NFTs have emerged as monetary potentials for turning anything digital into money. All these have moved from just digital files to archived documents. Digitized documents came into light when Berkeley sold some digitized documents for $55000. These digitized documents were university research files used by the students at University of California. The NFT that was created from these imaged documents was auctioned and sold to the highest bidder.
Besides, receiving a huge lump sum, Berkeley received a royalty of 10% when the sale was complete. 30 university graduates from the University of California created a decentralized autonomous organization and got in contact with three anonymous bidders who pushed the price up to 22 Ethereum.
‘We are very proud to be one of the world’s first Noble NFT owners’ one of the graduates (Justine Humenansky) told the press.
Berkeley managed to keep 85% of the sale proceeds and they used part of the money in minting NFT. They are also receiving the royalties whenever the NFT change hands. Berkeley changed the game in the NFT documents world, thus blockchain is proving to be a technology that is revolutionizing all transactions in the industry. Other organizations, businesses, non-profit bodies can have documents that are valuable to historians, researchers etc. Valuable documents can be founding documents, significant events archived photographs, vintage artwork logos etc.
Organizations should take note that selling digitized documents of this kind might yield funds. You can structure your NFT in different ways depending on your preferences. For example, Berkeley did a royalty structure and there can be several NFTs for a single digital document. But take note that before you can start earning from your paper documents, they must be digitalized first. This when document imaging comes into the picture. You can get reduced space, security, accessibility etc when use the correct imaging program.
The process of document imaging transform paper into digital documents. Document imaging enables real estates to reduce costs and save their space. A filing cabinet often consumes space of about 9 square feet, 250 filing cabinets would take up to 2200 square feet of space taken by paper documents. Opting for a paperless environment enables companies to maximize their working space. The first step is to get your documents imaged and then earn your value from the minted digital assets.
Digital documents save time from research and it improves productivity. These documents can be accessed from several locations, thus promoting productivity in remote workers. Moreover, documents that can be accessed remotely promotes mobility in business travels and the documents can be retrieved at any time in seconds, thus saving time. With digital documents, security is increased to another level that ensures private information does not end up in the wrong words.
Blockchain is bringing more benefits to a lot of people and the environment as well. An environment that has less paper and waste, promotes clean air. This minimizes environmental impacts. This means that for every other organisation, or business there is an opportunity in digital assets.