Non-Fungible Tokens (NFTs)—Survey of Current Applications, Evolution, and Future Directions
Qaiser Razi,
Aryan Devrani,
Harshal Abhyankar
et al.
Abstract:Non-fungible tokens (NFTs) have become an exciting technology that provides a fresh perspective on asset ownership, provenance, and value exchange. NFTs, a blockchain-based technology, are distinct and indivisible cryptographic tokens used to confirm and record the ownership of digital and physical assets in an immutable and transparent way. The fundamental block of NFT is a smart contract built on a blockchain network. This contract contains specific information about the asset it represents, such as its uniq… Show more
“…NFTs are a Blockchain-based technology. They are cryptographic tokens used to confirm and record ownership of digital and physical assets in an immutable and transparent manner (Razi, Devrani, Abhyankar, & Chalapathi, 2023).…”
The BTCEN project has begun to leverage blockchain technology, an innovation to increase efficiency and transparency in supply chain activities, promote recycling, and improve environmental sustainability. BTCEN has integrated Blockchain technology with platforms of e-commerce, tokenization, CRM, and ERP modules into its own systems. In this way, it increased data security while creating an effective tracking system. As a main activity, BTCEN recycles the beverage bottles of product users, increases the participation rate and conversion amount through gamification and some tangible rewards, and uses "Bring Back (BB) Coin" and NFTs as tools. Recycling vending machines strategically placed in different local centers make the process convenient and interesting, while additional incentives such as discounts encourage sustainable behavior. Awareness campaigns in various forms and partnerships with some environmental organizations, educational institutions, and local governments will support BTCEN's successes. BTCEN aims to combine ecological balance and sustainability methods while using technological innovations in its activities. By setting a standard that combines all these, it also encourages the social responsibility culture necessary for a clean environment to be left to future generations
“…NFTs are a Blockchain-based technology. They are cryptographic tokens used to confirm and record ownership of digital and physical assets in an immutable and transparent manner (Razi, Devrani, Abhyankar, & Chalapathi, 2023).…”
The BTCEN project has begun to leverage blockchain technology, an innovation to increase efficiency and transparency in supply chain activities, promote recycling, and improve environmental sustainability. BTCEN has integrated Blockchain technology with platforms of e-commerce, tokenization, CRM, and ERP modules into its own systems. In this way, it increased data security while creating an effective tracking system. As a main activity, BTCEN recycles the beverage bottles of product users, increases the participation rate and conversion amount through gamification and some tangible rewards, and uses "Bring Back (BB) Coin" and NFTs as tools. Recycling vending machines strategically placed in different local centers make the process convenient and interesting, while additional incentives such as discounts encourage sustainable behavior. Awareness campaigns in various forms and partnerships with some environmental organizations, educational institutions, and local governments will support BTCEN's successes. BTCEN aims to combine ecological balance and sustainability methods while using technological innovations in its activities. By setting a standard that combines all these, it also encourages the social responsibility culture necessary for a clean environment to be left to future generations
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