Sun, August 14, 2022

NFT Art is not a Mass Market – What About NFT Licenses

Non-Fungible Tokens, nft

Visa has purchased NFT, which is a picture from the CryptoPunks collection. By estimates, this was Visa’s best marketing expense ever made throughout the year. ROI only had to pay ten times the purchase price for news articles.

It is well known today that NFTs bring uniqueness associated with traditional high art. A link to a specific image, video, or audio clip is sent to the blockchain. Although the file can be copied, only one wallet holds the token. This is how it becomes a popular item. Making an NFT image is like wearing an expensive accessory with your name engraved on it. It’s a kind of status symbol.

The main selling point of NFTs is the high price and uniqueness. Anyone who saves money can buy millions of links. At the same time, they can burn cash for fun and show off their wealth to the world. They are focusing on NFTs, limiting perspective technology to an eccentric niche.

The good news is that NFT digital art is making big sales headlines. This helps bring NFTs into the mainstream. However, this will not be the primary use of NFTs in the future. It’s just an expensive toy for a rich crypto community.

The Real Contract

NFTs enhance the digital economy and bring more uniqueness. It is perfect when NFT is unique and has a niche. However, more pleasing is that he can cut off the dragon heads.

The free game, Fortnite, brought the publisher $5.1 billion last year. NFT is just the next step in this direction. No matter how surprising it may sound, in some developing countries, NFT games have already become a source of income.

The idea of ​​using NFTs in the corporate world as part of traditional business processes seems just as promising. However, they will benefit significantly from the key features that NFTs bring. This is an opportunity to verify the authenticity of the associated digital asset. This can be as simple as a financial document hash stored in an NFT on a private or public blockchain to verify authenticity.

Software licensing seems to be one of the areas where NFTs will shine long enough, with a possible compatibility bonus. Both individuals and corporations can purchase licensed software components on a single platform.

Suppose you are buying an asset. At the time of purchase, the platform releases a token that points to the original file—the token acts as proof of purchase. Typically, assets are stored locally. The system can transfer ownership. This means you can give it to a friend or resell it. Typically, companies do not want a secondary market because it competes with their sales; This is a royalty built into NFTs; Accordingly, they will have a stake in each subsequent resale. Although NFTs have some drawbacks, the rejection of technology is hasty at the beginning of their development.

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