What is NFT?

NFT is short for "Non-Fungible Token". In many sources, they are defined as unchangeable digital assets. NFTs are a type of crypto asset that has entered our lives with the advent of blockchain technology. But, unlike the more widely known cryptocurrencies Coins and Tokens, NFTs are unique crypto assets. In other words, they do not have a "unit of account" feature, which is one of the three main functions of a currency. Thereby, although the values ​​of the mutable assets are the same (for example, the value of 1 TL in your hand and 1 TL in someone else's hand is the same), the NFT values ​​are not exactly the same. NFTs are unique digital data, so they are defined by adjectives like "immutable, impossible to change". NFTs have a unique digital signature, similar to DNA.

What are the Applications of NFT?

The concept of NFT is new, as is the blockchain technology itself, which allows it to exist. The main task of the NFT is to ensure that genuine digital assets are stored on the platform on which they were created. To date, NFTs have applications such as platform art registration and Web 3.0-based metaverse (creation of digital assets in gaming ecosystems).

All digital assets can be kept as NFTs on the blockchain platform. Videos, images, gifs, tweets, texts, accessories intended for use in digital games, works of art… Basically, anything that can be saved as digital data can be turned into NFTs.

With the further development of blockchain technology, the rapid implementation of the necessary legal regulations, and the interaction of new technological trends such as the “Internet of Things” and “Digital Twin”, in the not too distant future, NFTs will become part of our daily lives.

Borusan Cat in the NFT World

As blockchain technology develops the same way the Internet did, it will open up business opportunities. As Borusan Cat, in the medium to long term, thanks to blockchain technology, we will be able to realize in many places high efficiency and business opportunities that were previously unavailable, from our company's loyalty programs to used equipment valuation, from determining service periods to selling spare parts.

By using technology as the driving force behind our business model, we will accelerate our efforts to take our place in this world, which is in many ways similar to our company's vision of offering our customers and business partners a unique experience in every sense.

Burcu Çalışkan Akdağ
Author

Burcu is a Marketing Communications Leader at Borusan Cat.
Burcu defines herself as an individual who sees the glass half full, enjoys what she does, loves change, and chases after innovations, she is also a mother to twins.
Burcu, who, after spending sleepless nights with the birth of her twins, came back to life with sleep training; she helps sleepless mothers in her puerperium and gets education from America to become a certified sleep coach.

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