Blockchain network undergoes $5 million investment round into NFT certifications


SOURCE: COINTELEGRAPH.COM
APR 01, 2022

According to Forbes, the market for counterfeit goods is growing at an unprecedented rate, now accounting for an estimated 2.5% of world trade (over $450 billion). On the surface, many might overlook the percentage, considering only the perceived benefits, including the availability of low-cost knock-offs. It is only upon closer consideration that these same parties will realize that counterfeiting doesn’t just hurt businesses; it hurts the consumer too.

When a counterfeit good is purchased, the original creator loses out on a piece of their revenue, which at an estimated 2.5% will add up over time. Fewer sales result in less revenue being allocated to development cycles. Consequently, the result becomes a lower-quality product for the consumer. And this consequence leads to fewer taxes paid, fewer social services available and unintentional promotion of illegal activities and the underground market.

With the world now filled with lies, theft and other falsehood, authenticity is seen as a key determinant of value. Recognizing this growing concern, Skey Network, a dedicated platform for creating corporate NFTs, has made the decision to undergo a strategic investment round of $5 million into the development of the Go2NFT platform.

Go2NFT is a platform designed to provide NFT solutions to corporations attempting to secure their products. Boris Ejsymont, the chief business officer for Go2NFT, comments on this release being a natural progression for the existing network: “The ability to predict trends, universality, ease of verification, transparency of transactions, and the speed of the solution are all undoubtedly major advantages of the GoNFT project. With Skey Network on board, our projects will benefit from synergized efforts, thanks to integrated know-how, contacts, experiences and the Skey.network infrastructure.”

With a strong foundation in the industry, NFTs become the missing piece in linking virtual with the tangible and ensuring automatic transfers of value can occur between the digital sphere and the real world.

The utility value of NFTs

In practice, Go2NFT will ensure the safe, authentic and unique certification of possession of specific physical goods using a dedicated NFT token on the Skey Network. In addition, the products will gain many functions, such as a digital wardrobe in the fashion industry where NFT certificates are in a single application. For corporations, other applications include commercial and legal entities that are looking to produce items at a mass scale, corporations wanting to protect their products and copyrights or producers who have exclusivity to a set design.

With these use cases in mind, “the NFT market is not only speculative assets and colorful pictures; few people remember the technological value of nonfungible tokens. Our project will highlight this utility side of NFTs,” Ejsymont adds.

In application, this means that each of the hundreds or thousands of products generated by the manufacturer will have implemented the one-of-a-kind NFT utility token. Therefore, when the user buys a product, they will receive a physical item and a digital one in the form of an NFT token. The token will then be used to confirm its authenticity, value and ownership through a user’s blockchain wallet.

As the solution increases in adoption, consumers can expect a future where each product they own can be certified on the internet through the scanning of a code or label. For businesses, this will ensure the product retains its value as a true source of income for the owner and creator.

The first step in digital transformation

Over the past year, the team has reported several partnerships, including Orange and Teltonika. Skey has also announced its official mainnet launch, with the app being accessible in stores.

Go2NFT represents more than a solution for fighting counterfeiting and piracy. The project signifies a first step towards the digital transformation in a transition to the “world of Metaversum.”

Looking ahead to the next year, the team shares their focus will be on increasing the number of implementations on the roadmap.