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Will Non-fungible Tokens Save Healthcare?

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Will Non-fungible Tokens Save Healthcare?

Non-fungible tokens became popular in 2020. Unlike other cryptocurrencies, which can be used as money or a digital asset, NFTs are designed to function as a proof of authenticity. They consent to owning a piece of a digital version of a tangible item. NFTs were used to exchange everything from digital art, music, and video clips. In the first half of 2021, NFT sales are expected to reach $3 billion.

While the benefits of NFTs in the entertainment business are obvious, the same framework may be applied to the healthcare industry. NFTs can reflect your health data, pharmaceutical medications, and human composition elements like blood.

The use of NFTs for blood donations is already encouraged by blood donation organizations. Blood donors are given a unique token that may be tracked throughout the system. The gift can then be tracked from the time it is delivered to the hospital, through the blood bank, and to its intended recipient. The NFT of blood can then be used to register it in a digital “blood bank,” where the demand for specific blood types may be tracked via a blockchain system and distributed to where it is most required.

The application case for NFTs in pharmaceutical manufacturing, on the other hand, might identify a specific batch of medications, making it easier to trace and authenticate. Those who track the process via the system will be able to identify any issues, allowing problems to be resolved much more rapidly. If a drug was recalled, it might be noted on the NFT and brought to the attention of anyone who could track it down. Prescription orders might likewise be linked to an NFT, allowing for easy identification of who issued them and the prevention of faked prescriptions.

The depiction of health data is one of the most potential applications of NFTs in healthcare. Patients are now aware that their data exists, but they typically do not have access to it or control over where it is used. Google, a subsidiary of Alphabet Inc., and HCA Healthcare Inc., a national hospital chain, recently announced a partnership to build healthcare algorithms based on patient records, marking the latest incursion by a digital giant into the $3 trillion healthcare industry. Patients’ data is spun off in real time, but the usage of NFTs would allow them to track how their data is being used. An NFT would not only identify the data as belonging to that individual as a kind of identification, but it would also ensure ownership, allowing the patient to access it and track where it travels, as well as providing residual revenue to the data owner. This can also be applied to other research projects involving patient-generated data.

Patients who are aware of their data and understand how it is managed, according to Karly Rowe, Vice President Patient Access, Identity, and Care Management Product at Experian Health, may assist ensure accuracy and, as a result, their own quality of care and security. They should also be aware of and trust the manner in which a healthcare organization manages its data. Despite these dangers, many healthcare institutions have yet to implement a complete patient identity management plan.

Identity management necessitates enterprise-level planning, strategy, and solutions because it is the backbone of healthcare’s digital transformation. Patients are at danger from inaccurate or inadequate patient information, which can be lethal, and patient identity management can have a variety of financial and reputational consequences for an organization. Experian Health, for example, developed the first Universal Patient Identifier (UPI) certified by The National Council of Prescription Drug Programs (NCPDP) in order to comply with new pharmacy billing and electronic prescribing regulations set to take effect in January 2022.

With so many benefits, it’s easy to say that NFTs aren’t only for artwork or slam dunks from your favorite NBA star. Earning money for the use of your data may come sooner rather than later, however it is clear that patients’ data control has been long overdue.

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In the Last Month, Sales of NBA Top Shots NFT Have Increased by 72 Percent

After a $305 million fundraising round in early 2021, DapperLabs’ NBA Top Shots NFTs have been gaining traction since June 2021.

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#nft #nfthours #nbatopshot

Despite the current crypto market downturn, NFTs are still thriving. In January 2022, OpenSea had $3.5 billion in sales. In addition, NBA Top Shot NFTs, a Dapper Labs NFT collection, debuted in October 2020. Top Shot was created to be purchased with money. To put it another way, collectors didn’t need to understand cryptocurrencies or blockchain to acquire these NFTs.

According to CryptoSlam, Top Shot NFTs raised $53.8 million in the last 30 days, increasing 72 percent. This week, NBA star Kevin Durant starred in a new TV and social media campaign. First-time Top Shot purchasers will receive a free Durant NFT moment. In addition, Durant just became a Coinbase ambassador, while Stephen Curry joined FTX as a worldwide ambassador.

The Ultimate Fighting Championship (UFC) Strike NFT Collectibles are Dapper Labs’ first foray into NFTs. These will primarily consist of video material from UFC events and Packs, which was released on January 23.

NFL to join the NFT party

After the current NFL season, NFL All Day will be available on the Flow Blockchain. In addition, digital video highlights will be available as NFTs. However, it’s unclear whether they’ll be as popular as the NFT Top Shots.

NBA Top Shot #16538716, which sold for $10,000 in the last 24 hours, was the most expensive Top Shot NFT sold, with $1.47 million in sales volume.

Surprising popularity of Top Shots

NFTs like the NBA TopShots haven’t gotten the same kind of attention from the crypto world as CryptoPunks, Bored Ape Yacht Club, Meebits, and World of Women. On the other hand, Durant could be to blame for the recent sales uptick. NBA Top Shot NFTs reportedly outsold CryptoKitties, according to BeInCrypto. In the first week of June 2021, DappRadar detected over 70,000 traders purchasing or selling digital cards. Top Shot’s volume increased by 67 percent to more than $8 million at the time.

Dapper Labs secured $305 million in March 2021, with Michael Jordan and Kevin Durant among the major investors.

In October of 2020, Top Shot was released. Hundreds of thousands of dollars have been paid for NBA Top Shot NFTs, and Dallas Mavericks owner Mark Cuban owns 87 “Moments” NFTs.

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‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC

Following the UFC 270 pay-per-view event, NFTs from the Ultimate Fighting Championship will debut on Flow this weekend.

