At the end of last week, we introduced a new theme to the blog, Non-Fungible Tokens (NFTs as most of us know them), and if you haven’t read it yet, I recommend you give it a quick read before carrying on with today’s article to fill in the gaps in context. As a reminder for everyone to make sure we are all on the same page, these blockchain based tokens are unique and can be created and bought by anyone with Ethereum cryptocurrency, an interesting concept which really took off this year.
Today, we will be looking at some of the other ways that NFTs may integrate themselves into our daily routines, and how some of these could be especially beneficial in Argentina, both for you as a citizen, and also for the development of the country.
Tickets
By now I am sure you’re familiar with the uniqueness of NFTs as we have mentioned it a lot. Though, it is a really important characteristic to remember because it opens up a world of potential for their application in daily life, one of which is ticketing. Ticketing? I hear you ask, and yes, it may seem strange at first, but nowadays e-tickets are increasingly common, and there is a clear need to move away from physical transactions and transfers in countries like Argentina where this is still popular because of there being higher chances of germ spread. This is something we have all seen with the lingering impacts of the COVID-19 pandemic throughout the last year and a half, but this is where NFTs and their uniqueness and logged owner credentials stand out from the crowd. No more ticket touting and fakes, and no more hand touching, could this be the answer for the future? Earlier this year the Argentine national team even released a set of NFTs in the form of fan tokens, and if you all remember how we collected trading cards in our childhood, it really does seem like Argentina is taking steps towards that nostalgic feel with a modern twist, (ones which would also have wider economic benefits!)
Logistics
Argentina is rapidly developing on the global stage, whether it be for production of certain products for export or in software outsourcing. The point being that foreign companies are taking notice of the possibilities in the Latin American country, and our friend the NFT could take centre stage in the logistics side of things. If you did read the article from the other day, we mentioned how NFTs can store more data than the usual cryptocoin, and this extra data can be used to track unique goods and make sure supply chains remain accurate and innovative. If we think of another key theme we have explored in the past, Argentine agtech, for example, products created in Argentina and shipped overseas would be easily kept an eye on and it would all be down to the NFTs in the supply chain. Interesting stuff indeed and could well be implemented into real world operations in the near future.
Art
Lastly, one of the uses of NFTs that we are all familiar with is their use in the art space. Specifically, digital art. Now, Argentina is presenting itself at the forefront of development in this space through a platform called Aura, where artists can create NFTs of their art, and normal people can buy them. This is especially interesting because it means there is a higher chance of exposure for otherwise little-known artists, and in a country where digital development is accelerating at a fast pace, it is clear why we should all be getting excited. The accessibility of the platform is something else I can’t forget to mention, anyone can make NFTs and sell them on Aura, and perhaps, as has happened with YouTube and other online platforms over the last decade or so, NFT artistry could become an accepted job in modern Argentine and global society in a few years’ time!
Industry
In Argentina, 7.4% of all internet users own an NFT, reflecting the global trend we have all witnessed with their boom in popularity. So, what does this mean for industry? Well, we have already touched upon supply chain logistics and real estate, but industry in a wider context within the Latin American nation, NFT marketplaces themselves could prove to be very lucrative investment opportunities. ‘SeSocio’, a finance platform based in Argentina is launching their own, and as we have seen, NFTs are well received in the nation and as more airtime is given to them in the media, the number we mentioned at the start of this paragraph will only rise. Not only this, but the opportunity for NFTs in the Argentine marketing industry is likely to benefit massively from more marketplaces being available, as, similarly to sports teams releasing memorabilia via NFTs, more companies can promote products through them as well.
So, if you are interested in finding out more, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further. At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.