Abstract: The use of Non-Fungible-Token (NFT) in online market has the potential to address a number of challenges in the field sales and purchase of products online. There are a number of problems associated with buying any product, but luxury or high-end purchases pose additional concerns regarding authenticity. Digital warranties enable customers have greater peace of mind when purchasing luxury items. Additionally, it can offer information about the item's history of purchases, its warranty, and other details. When a customer makes a transaction using our application, the NFT are sent to their account. Asset tokenization, which entails the creation of NFTs that stand in for trading assets, can be a successful strategy to combat fake goods. Digital warranties aid luxury brands in thwarting fakes. Consumers will be able to choose authentic products if these solutions become commonplace in the business and make it clear that products without a guarantee as an NFT are probably not real. On request from a few merchants, assurances will be given to franchises of luxury brands. Additionally, it offers retailers with certified imports from other nations without the express consent of the brand. Luxury brands can organize a consortium in the meanwhile to embrace digital warranty solutions and deal with the industry's counterfeiting problems. This solution is yet to gain momentum among the wider blockchain community, so the challenges persist and remain to be addressed effectively in lieu of the massive potential of the NFTs, the marketplace for which is growing rapidly.

Keywords: NFT, Blockchain, Tokens, Warranty, Marketplace, Digital Assets, Tokenization, Decentralize

 

| DOI: 10.17148/IARJSET.2023.10228