Innovation Alphabet
NFT
In a nutshell
Technology can become artistic expression, and reach the exorbitant prices of a Modigliani portrait. This is the case with NFTs, certificates of ownership and authenticity for digital objects exchanged via blockchain that are described for what they are not, which is fungible. Unlike a classic cryptocurrency, in fact, Non-Fungible Tokens represent a one-of-a-kind specimen.
Application Fields
• Art Market: Non-Fungible Tokens attest the authenticity of a digital artwork and give the possibility of purchasing it and becoming its sole owner. The digital version of the work is a sequence of numbers, “compressed” into another, much shorter sequence called a hash. The latter is stored on the blockchain, with an associated time stamp. Storing the hash and the time stamp inside a blockchain is a way to leave evidence of one’s ownership, however brief it may be.
• Collectibles. Since NFTs are unique, nonreplicable pieces registered on the blockchain, they represent collectibles that gain value based on relative exclusivity. After all, they function like any other speculative asset: you buy a digital product in the hope that one day its value will go up so that you can resell it, generating a profit. The largest collection of NFTs in terms of market value is NBA Top Shot, and consists of short highlights certified by the North American basketball league.
• Music Industry: Non-Fungible Tokens can gloss over song copyrights and leverage the benefits of blockchain in terms of security, transparency, and verifiability. Digitization prevents songs from plagiarism because they are first associated with their authors through cryptography, then authenticated without the need for validation by a third party.
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Industries
• NFT in art
Artist Beeple (a pseudonym for Mike Winkelmann) has caused a stir with his peculiar digital artworks sold for sky-high prices. For example, he sold a 10-second video called ‘CROSSROAD’ for more than $6 million. Also, an original print by the famous contemporary artist Banksy was resold in the form of NFT at four times its value after being burned in live streaming.
• NFT in the music industry
Italy is experimenting with copyright management of music tracks using Non-Fungible Tokens on blockchain. In this regard, Algorand and SIAE have announced the creation of a blockchain platform for copyright management via NFT, with the aim of making the management process transparent and efficient.
• NFT in the gaming industry
The online video game Sorare allows users to purchase collectible football player cards as NFTs. With them, you can participate in tournaments on the same platform (with dynamics similar to those of fantasy football). Each player corresponds to a card, and each has a different level of rarity. The availability of the cards can be verified on Ethereum.
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Check out more of the Innovation Alphabet:
3D Printing
3D Printing
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5G
5G
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Advanced Analytics
Advanced Analytics
The term “Advanced Analytics” refers to the ability to autonomously or semi-autonomously analyze data and content to identify correlations, develop analyses, predictions, and recommendations. It is not just a matter of collecting information and then organizing it into watertight compartments: the ultimate goal is to identify a dialogue pattern from a data-driven perspective.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Ansoff Matrix
Ansoff Matrix
The Ansoff Matrix is a marketing planning model that arises from the intersection of new and existing products and markets. It derives four possible strategies for expanding the company’s market, which are built around four variables with a changeable factor of risks and possibilities: existing product, new product, existing market, new market.
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Artificial Intelligence
Artificial Intelligence
Artificial Intelligence is not strictly defined. Basically, it is a computer system able to make decisions in an independent and flexible way. A good AI application can perform everyday tasks better than an average person (e.g., identifying other people from their photos on social media or beating the best chess player). Nothing to fear, then. Unless you are a chess champion.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Attack Surface
Attack Surface
The term attack surface refers to the part of a system that may be subject to attack or breach by hackers. The smaller that surface is, the easier it will be to protect it. Indeed, the Internet is an ocean of deep, dark waters: those who navigate it must be aware that they are exposing themselves to a flood of digital risks. Yet, ironically, we do not need a big boat to shelter us.
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Augmented Reality
Augmented Reality
Augmented Reality is an ever-evolving technology that overlays multimedia information on top of our common sensory horizon to gain a deeper understanding of our surroundings. No, it doesn’t allow you to step out of the Matrix dream simulation, nor can it be accessed by swallowing a red pill. But neither is it the disturbing experience of the Playtest episode of Black Mirror.
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Balanced Scorecard
Balanced Scorecard
In business, as in life, you need balance. The Balanced Scorecard is a holistic tool for strategic management. It offers, in fact, the possibility of assessing corporate performance in its wholeness. An overview that embraces four perspectives: the business/financial side, customers and stakeholders, internal processes, and learning and growth.
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