Please describe your proposed solution.
With the current blockchain technology alone, it is difficult to connect data with physical objects. There is still no stable mechanism to connect things and data and guarantee their integrity. Even if you combine physical antiques with the information that antiques have, it is still possible to replace the real thing with the fake one.
So what can we do about this? Instead of trying to deal with this problem head-on right now, I would like to take a different approach to connecting antiques and blockchain.
First, I will publish NFT-ized information about antiques on Cardano's NFT marketplace, Fibo. As a start, we will NFT-ize ukiyo-e, the Japanese traditional paintings. This is to prove that antiques have value as NFTs. By creating NFT works directly linked to antiques, we will give them new value.
For the time being, we will focus on French, Finnish, and Japanese antiques.
And we will make it widely known that when it comes to antique NFT, Fibo is the one.
I think this will also be a shot in the arm for Fibo, which is still in its beta version.
Without being too emotional by the price of an NFT that goes up and down, we offer the fun and joy of owning an NFT born from a physical antique. Enjoyment is an important benefit to the Cardano community. This is another extension of the value of antiques in my opinion.
Issuing tokens to antique owners is the next step. Token holders will initially be connected with each other via Discord. The tokens will also be given a type of information such as a category. Token holders will be able to rate each 8other's antiques.
Tokens will also be issued to those who share the historical background of the antique. This mechanism will be very useful in the future when exhibitions are held in the Metaverse.
The NFTs we issue will be converted into money. It will be used to fund future operations and to prove that antique NFTs will create new value.
As part of my marketing efforts, I will promote antique NFTs based on these experiences. This will be a new profitable mechanism for antique fans.
The interest is Cardano, the antique owner; we do not yet have a solution to the problem of NFT from images on Pinterest without permission. We are currently working on it.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
We will convert antiques to NFT and distribute them on Fibo. As a result, Fibo will be an NFT marketplace where NFTs tied to or derived from physical antiques will be widely available.
Fibo will be a new marketplace that creates new value for antiques.
Issuing tokens for the owners of physical antiques is the next stage.
It creates an entry point to a new platform for antique buying and selling.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
There are 3 major risks I can think of.
Risk(1) if an antique becomes an NFT work, how do you describe its value?
Risk(2) how will you prove that the NFT piece is associated with a physical antique?
Risk(3) how will you identify the target audience for issuing the tokens?
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Risk(1)
if antiques were to be made into NFT works, how would they express their value?
How to mitigate;
Popular works in the current NFT market do not place value on connecting with physical objects. Under this situation or in the NFT market environment, it is quite uncertain whether NFT that connects with antiques can be made to have value.
Risk(2)
How do you prove that NFT works are connected to physical antiques?
How to mitigate;
If NFTs derived from physical antiques can be given value, how can we prove that actual antiques exist and that they are connected to physical antiques? Currently, there may be no other way than to display information about the antique as text data. There is a great possibility that it may be seen as having little impact.
However, as Optical Science evolves and becomes more widely used, this problem may be solved at once.
Risk(3)
How will the target audience for issuing tokens be identified?
How to mitigate;
How will we, who are not eBay, figure out who owns valuable antiques?
It is unclear how we will figure out the target audience for issuing the tokens.
Initially, we are planning to experiment through our own e-commerce service.
We will then experiment with accumulating only information on antique items from eBay's API to see if it has any effect.