Future of fractional ownership: Rise of dNFTs
All the things that we own in the real world, be it be house, music, photography, research work, gaming or sharing, we know that multiple stakeholders exists in these cases. Now let’s take an example, for a research works to be published by a team of 4 members.
How can this unique NFT (Non Fungible Token) hold its value and stake-holding on blockchain?
For that we should first be able to categorize the asset whether it is video or research work. Then each NFT creation should have some physical significance, value and provability.
Let me show you the numbers that each category could target:
1. 2.5 million new scientific papers are published each year
2. The global art market represents approximately $50 billion worldwide
3. Almost 5 billion videos are watched on Youtube every single day.
4. 24,000 songs are uploaded every day and 1 million tracks in six weeks.
These numbers show the demand of use cases that requires fractional ownership.
One more thing here to highlight here is all these use cases require pretty high transaction speed (TPS) and verifiability. So, my obvious choice became EOS blockchain over Ethereum blockchain.
To solve this problem and have a future vision of the market requirements, we decided to develop a open source standard that could be used for transferring partial ownership of each digital asset.
dNFTs, i.e. Distributed Non Fungible Tokens are the NFT tokens that meets following points:
1. Verifiable creation of NFT by validator on blockchain.
2. Allow partial ownership say x% of NFT to anyone.
3. Allows real world marketplace on blockchain.
4. Real % ownership in the form of “PER” stable tokens on blockchain.
To find more about this standard, you can visit here:
Every NFT is valuable and so is its physical characteristics. Allowing multiple owners own the NFT could be game-changer!
For physical goods, BBC claimed that over 3 million consumers buy counterfeit goods per year, and that only includes individuals who are aware that they have purchased fake goods. So, requirement of NFTs was an era in 2018. Following trend showed up in 2018 for ethereum blockchain.
Fractional ownership of NFTs is a major boost to the real estate market, as small investors would now have access to real estate investments without restrictions of huge capitals. Distributed ownership also means investors don’t have to wait for months or years to earn returns, trading and transfer of rights can be done on the blockchain platform as soon as it gets verified without any geographical restrictions.
Fractional ownership’s future in blockchain hence seems to be promising, may it be in EOS blockchain or Ethereum blockchain. New real life solutions are upcoming every-day. People like holding shares for long-terms. They see it as a mode of investment which acts as an upcoming market for all.
So, as the concluding statement, I can definitely say that fractional ownership of NFTs is the coming tech that can solve many of use cases. Quillhash team is working on dNFT standard that could be of great value to all the NFTs, in particular those requiring partial ownership.
Thank you for reading this, I hope it should have helped you in having a perfect insight about future of distributed ownership particularly on EOS blockchain.
At QuillHash, we understand the Potential of Blockchain and have a good team of developers who can develop any blockchain applications like Smart Contracts, dApps,Smart Coins, DeFi, DEX on the any Blockchain Platform like Ethereum, EOS and Hyperledger.
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