What do you think of answers for my assignment for NFT? -Summary of your perspective for the

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Question:

What do you think of answers for my assignment for NFT?

-Summary of your perspective for the industry.:

I think whether enterprises should involve using NFT depends on the industry that are in, although they have their advantage they also have their disadvantage. NFT (Non-fungible tokens) are digital token that can't be replicated. NFT can also tokenizned real world items such as artwork and real estate making trading more efficient and reducing the probability of fraud. However, NFT can also be abused and scammers can easily plagiarise artwork and resell them higher than the original value.

-Benefits With NFTs:

Automobiles are a good industry to use NFT because it can reduce the probability of fraud. When the token is attached to the manufacured car, it will digitally attach a signify digital ownership to the vehicle. Automobiles can add value for their customers when the manufacturer when it digitally signifies ownership attached to the car. the disadvantage of NFT is that its really bad for the environment because it uses significant computer energy. the users that trade NFT should also need to have knowledge on trading them and using them as well which many do not understand blockchain or the term NFT. Also, businesses can use business models to run numbers to see how effective their business will run. with a good business model, it can help assist managers to decide if an idea will work. EEntrepreneurscan run the business model to see if it adds value to the product and also help determine if the implementation of NFT is effective.

-Propose any solutions to the challenges faced in the handling of NTFs:

To overcome some challenges of NFT that uses a large consumption of computer energy is probably technological advances and breakthroughs that can reduce computer energy usage. Recently, South korea Hyundai has become the first car manufacturer to release community NFTs, Hyundai Motor Company will become the first automaker to hop on the community non-fungible token (NFT) market. The organization will launch 30 limited digital collectibles in collaboration with the NFT brand. https://cryptopotato.com/hyundai-becomes-the-first-car-manufacturer-to-release-community-nfts/#:~:text=South%20Korea%27s%20largest%20automaker%20%E2%80%93%20Hyundai,fungible%20token%20(NFT)%20market.