An art: The usefulness of NFTs
Expressed opinions are solely those of the author and do not reflect the views of Rolling Stone editors or publishers.
Since many people go back and wonder why art-centered non-fungible tokens (NFT) like Bored Apes require such a high fare, the answer is quite logical. Yes, the creative designs become more intricate and original, but the real value added is found on the back of such irregularities.
It is the community that has the greatest weight.
NFTs are often gateways to community, and when you buy one of these items, you are included in a group of movers and shakers like yourself as a kind of membership. You develop your contacts and connections by having direct contact and association with individuals from unique backgrounds. Imagine being a part of private events and community-only conversations, where innovators and icons can all come together, network and collaborate.
I think it is important to note that the art community has simply adopted the NFT framework faster than other media, and that is why it is so associated with this format. But at the end of the day, it is the “authenticity” that the blockchain guarantees that is most important. NFTs are simply smart contracts designed for longevity and transparency. I predict that our licenses, vehicle registration, mortgages and legal documents (more than likely) can be stored in an NFT format.
Think of it this way: When we buy a used car, we can ask CarFax about the need to bring that vehicle to a mechanic for inspection. We have gained confidence that the information is documented, secured and unmanipulated. Basically, this is a simplified version of how an NFT works. For example, one day when we bought an apartment, we could see every change, improvement, water leakage, foundation damage, tax increase and previous owner in real time. There would be no need for costly inspections, as all the information would be there.
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The usefulness of NFTs is crucial.
The entertainment sector in particular sees the benefits of NFTs. Justin Blau, known under his artist title 3LAU, is one of the earliest users of music NFTs by giving his fans the opportunity to purchase music in this format, and by doing so he can receive a small percentage of royalties going forward. . There are even NFT platforms aimed at the film industry now, which give new and experienced talents the opportunity to raise money and awareness through this new modality.
As the global community slowly begins to adopt NFTs as a way of life, I expect that more and more people, groups and companies are likely to place their intellectual and physical properties online. In addition, NFTs offer a valuable opportunity to create communities online (and in person) with individuals who use the NFTs as memberships in said communities.
This can be a golden opportunity: Considering that this modality is so new – and can most likely be widely used over time – learning and using this technology can now set you apart from the crowd. Although we do not have a crystal ball to see the future, this is what I see: NFTs are here to stay, and NFTs may well become part of everyday life.
The key now is to find an artful way to use NFTs in our own endeavors and stay ahead of what lies ahead. As innovators, we have this!
