Just recently we started hearing about what the world calls NFT, a non-fungible token. what started off as nothing, quickly became the center of attention for gamers, artists and influencers. A digital asset traded through blockchain technology, like cryptocurrency.
Purely digital in nature, they are a product of value for the content creators in digital spaces. An asset they can truly owe in the digital realm, and so NFTs enable the digital creators to earn a recurring revenue with every sale.
Should we then be expecting a shift in ownership trends in the future?
A future status symbol for the decentralized social platforms. After all art has been a symbol for the wealthy for centuries, Only now with the privileges’ NFTs provide, will anyone and everyone be able to owe artworks.
Not just art though, there is now the possibility for the photographers and music artists to actually owe and keep adding value to their creations. Photographers have seen their work getting violated and faced problems proving that copyright violation.
In the future this will resolve as then they will be able to create a new version of their work for each user that buys their NFT. Enabling the users in return to hold individual license by simply signing a transaction through their wallets. Any other will simply not be able to owe the artwork.
And like photographers, music artists face a similar problem. Users have been buying music on CDs, seen as collectibles far beyond the integrity or music contained within it, and could easily be able to resell that copy to someone else without any value to the owner of the music.
NFTs allow you to be the owner of your ownership, just like bitcoin allows you to be your own banker. That being said are we ready for the upcoming digital global revolution?
