2.5 million new scientific papers are published each year, about two papers per minute!
The global art market represents approximately $50 billion worldwide.
Almost 5 billion videos are watched on Youtube every single day!
24,000 songs are uploaded every day and 1 million tracks in six weeks!
But, What If real owners lose their ownership from any of these things?
Well, The power of Blockchain can help in prospering other industries as well like videos, movies, music, e-books, etc. where piracy and illegal use of contents are damaging the industry, especially to the creators of the contents. Digital information is therefore invaluable. Hence, support in its creation, storage and distribution should reflect that value and safeguard the rights and interests of its true owners.
Digital assets have a direct monetary value. Although, maintaining its integrity and ownership is a huge challenge. It includes fraudery, tampering, duplication and more. However, Blockchain provides integrity, make trustless transactions without any central authority.
There is a thing called Non-fungible tokens (NFTs) in the Blockchain industry which is special type of tokens that represents a unique asset. They represent scarce physical property, like cryptokitties, artworks, crafts, virtual houses, etc. Hence, they are non-interchangeable, unique and non-divisible tokens.
To provide the true ownership on blockchain to such digital assets along with creating a marketplace hence can be a great value. But, NFTs in itself is indivisible in nature, hence you either own the NFT token or you don’t. So, what approach can we follow in order to have partial ownership of such digital assets?
To solve this issue, Quillhash (An Indian-Singaporean Blockchain development company) is working on Distributed Non-Fungible Tokens (DNFTs) standard on EOS Blockchain.
It is an open-source standard that could be used for transferring partial ownership of each digital asset.
Distributed Non Fungible Tokens (DNFTs) are the NFT tokens that meet the following points:
Verifiable creation of NFT by a validator on Blockchain .
Allow partial ownership say x% of NFT to anyone.
It allows real-world marketplace on blockchain.
Real % ownership in the form of “PER” stable tokens on the blockchain.
Every NFT is valuable and so is its physical characteristics. Allowing multiple owners to own the NFT could be a game-changer!
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 that acts as an upcoming market for all.
So, What are your thoughts regarding these new tokens developed by QuillHash ?