Counterfeit products are the sector reportedly with an unprecedented expansion rate, accounting for 2.5 percent of global trade volume (about $450 billion). On the surface, many people may overlook the percentage, focusing instead on the perceived advantages, such as the availability of low-cost knockoffs. Only after giving it more thought will these same parties recognize that counterfeiting does not only harm businesses; it also harms consumers.

In specific, when a counterfeit item is acquired, the original inventor loses a portion of their revenue, which adds up over time at an estimated 2.5 percent. Less revenue is given to development cycles as a result of fewer sales. As a result, the consumer is left with a lower-quality product. As a result, fewer taxes are paid, fewer social services are accessible, and illicit activities and the underground market are unintentionally promoted.

Authenticity is considered a significant determinant of value in today’s world, which is replete with falsehoods, thievery, and other forms of deception. Skey Network, a dedicated platform for developing corporate NFTs, has decided to invest $5 million in the development of the Go2NFT platform, recognizing this rising concern.

Go2NFT is a platform that offers NFT solutions to businesses looking to safeguard their products. According to Boris Ejsymont, Go2NFT’s chief business officer, this release is a natural step for the existing network: “The ability to predict trends, universality, ease of verification, transparency of transactions, and the speed of the solution are all undoubtedly major advantages of the GoNFT project. With Skey Network on board, our projects will benefit from synergized efforts, thanks to integrated know-how, contacts, experiences, and the Skey network infrastructure.”

NFTs become the missing component in integrating the virtual with the physical and facilitating automatic value transfers between the digital sphere and the real world, thanks to their strong industrial base.

In practice, Go2NFT will use a dedicated NFT token on the Skey Network to enable the safe, authentic, and unique verification of possession of specified physical objects. Additionally, the items will get a variety of new features, such as a digital wardrobe in the fashion business that stores NFT credentials in one place.

Other applications for corporations include commercial and legal entities seeking to mass-produce commodities, corporations seeking to safeguard their products and copyrights, and producers with exclusive rights to a set design.

With these use cases in mind, “the NFT market is not only speculative assets and colorful pictures; few people remember the technological value of nonfungible tokens. Our project will highlight this utility side of NFTs,” Mr. Ejsymont states. 

Practically saying, this means that each of the manufacturer’s hundreds or thousands of items will have the one-of-a-kind NFT utility token incorporated. When a consumer purchases a product, they will receive both a physical and a digital version in the form of an NFT token. Through a user’s blockchain wallet, the token will be utilized to verify its authenticity, value, and ownership.

Consumers should foresee a future where everything they possess can be certified on the internet by scanning a code or label as the solution gains traction. This will make sure that the product preserves its worth as an income source for the owner and creator in the case of enterprises.