the time being, there are some possibilities for online information production. Typically, products can be consumed through written codes (letters, symbols, and numbers), image codes (photos and illustrations), and audio-visual codes, such as for movies and music. By applying the metaverse, sensory experiences explore the three-dimensional layer of the senses in which it would be possible to recreate the real world.
At least, that was the promise Meta made when it announced the innovation last year. Sarah believes that the metaverse has the potential to elevate consumption because in this parallel universe there would be the possibility to recreate problems, solutions, and products to be consumed in a multisensory way.
However, nothing magical or surprising. “It’s very laborious to produce an environment in the metaverse that requires a lot of processing power, hours of technology and people working on it,” he says. Evlos offers in its catalog of financial services the creation of limited virtual environments capable of generating experiences to amplify the services of financial entities.
In short, the CEO of Evlos points out that it is necessary to understand all the possibilities, not only of the technologies and systems that are becoming popular on a daily basis, but above all, of how to use the tools exclusively in a way that is integrated with the company’s business outlook.