NFTs - The Future of Finance - DevCon 2022

NFT - The Future of Finance By Suyash Sumaroo (Codevigor) Loot NFT: The '01' sold for 94,257 BUN (Artist: Shubham Hanuman) What is Tokenization? What are NFTs? FUNGIBILITY UNIQUENESS SEPARATING OWNERSHIP AND ASSET How do NFTs work? ASSET Have a physical or digital asset CHOOSE BLOCKCHAIN Choose what blockchain you want to use to represent the asset. MINT NFT Create the smart contract which is used to represent the asset. INITIAL TRANSFER Transfer the NFT to your wallet or an NFT ecommerce website/platform. SELL OR AUCTION The next step would be to sell the NFT and actually to the transfer. Location of NFTs Blockchain storage is expensive Blockchains can only store a limited amount of information. Technical Considerations STANDARDS ERC-721 SMART CONTRACT OpenZeppelin Library on Ethereum NFT Platforms COST Cost of minting and transferring NFTs HORIZON AFRICA BLOCKCHAIN Reduces cost of creating, deploying and transferring NFTs. Use Cases PROOF OF OWNERSHIP Determining ownership of a physical or digital asset. FUND RAISING Use NFTs as a way to raise funds for startups or businesses in general. ACCESS CONTROL Use NFTs as an access control mechanism to access assets or physical locations. MEMBERSHIP Be part of a community and earn different types of NFTs based your activities. DEFI Create complex financial applications to serve existing and new use cases. Facebook: https://www.facebook.com/suyash.sumaroo .the.entrepreneur Youtube: https://www.youtube.com/c/suyashsumaroo Follow me on: Get in Touch CODEVIGOR PHONE +230 5491-2170 EMAIL suyash@codevigor.com