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#nft #nfthours #dapperlabs #ufc #collection

Dapper Labs announced today that it would launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship later this week, following its success with NBA Top Shot and subsequent arrangements with the NFL and LaLiga.

UFC Strike will premiere on Sunday, January 23, immediately following the UFC 270 live pay-per-view event on Saturday. UFC Strike’s digital collectibles, like Top Shot’s, will be based on video footage from previous events and will be minted on Dapper’s Flow blockchain. However, unlike Top Shot, the UFC collectible moments will include the original soundtrack to match the video clip.

Furthermore, rather than having different tier levels, all packs—which contain a random selection of moments—will be sold at the same price (as with NBA Top Shot). NFT moments from fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, and Justin Gaethje will be featured in the first pack.

Dapper’s contract with the UFC was signed before NBA Top Shot was out, which is interesting. According to statistics from DappRadar, the partnership was announced in February 2020, when the NFT sector was still small and niche—well before it grew to $23 billion in trading volume in 2021.

Dapper Labs’ head of partnerships, Caty Tedman, said that the company wanted to debut NBA Top Shot first and learn from the experience—which includes serious scaling issues early last year—before launching the UFC memorabilia.

She stated, “We’ve come to the stage where we feel ready to [launch].” “We’re ecstatic to provide UFC fans with a once-in-a-lifetime experience, as well as the utility that comes with this type of product. We’re finally ready to launch this as the industry, and we grow together.”

Tedman stated that the UFC Strike platform would be heavily promoted during this weekend’s pay-per-view event, including appearances by UFC President Dana White and fighters.

Because the UFC’s timetable is mainly based on pay-per-view fights every few weeks, UFC Strike will plan its releases to coincide with those significant events. As a result, the portal will first focus on fights from the previous year but ultimately include highlights from older UFC fights. The first fight in the promotion took place in 1993.

Despite the roughly two-year gap between the original announcement and this week’s launch, Tedman said the UFC—which already has a crypto fan token through the Socios.com platform—was keen to make a big statement in the NFT industry.

“Every company has its personality, and the UFC’s approach is to test with us and try new things with us,” she explained. “It’s fantastic to have a partner that doesn’t say, ‘Well, let’s try it little and see how it goes,’ when you’re talking about how to launch a product. It’s like, ‘Let’s make it as huge as we can.’ ‘Let’s do it in a UFC-style fight.'”

Unlike Top Shot and the impending NFL All Day platform, UFC Strike will be released without a closed beta period to the general public. According to Tedman, Dapper is investigating live activations at future UFC events, as it has done with the NBA, and added value for UFC NFTs, such as potential community or gaming features.

Top Shot in 2022

The UFC announcement comes on the heels of NBA Top Shot’s first major commercial campaign, including Kevin Durant, the Brooklyn Nets player and two-time NBA champion debuting yesterday.

In October, Durant and his Boardroom media group signed a deal with Dapper Labs to give him “a starring position across NBA Top Shot,” according to the company. According to Tedman, Durant, an early investor in Coinbase who has invested in other crypto firms, is familiar with the Top Shot concept.

“He’s a world-class athlete. He’s a top-tier human. He’s a tech entrepreneur,” she explained. “It’s been a long time since he’s been with us. He’s been interested in the crypto world for quite some time. Therefore, he ticks all the boxes. But isn’t he also swaggering? There’s nothing about him that wouldn’t make him a fantastic candidate for this type of campaign.”

ACCORDING TO TEDMAN, the NBA Top Shot team is “very focused on raising participation in the product and increasing accessibility” for 2022. Following the early 2021 boom in demand and Dapper’s time spent improving platform reliability and customer service, the business feels Top Shot still has substantial growth potential ahead of it.

“This sector is still in its infancy,” she explained. “There’s no such thing as ‘tried and true,'” says the author. “We’re going to attempt a lot of things, but we’re going to do a lot of things to make sure that current collectors feel valued—so they don’t feel like we’re creating an experience where they don’t feel valued.”

And NFL All Day, which Dapper promised would debut by the end of the current NFL season, is still on track to do so—for reference, Super Bowl LVI is on February 13. The NFT platform is now in closed beta testing, and given the recent nature of Dapper’s NFL partnership, Tedman said they’re concentrating on polishing it before going public.

“We’re much newer to the NFL,” she added, “in the same way that every organization has a different personality and every partnership has a different pace. So as a result, we’re taking our time with it.”

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Meta’s Instagram Experimentation With NFT Marketplace

Meta, formerly Facebook, is said to be working on a feature that will allow users to display their NFT collections on Instagram.

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#nft #nfthours #meta #facebook #instagram #marketplace

According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.

The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs and display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.

The blockchain network on which these capabilities would be developed is still unknown. However, NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.

According to two sources, an NFT marketplace similar to OpenSea is also in the works.

OpenSea has been a cornerstone of the burgeoning NFT industry. Despite a more significant market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January. According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.

The $69 million auctions by digital artist Beeple at Christie’s, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.

This publicity has piqued the curiosity of non-crypto companies as well.

Instagram, Meta and NFTs

In December, Adam Mosseri, the CEO of Instagram, said that the company is “actively studying NFTs and how we can make them more accessible to a wider audience.”

The company organized a session for NFT makers earlier this year to raise awareness about how to use the technology. However, artists said they “need more information on how to [use NFTs], not just from us, but from other creators,” according to Instagram’s VP of global partnerships, Charles Porch.

NFTs are also expected to play a significant role in the metaverse, a persistent digital world where individuals interact through virtual avatars. Therefore, establish non-fungible ownership of objects inside a wholly digital environment.

With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook’s recent rebranding as Meta signaled CEO Mark Zuckerberg’s intent to move “from being Facebook first as a company to being metaverse first.” With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.

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