Published Paper Details:

The use of Non-Fungible Tokens (NFTs) in online markets can help solve several challenges related to buying and selling products online, especially luxury or high-end items. These challenges often revolve around concerns about authenticity. Digital warranties provided through NFTs can offer customers greater confidence while making purchases by providing information about the item's history, warranty, and other details. When a customer transacts using our application, the NFTs associated with the purchased item are sent to their account. Asset tokenization, where NFTs represent trading assets, can help combat the proliferation of fake goods. By implementing digital warranties, brands can better protect against counterfeit products. Consumers may be more inclined to choose authentic products if digital warranties become a standard practice in the industry, signaling that products without an NFT-backed guarantee are likely not genuine. Some merchants may request assurances from franchises of brands, allowing retailers to source certified imports from other countries even without the explicit consent of the brand. Brands can also collaborate to adopt digital warranty solutions and address counterfeiting issues in the industry. However, widespread adoption of this solution within the broader blockchain community is still lacking, and challenges persist despite the significant potential of NFTs, which are experiencing rapid growth in the marketplace