[Winning]

I have created some NFT's, built a few worlds in Altspace and Horizon, and currently paying around with MRE's and Kits in AltSpace. I haven't released anything publicly yet, just been playing around with it so that I can get a better understanding of all this so that I know how to move when the time is right.. I currently feel there is a lot of hype regarding NFT's. I think the true value of NFT's is the technology behind NFT's, which is utilizing the blockchain to trace back who originally minted it. I could totally see how all your important documents will eventually be issued to you via some sort of NFT mechanism. Your Drivers License, your Birth Certificate, your auto Insurance, your deed to your house, your SS Card, your passport, etc..

Once the American government release their own crypto, that I think they are probably already mining using nuclear power. They will then be able to issue NFT's using their own blockchain.. Question, If I show you my SS Card, how do you know if it is real or not? If you touch it, see it, smell it, or taste it, and it checks all your biases in your head that you think a "Real" SS Card should be , you assume it is real, right??? That is a flawed way to verify something... NFT's solve this issue, as long as the blockchain that the NFT's is associated with can be trusted. Hence lies the reason why the American government has to develop their own crypto. They can't guarantee the security of a crypto that they don't have 100% control over.

I operate a business in the Luxury Goods space. One huge problem that we have in this space is counterfeit goods. I feel NFT's could potentially solve the issue regarding verifying products are original. You buy a Louis Vuitton purse or a set of Big Bertha Calloway golf clubs. Perhaps in the near future when you are issued a receipt, you also get an NFT version of the receipt. The NFT, now allows you to easily show ownership of the item and it will show that Louis Vuitton or Calloway actually minted the NFT. Later, you then decided to sell the handbag or the golf clubs. You can then go into your NFT receipt and add info regarding the physical item being available for sale, and add a link to your listing where the physical item is for sale at, or you can add some sort of identifying info to show that you are actually in control of the NFT..

Think about how domain verification works now.. You say you own dailyfunder.com, so I tell you to put [AAZSSD124567DF] in the metadata of the homepage or I email you a AZSSD124567DF.txt file and tell you to make that accessible when I go to https://daillyfunder.com/azssd124567df.txt ... If you can do these things, you have pretty much verified you have some sort of administrative Authority over the domain. So it is possible that you do own it... So back to the example.. You post your goods to ebay or facebook marketplace for sale. You link the NFT on your post. You also add the links back to your FB or Ebay posts in the NFT. The NFT has the original serial numbers added by the manufacturer when they originally minted the NFT, those same serial number are in your product photos on your listing. So there you have it, you have just verified that the item you are selling is legit via the real life serial numbers, and via the NFT that was originally minted by Louis Vuitton or Calloway that included the serial numbers for the items. You have also verified you have control of the NFT by adding the links that you are selling the item at on the NFT (plus the ability to add any custom info on the NFT, if the potential buyer would like you to do additional steps to verify your control of the NFT). Once the sell takes place you transfer the physical goods to the purchaser as well as transfer the NFT to the purchaser. Rinse and Repeat over and over again for each sell. Thats f'kin Efficient, Beautiful, and Awesome!

BUT you are only as strong as your weakest link right.. In this scenario the weakest link I feel is how we currently link a physical good to the NFT.. In my example above we used the serial numbers printed on the physical goods. But that physical number can be copied. What if I owned the authentic item, so that I also own the NFT as well. BUT, some sort of way the authentic item was destroyed in a fire, tornado, lost at the bottom of the sea, or just fraudulently hidden. I then go through the steps to acquire a counterfeit item and get the counterfeit item to be made using the serial number of the original "destroyed" item.. I now have a counterfeit item bearing the marks of a verified NFT that I have control over. I could now post those items for sell and it would pass the verification methods I posted above.

So that means there need to be more done regarding the process of giving physical goods an identification method that can not be recreated.. Perhaps encrypted imbedded RFID... IDK... But most counterfeit goods are not going through this kind of process due to the fact the only way to pull this type of counterfeit fraud off successfully would be to already own the original NFT.