How Will NFTs Enhance Digital Content?
Let’s say you are a musician who wants to get recognized by people worldwide. You are too excited about the fact that internet technology can help you. However, the only question you need to immediately answer is that “Do you have a huge fan base?” “Do you have the guts to tell people you are the most talented musician in a small town?” Well, by all means, it is not like money for an old rope.
But, you cannot give up right away. This situation applies to all artistically inclined. With the advantage of the internet today, one can sell a masterpiece upfront as a non-fungible token. This could possibly give several merits in favour of digital content today. So, what exactly are NFTs? Are these going to be the saviours of all artists in the digital era?
Get to know what NFTs are
Non-Fungible Tokens or NFTs are assets that are originally owned by an artist or a digital content creator. These are explicit and not replaceable or even altered. Physical content such as canvas paintings is one example too.
NFTs are cryptographic coupons or a special type of coin under the umbrella of blockchain technology. For example, an NFT art is produced for a specific transaction. The ledger will then give additional space for a new block to be recorded in the database. A smart contract will be given that holds sets of terms, conditions, and appropriate actions.
“It is better to fail in originality than to succeed in imitation.” – Herman Melville
Take advantage of NFTs
Technology is slowly changing our lives. That is why people become anxious and forgot the value of waiting for something will be granted. It is too crucial nowadays to market a product or a service because sometimes the challenge to get verification from the marketers is incredible.
It is actually overwhelming right now that we have an NFT marketplace. According to statistics, the NFT market has skyrocketed in sales amounting to $2.7 billion. That’s only within 2021 alone. Now, digital content is getting justice with its ownership.
Digital content deserves all the rights to be posted online. There is a way to install heavy security on a user-friendly website. But the problem is the original files should not be duplicated by anyone. For example, a photo is posted on social media. And here’s a netizen who wants to copy it. A mere photo without any indication that it is an original work from the owner can easily be fabricated. But, if this is auctioned as an NFT art, the record will always include the first hand of the photo. So, here are some advantages of NFTs:
- Smart contract that is not accessible for any modifications.
- Ownership of digital assets
- Increased brand awareness
- New media business models
- Security for both the owner and the buyer
Should you use NFTs?
NFTs are a great help in promoting service, products, talents, and other skills. It gives all the credit to the artistic hands who spend hours of work in order to succeed in the business. But with the involvement of blockchain technology, there might be future rules and regulations that might give more protection for those who are in the digital industry.