NFT
Innovation Alphabet
NFT
In a nutshell
Technology can become artistic expression, and reach the exorbitant prices of a Modigliani portrait. This is the case with NFTs, certificates of ownership and authenticity for digital objects exchanged via blockchain that are described for what they are not, which is fungible. Unlike a classic cryptocurrency, in fact, Non-Fungible Tokens represent a one-of-a-kind specimen.
Application Fields
• Art Market: Non-Fungible Tokens attest the authenticity of a digital artwork and give the possibility of purchasing it and becoming its sole owner. The digital version of the work is a sequence of numbers, “compressed” into another, much shorter sequence called a hash. The latter is stored on the blockchain, with an associated time stamp. Storing the hash and the time stamp inside a blockchain is a way to leave evidence of one’s ownership, however brief it may be.
• Collectibles. Since NFTs are unique, nonreplicable pieces registered on the blockchain, they represent collectibles that gain value based on relative exclusivity. After all, they function like any other speculative asset: you buy a digital product in the hope that one day its value will go up so that you can resell it, generating a profit. The largest collection of NFTs in terms of market value is NBA Top Shot, and consists of short highlights certified by the North American basketball league.
• Music Industry: Non-Fungible Tokens can gloss over song copyrights and leverage the benefits of blockchain in terms of security, transparency, and verifiability. Digitization prevents songs from plagiarism because they are first associated with their authors through cryptography, then authenticated without the need for validation by a third party.
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Industries
• NFT in art
Artist Beeple (a pseudonym for Mike Winkelmann) has caused a stir with his peculiar digital artworks sold for sky-high prices. For example, he sold a 10-second video called ‘CROSSROAD’ for more than $6 million. Also, an original print by the famous contemporary artist Banksy was resold in the form of NFT at four times its value after being burned in live streaming.
• NFT in the music industry
Italy is experimenting with copyright management of music tracks using Non-Fungible Tokens on blockchain. In this regard, Algorand and SIAE have announced the creation of a blockchain platform for copyright management via NFT, with the aim of making the management process transparent and efficient.
• NFT in the gaming industry
The online video game Sorare allows users to purchase collectible football player cards as NFTs. With them, you can participate in tournaments on the same platform (with dynamics similar to those of fantasy football). Each player corresponds to a card, and each has a different level of rarity. The availability of the cards can be verified on Ethereum.
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Check out more of the Innovation Alphabet:
Gamification
Gamification
Gamification is actually adding a game-like element to make more fun and engaging something that’s not necessarily a game. It’s all about turning a task that might be boring or difficult into a more enjoyable and motivating activity. You can also earn points, badges, and rewards for completing certain actions or challenges. Are you ready to play?
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Business Intelligence
Business Intelligence
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Making data-driven decision-making and management processes leads to competitive advantage, reduces inefficiencies, and improves productivity and service at all levels.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Subscription Model
Subscription Model
A subscription model is a business tool that generates revenue by charging customers a fee at regular intervals. The company provides products or services to subscribers on a subscription basis, usually monthly or annually. In this way, loyalty has become more important than acquiring new users.
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Holacracy & Flat Organization
Holacracy & Flat Organization
A “flat organization” breaks down the traditional hierarchy and removes its negative connotation, while “holacracy” is the business tool that facilitates its formation. Flat organizations place more emphasis on communication and collaboration, aspiring to a distributed decision-making process that gives each employee a voice. But this is a model that is difficult to implement.
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Mass Customization
Mass Customization
Mass customization is an initiative adopted by companies to embrace the increasingly diversified needs of customers. By offering customizable products and services, consumers feel engaged and can bring their creativity into play. Brands gain from this a boost in perceived value and the opportunity to fuel a positive word-of-mouth marketing.
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Coopetition
Coopetition
If you can’t beat them, join them. Coopetition is a business strategy that defines cooperative and competitive relationships between competing companies in the same young or high-growth market. The goal is to travel a stretch of road together to lower initial research and development costs. Once the desired results are achieved, the companies will return to being enemies as before.
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MVP
MVP
To the disappointment of all sports fans, this is not an article about Michael Jordan. In the language of business, MVP stands for Minimum Viable Product and indicates the version of a new product that has enough features to attract customers. In this way, a team can gather the most feedback with the least effort, improve the prototype, and validate its sale.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Bounded Rationality
Bounded Rationality
The best solutions always come to mind when it is too late. This is because human beings tend to make decisions on the basis of satisfaction rather than optimization. Bounded Rationality means that we are unable to think clearly and linearly, we proceed by trial and error and forget all the possible variables that affect the process. But we are also flawed.
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