Non-Fungible Tokens in the Financial Industry
One example of a non-fungible token in the financial industry would be stock certificates. When you buy or sell a certain kind of stock from the stock market, you require to show proof of ownership. The reason behind this is to ensure that the person you are dealing with is the actual owner of the securities you are buying. There are also companies issuing non-fungible tokens to their employees. With the stipulation that, by doing so, the employees will have the assurance of their company’s liquidity. Another everyday use of non-fungible tokens is during auditing proceedings. Legal process auditing involves a lot of risks, which is why legal professionals usually use them.
Apart from being used during audits, companies also use non-fungible tokens, crypto NFT to promote their product or service. You may have noticed promotional cards with company logos printed on both sides.
If you lose the stamp in your mailbox, you cannot claim any reimbursement for it. Since these stamps represent the value of the goods you have ordered, losing one can be a loss to your company.
How Companies Use Non-Fungible Tokens
You may hear of some companies that create their reward program for their employees. They design it so that an employee’s performance validate based on how well their peers performed. So, instead of cash, you may now get points that you can exchange for money or other things. Some companies also use non-fungible tokens as an incentive to employees who perform well.
If you have never encountered someone using a non-fungible token, then you should give it a try sometime. Ask your employees what types they use at their workplace. What would you do if you found out that your company uses something like that? Would you be able to return it? Will the company allow it?
You probably didn’t know this, but non-fungible tokens have been use in the past as an employee reward. In addition to the ones mentioned above, companies also use them during competitions and training. The idea behind this is to motivate the participants, which will result in more teamwork and productivity for everyone. So next time you are in a business meeting, think twice before you think about throwing away your plastic card or plastic ID card. Use them instead!