NFT and blockchain — a game changer and an answer to market challenges

Some significant changes are coming to the EU market. Over the next few years, requirements will be introduced to attach digital media to products. Although work on standards and guidelines is still underway, blockchain and NFT-based solutions are coming to the forefront among the technologies that will apply to digital product passports.

Blockchain technology

Due to its reliability and transparency of data, is proving its worth in realizing sustainable development and building a circular economy. The technology on which cryptocurrencies are based will change the industrial market, becoming one of the pillars of the digital transformation of traditional business.

With increasing regulation, innovation is becoming an attractive option and a solution to many significant problems. And this is where the undoubted leader of change — Skey Network — comes in. The project already provides a suite of ready-to-use tools on the blockchain so that companies can smoothly go through the coming transition. There are functionalities in SkeyBox that allow the creation of certificates and secure documents. Our partners, such as Kleiberit, are testing the solution. By enrolling as an NFT, the product passport provides irremovable, tamper-proof, and fully indisputable information.

An enormous scale of the market to be developed

Almost all industrial production industries will have to meet the requirements in order to maintain turnover in the EU market. In particular, electronics, textiles, toys, machinery, sports equipment, but also food or chemical products. The scale of the changes will be significant, taking the textile industry alone as an example. Up to 200 million tons of textiles are produced and imported annually in Europe, up to 30% of which becomes waste.

• Industries covered: Batteries and accumulators, textiles, construction, food — this is just the beginning. The regulations will cover more industries in the coming years to eventually cover the entire economic turnover with the duties.
• Market value: It is estimated that the value of the digital product passport market will reach hundreds of billions of dollars in the next few years.

Global trend, global demand

Implementing digital product passports is not only a challenge but also an opportunity for innovation. Manufacturers will be forced to invest in new technologies, and blockchain will move to the forefront of this trend. Solutions from Skey Network in the blockchain as a service (BaaS) model are turnkey services, meaning they are created so that they can be deployed in the current business process without disruption. With advantages such as transparency and non-repudiation of information in the market, demand for blockchain solutions will increase, thanks to which Skey Network’s potential will grow at a tremendous pace.

Similar regulations to those in the EU are also expected in other markets, which means demand for digital product passports will grow globally. Billions of products enter the global market each year, most of which will require a digital passport. NFT-based passports appear to be an ideal option. This means the mass creation of NFTs, which in turn will generate massive growth in blockchain and the proliferation of the Skey Network.

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