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They allow artists the ability to set their own rates and control royalties. NFT technology is a tool to be wielded to authenticate our work on the blockchain so that it forever links to a uniquely crafted certificate of authenticity.

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I’d like to take a moment to specifically shout-out my fellow artists: For the first time, we have the ability to have full control over the pricing of our work. This is a huge win for creators everywhere. An original creator will always be indisputable-along with every owner since. When you think about it from a copyright perspective, it just makes sense. Because the blockchain is open source, creator and ownership details can be tracked transparently through time.

Not only do digital assets minted as NFTs have their own identity, but they can be owned. Did you know that if you upload a photo of yourself to Instagram, Instagram (Meta) has the rights to “host, use, distribute, modify, run, copy, publicly perform or display, translate, and create derivative works” of your content?īlockchains are sources of truth that cannot be disputed: protecting copyrights and IP of artists, technologists, thinkers, writers, and innovators. NFTs are the evolution of copyright & IP law. There’s plenty of options to store those indestructibly and in ways that make it impossible to lose.) Reason you should care #2: They are transforming the ownership economy.

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Why? Because you can’t lose the title to your car if it exists as a Non-Fungible Token (unless you lose your password - aka “recovery phrase” - but you won’t.

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NFTs will take over the real estate industry (especially with the novel capability of fractionalization), healthcare, medical records, birth certificates, vehicle identification numbers (VINs), license plates, the birth of the Universal Profile (the end of passwords), and modern finance. Not only will NFTs “stick around” - they’re going to store everything in the future. NFTs are already being used in a plethora of different ways: Community-forming tools, proof of attendance, tickets (access), coupons, rewards, and loyalty initiatives. Not only are NFTs supporting decentralization of the internet - they are supporting the decentralization of corporate America. I don’t need to hire a lawyer to prove or protect my work’s copyrights. I don’t need to work with a record label to be a successful musician (and I get all the profits). I don’t need to go through a bank to send someone money. NFTs remove the middleman from many situations: On top of all of this, they are inherently tied to decentralization. All anyone will ever need is a device with an internet connection to find it.) Blockchain technology uses thousands of computers to verify each transaction, rendering it impossible to destroy. If the icons were minted as non-fungible tokens, they would have left a permanent footprint on the web. When shut down for good, where did those icons go? Are they floating somewhere in the ether? Do they exist at all anymore? They don’t even appear via wayback machine. It was early evidence of your passion for graphic design. Smart contracts are a novel and accessible way to store information inside of digital assets. Blockchain technology gives digital assets indisputable origins, properties, and other pieces of metadata - all collected in a single smart contract associated with each NFT.

We, for the first time as the human race, have a technologically sound way to attach a unique identity to any digital asset. Transparently track ownership of that asset Create a unique identity for any digital assetĢ. The technology brings too much utility for NFTs to just go away. Reason you should care #1: They’re not going anywhere. If you’re not that type of person, here are 6 reasons why you can ignore the skeptics and confidently support Web3. (That’s a phobia I have no argument for.) The only way you wouldn’t be convinced by this article is if you’re one of those “computers are going to kill us all” types of people.