For a coin that had NFT utility and real-world use cases within in the space for years, it comes as no surprise that we finally got a $VIDT NFT listing on Coinmarketcap. As of yesterday Coinmarketcap.com added VIDT to their list of NFTs:
I already mentioned the NFT-side of $VIDT in my in-depth analysis. When I looked into the project I really didn't think that the NFT parts of VIDT had any considerable upside, but I was wrong. The total addressable market for VIDT technology in NFT is in the range of hundreds of billion dollars.
Considering the $VIDT NFT listing I thought it would be a good idea to highlight a couple of the NFT use cases where their technology is utilized. As you may already know, VIDT is used to secure authenticity through their data integrity platform. Their technology has been used for a long time in blockchain years. In 2019, the first Rembrandt painting was secured using VIDT. Last years, in 2020, VIDT was used to secure the authenticity of rare vintage watches. Below is a list of some NFT use cases where VIDT is used.
Outside of NFT, VIDT is used to secure digital files (digital assets) against manipulation. This is the main application for VIDT and is used by several companies and organizations such as United Nations, Airbus and IBM. In December 2020, they won the award for Best Enterprise Solution at the Dutch Blockchain Awards.
In 2019, VIDT was used in the NFT space for the first time. It was used to secure the authenticity of Rembrandts "Virgin and Child in the clouds" from 1641. The validation took place a Douwes Fine Art, a premier art dealership in Amsterdam. Douwes is one of the oldest art dealerships in Europe.
The physical painting has since changed hands and is now for sale through Christopher-Clark Fine Art in San Francisco. It is listed for $15,000-20,000. The physical copy and its digital proof of authenticity (NFT) will be transferred to the next owner. And every other consecutive owner in the future.
VIDT was used to secure the authenticity of a super rare 1956 Rolex Milgauss that is worth hundreds of thousands of dollars. The vintage watch, container and all physical documents got replicated digitally through high-res macro photos. Each file assigned with a digital fingerprint (hash) and included in an exclusive NFT belonging to the watch. 1:1 ratio between the physical copy and the digital copy, where the NFT will be used to verify the authenticity online and change hands as the 1956 Rolex Milgauss switch owners in the future.
Another example of VIDT usage similar to the one mentioned above. VIDT was used to secure the authenticity of a 18k white gold Audemars Piquet Royal Oak 14555BC "Lapis Lazuli" with diamonds and a unique stone dial made out of Lapis Lazuli stone.
Legal company Firm 24 is working to incorporate VIDT to use NFT technology for stock certificates.
More use cases for VIDT technology in the NFT space is bound to come as there is a demand from the market: