In October 2021, the State Council officially released the "NFR Whitepaper." NFRs, like NFTs, are one-of-a-kind and irreplaceable digital assets or representations that use Blockchain Technology. The present market for NFTs is dominated by collectors such as digital artwork, sports cards, and rarities. NFRs are digital assets that focus on reflecting tangible physical goods. For example, a virtual property has value since it represents a real house in real life.
NFR has developed a model for digital certificates. The product must be evaluated, tested, and certified by a third party. Following approval, it will be added to the chain to conduct fair and open transactions in digital certificates, with the goal of reverting to physical assets.
NFT + Non-transferable = SBT
Person's identity, Medical data, employment history, and any other sort of information that makes up a person or entity might be included. "Souls" are wallets that keep or issue these records.
Souls, on the other hand, can symbolize an entity that distributes SBTs. Companies, for example, may be Souls, issuing SBTs to each employee. A digital country club or Professional Organization might give certificates or memberships.
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