NFTs are an underused technology with enormous untapped potential. Much of the current application of NFT technology is directed toward the distribution of media and tracking digital scarcity. Outside the field of media, there are other opportunities to showcase the promise of NFTs.
One such area is the use of NFTs coupled with physical goods. In the market, many commodities have a high quality or premium equivalent. One of the best examples is coffee, where the commodity version is sold as the Coffee C Contract and used as the benchmark for the price. This type of contract doesn’t reflect the quality of a coffee on the price of the commodity contract.In a different category, we have specialty coffee, which is a high-quality equivalent that cannot be classified by the standard C Contract.
As a product, it follows the core ideas of a collectible since a coffee batch is unique during the year and it won’t ever repeat, not even by buying from the same farm, as atmospheric conditions will change and result in a different coffee.
By using NFT technology, we can create an Origin Certificate for each batch of coffee. The metadata of the certificate would contain all the information of that year’s specialty coffee harvest and preserve it on-chain as a permanent collectible.In subsequent sales, the Origin Certificates would also work as vouchers to access new features, and accrued points, get direct discounts, and even free drops.
In this way, Coffee DAO can combine the unique characteristics of a single coffee batch, preserve them in an Origin Certificate, and use the NFT as the basis for marketing promotions.
