NFTs represent a very interesting technology that offers a lot of different opportunities in terms of asset management. Although most of the hype around NFTs is concentrated around trading, the truth is that NFTs can bring about a lot of innovation in the FinTech space.
The Mauritius International Finance Centre (MIFC) was celebrating their 30th anniversary and wanted to use this opportunity to use NFTS to tokenize the ability to use the logo that they launched during the event. This represented a switch from the traditional way of using logos, by tokenizing the right to use the logo and distributing it as a digital asset to exclusive members of the financial sector in Mauritius.
The NFTs were minted on a Mauritian-based blockchain infrastructure company, which resulted in the setting up the NFTs without any fees for MIFC. This showed a strong desire for the public sector to collaborate with the local tech startup ecosystem. Horizon Africa offered its expertise in the blockchain sector to mint the NFTs using its existing NFT and smart contract infrastructure. These NFTs were preminted and assigned to a single owner until it can be reassigned during the event.
The NFT smart contract is based on the ERC-721 standard on the Ethereum blockchain, its equivalent having been added to the Horizon Africa blockchain list of libraries.
How to use the NFT
The NFTs give its owners the bragging rights to use the MIFC 30th anniversary logo as defined in the terms and conditions (https://www.storageplus.io/public/show-document-detail/codevigor/government-mauritius-mifc/mift-nft-token-terms-and-conditions/document/details/public-document) with the terms and conditions also anchored to the blockchain. This creates secure anchors on the blockchain for the NFTs to reference when they are going to be used.