The world of cryptocurrency is currently undergoing a cycle of NFT craze, when works of art related to NFT are sold for exorbitant amounts of money,
and projects focused on NFT perform quite well in “interchangeable” markets. The situation forces Fusion (and possibly any other cryptocurrency project) to explain, what they can do for NFT. The potential for NFT in Fusion is huge, but to unleash its full potential, we must either see projects focused on NFT, who choose to deploy their business to Fusion; create a system to move NFTs between nets.
What are the benefits for NFT-focused projects that choose to deploy to Fusion?
If the project were to do this, it would need to find a good way to filter the quantum swap (QS) market in order to weed out trades that suit their users and find specific ways to tie value to the NFT, as is already possible in other chains. Fusion already has ambitious projects around this.
The most prominent example is AXP, which tokenizes cars on Fusion. https://www.globenewswire.com/news-release/2019/02/25/1741446/0/en/Fusion-selected-by-Automotive-eXchange-Platform-AXP-to-bring-data-accuracy-and-transparent-to-2–8-trillion-pre-own-auto-industry.html
It is also a necessary example and shows that NFTs are more than just artwork or in-game items. This can be keys, ownership of a car, a valuable contract, ownership, locks from real houses or objects, and just about anything that can be locked or that you would normally access with a password, such as a software subscription. This is really the tokenization of things (both tangible and intangible).
Apart from Fusion Quantum Swaps (which means fully decentralized trading on terms dictated by trading partners), Fusion also offers time slots. And the time slots applied to the NFT create some really interesting use cases.
This opens the door to 100% secure rental. Car rental companies do not need to worry about their customers not returning cars, because if they only had keys with a time slot, they would only work for the lease period. The opposite use case in favor of the tenant can be guaranteed privacy in hotels, where the tenant of the room is guaranteed to be the only one, who has access to their room (the hotel must wait until the time runs out, to save access). Perhaps this will help ease the currently deprecated time option for renting a movie for the day. But probably one of the largest and first options use could be real estate, where rentals and leases are already commonplace, and the assets are definitely valuable enough to be worth tokenizing.
Fusion Quantum Swaps also allow you to swap multiple assets in a single transaction. This is quite unique and is covered in detail in these older articles.
MultiSwaps execution: https://medium.com/@fusionprotocol/how-to-use-multiswap-3c6167b87aa1 Potential of MultiSwap applications: https://www.fusion.org/post / multiple-applications-of-multiswap) and can definitely be very useful for NFT applications.
Create a system to move NFTs through the chain.
Another important focus for Fusion is interoperability. And whether it becomes possible thanks to Fusion itself or AnySwap, which is now actively integrating all blockchains, time to move NFT between chains will come one way or another, and the transfer of NFT cross-chain to Fusion is fully compatible with Time-Lock (TL) technologies and QS and can happen sooner than most people think. Cross-chain development continues to focus on fungible tokens, but once it becomes so smooth and simple that anyone can deploy bridges for fungible tokens between any two chains, the time will come to apply the same simplicity to any type of token (including NFT). There is some rationality in initially issuing high value assets on a chain like Ethereum so that it has a super strong foundation on a high value chain (it makes her more secure after all). But if someone wants to trade or rent out NFTs in a decentralized way, the NFT moves through the chain to Fusion, to use the Fusion QS and TL features.
Very soon, we will see Chainge Finance, a decentralized finance project on the Fusion blockchain. Which will create a market for quantum swaps and time locks/frames by connecting blockchains into one ecosystem.
Sincerely, Fusion Foundation.