As discussed in the previous article, tech giants have been incorporating blockchain technology into their business operations. Non-Fungible Tokens (NFTs) have piqued the interest of Big Tech due to their potential prospects of growth. Companies have started to utilize NFTs into their business operations. Let’s examine how each company is leveraging these digital assets into their business processes.
A joint collaboration is made between IBM and IPWe, a platform that uses blockchain technology for comprehensive intellectual property management, to cater NFTs for corporate patents. The objective of this partnership is to provide the companies with a seamless and efficient method of managing and monitoring the ownership and licensing rights of NFTs. This will enable them to represent their patents through a platform with ease.
IBM blockchain technology would support the development of the NFTs, wherein each patent represents a unique digital fingerprint. As a result, companies will be able to easily verify the ownership and licensing rights for each patent, as well as track any modifications to the patent over time.
Though IBM has not announced any decisions with regards to adopting NFTs, its blockchain technology allows for the exploration of innovative applications, including the potential use of NFTs.
Microsoft has shown interest in NFTs by making an investment in a South Korean blockchain company called PlayDapp. The company is famous for its “CryptoDozer”, an NFT game which involves non-fungible tokens that users can collect and exchange under the company. The goal of Microsoft’s investment is to foster the growth of PlayDapp’s gaming offerings and utilize NFTs in innovative ways. The decision signals utter interest in the prospective use cases of NFTs.
Google has partnered with Dapper Labs, an NFT platform which is famously known for its CryptoKitties and NBA Top Shot collections, to assist in the development of the Flow blockchain. Flow supports a wide variety of decentralized applications, including NFTs.
The 4th largest company in the world is providing infrastructure and resources through its cloud service, Google Cloud, to facilitate the expansion of the blockchain and the broader NFT space. Furthermore, Google Cloud is providing assistance to Dapper Labs by leveraging its expertise in scalable infrastructure and machine learning to enhance the performance and scalability of the Flow blockchain.
The partnership between the companies is substantial in highlighting the potential use of NFTs and blockchain technology on a broader scale. Google, through its collaboration with Dapper Labs, shows its commitment in pioneering in the development of blockchain-based innovations.
The company is planning to incorporate NFTs to its business processes to tokenize real-world assets, such as gaming collectibles and more. Additionally, the big technology company has been involved in exploring several promising use cases of blockchain, despite not making an official announcement yet about its plans for NFTs. Amazon is in the process of onboarding blockchain professionals. The company has also recently filed many blockchain and cryptocurrency-related patents.
Last 2022, the adoption of NFTs gained recognition from Big Tech. This conveys a clear interest and investment in NFTs by Big Tech into further developments and applications of this technology in the future. The potential for NFTs to revolutionize various industries is significant, from intellectual property management to gaming and beyond. With the support of major players like IBM, Microsoft, Google, and Amazon, NFTs are poised to become a mainstream technology, and their integration into business operations could unlock new opportunities and revenue streams. The continued active exploration of these emerging digital assets by these companies raises high anticipation for future advancements of NFTs within the technology business realm.
It will be exciting to see how these companies will leverage NFTs and blockchain technology to drive innovation and transform their industries in the years to come.
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