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NFTs Will Drive Net New Spending Across a Wide Business and Consumer…

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NFTs Will Drive Net New Spending Across a Wide Business and Consumer...

One of the exhibits in this research report

This research identifies how NFTs work, the markets that will be impacted first, and why criminal activity has yet to be thwarted, which makes participation by regulated entities risky.

New Mercator research NFTs and Financial Institutions: Planning an Implementation That Manages the Risks delivers an in-depth look at what NFTs are and how various NFT markets will impact your existing account holders. Mercator identifies the risks associated with most existing NFT platforms and suggests mechanisms the financial industry could implement to reduce those risks, both for themselves and for all those consumers who decide to participate in an NFT market.

Given the high visibility of NFTs in the popular press, it is unlikely many of your customer’s haven’t already heard about them. It is also likely many of your customers will be very interested in how they can use them. After all, 33 to 40 percent of Americans are active collectors and collections can be monetized using NFTs. There are also 2 million artists and 179 million monthly gamers in the U.S., all of whom are potential NFT participants and are probably among your account holders.

“This research identifies how NFTs work, the markets that will be impacted first, and why criminal activity has yet to be thwarted, which makes participation by regulated entities risky. We also identify approaches regulated entities can take to reduce risk and identify fraud, and benefit the NFT participants,” commented Tim Sloane, Vice President of Payments Innovation and Director of the Emerging Technology Services Practice at Mercator Advisory Group. “If your financial institution doesn’t address the approaching NFT needs of your customers, they may simply move all their assets to someplace that does.”

Areas covered in this research report include:

  • NFT history, in which these were first defined as blockchain applications
  • An explanation of what an NFT is and how it functions
  • An up-close look at several NFT use cases, including copyrights, identity, marketing, artwork, and Web3
  • A deep dive into smart contracts and how they function
  • The implementation of NFT exchanges
  • The NFT minting process
  • The tight link between NFTs and cryptocurrencies
  • How NFTs are tracked, sold, and originators’ royalty paid
  • The many categories of NFT markets
  • The role of financial service providers active in NFTs
  • A review of today’s largest NFT marketplaces and how they differ
  • How major brands are using NFTs
  • The key factors driving NFT visibility and use
  • The problems associated with the legal definition of asset ownership versus the NFT solution
  • The challenges associated with proving provenance
  • Review of the documented problems for current marketplace cyber security and identity fraud
  • Identify risks associated with smart contracts
  • Suggestions for how financial institutions may manage the risks while participating in NFTs at different levels

This report is 25 pages long and has 3 exhibits.

Companies and other organizations mentioned in this report:

Adidas, American Express, Artist-in-Residence Program, Binance, Bored Ape Yacht Club, Cent, Chainalysis, CipherTrace, Cloud Security Alliance, Coca-Cola, Coinbase, Crypto.com, Decentraland, Disney, DraftKings, Drife, Elliptic, Ethereum, Fanaply, FIS, Fiserv, Flyfish Club, Gucci, IBM, Jack Henry, JPMorgan Chase, KnownOrigin, Larva Labs, Mastercard, McDonald’s, Mintable, NBA Top Shot, New York Stock Exchange, Nifty Gateway, Nike, OpenSea, Oracle, Original Penguin, Polygon, Prada, Rarible, Ray-Ban, Solana, Sorare, StockX, Stripe, SuperRare, Taco Bell, The New York Times, The Sandbox, Under Armour, Visa, Zora

Members of Mercator Advisory Group’s Emerging Technology Services continuous advisory practice have access to this report and inquiry services for any questions, as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.

For more information and media inquiries, please call Mercator Advisory Group’s main line: 1-781-419-1700, send email to media@mercatoradvisorygroup.com.

For free industry news, opinions, research, company information and more visit us at http://www.PaymentsJournal.com.

Follow us on Twitter @ http://twitter.com/MercatorAdvisor.

About Mercator Advisory Group

Mercator Advisory Group, part of the Escalent family, is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.

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  • Source: https://www.prweb.com/releases/nfts_will_drive_net_new_spending_across_a_wide_business_and_consumer_demographic_but_fis_need_to_mitigate_criminal_activity/prweb18673259.htm

This Post was originally published on Business: e-Commerce

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