Continuing from the previous post where we talked about the general definition of NFTs and kinds of NFTs, let us dive a little deeper into which field we can apply NFT, the Non-Fungible Token. As we know that NFTs are data units that are recorded on blockchains, mostly on Etheruem, they cannot be erased or modified once they have been imputed.
Since NFT can be seen as a digital certificate, we can clearly verify who owns the digital asset. And due to this characteristic, NFTs are applied to various industries, significantly on the art industry. It is also showing more value to the online game industry as well.
NFTs in the Art Industry
When talking about arts in the NFT topic, we are talking about arts in the digital format. Some may question why would you want to spend so much money on digital arts which you cannot have in real life. However, NFT art collectors do value the “digital rights” and enjoy that they are the owner of the art piece. Hence, a place to show that they are the owner of the art piece is needed. We can find various websites curating NFT arts.
People are buying NFTs in the art format due to their value. The scarcity held by the art is both important in the digital world and in the actual art industry. We are expecting to see more NFT art pieces that do hold artistic value, and in the end, the expectation of rising in the cost.
NFTs for the Content Creator
As NFT holds a built-in authentication and serves as proof of ownership, content creators can create and sell their art pieces directly. Creators can retain ownership rights and claim resale royalties directly without any third party such as distribution platforms.
NFTs can enable a shift in the revenue from distributors to consumers through direct trading with the artists. Content creators can create art pieces not only in music but also in images, video, gif, and even texts. The types of NFTs are numerous and creators can claim the direct ownership right through the NFT’s main trait: authentication built on the blockchain.
Conclusion
We talked about the NFTs specifically how NFTs can be a good tool for artists and content creators. NFT can act as a bridge between the real world and the metaverse. We believe that NFT can be applied to various industries when combined with the KYC process. Let us talk about this topic in the next post regarding how other industries can use NFT when combined with the KYC process.