A divisive perception of NFTs has grown in part due to coverage clouded by hype and even disinformation. It's time for a straight look at nonfungible tokens without spin to determine their true potential, argues jwolpert.
), an NFT usually gets its value from its claim over something that isn’t controlled by the blockchain itself: a digital picture file, the deed to a house, an entrance pass to an exclusive club. Consequently, the owner of an NFT must grapple with the tenuous relationship between the record of ownership on the blockchain and the thing they supposedly own, which is not on the blockchain.
In the case of an NFT representing a digital work of art, things get tricky. In this case, the NFT typically contains a link to a public media file on the internet, a file that can be accessed and copied by anyone. At least with physical art, it’s hard to make forgeries. But in the world of 1s and 0s, it’s trivial to make perfect replicas.
Using NFTs in this way lays the foundation for artists to make a living more reliably and consistently by signing up their fans as promoters and distributors, granting them skin in the game…a, if you will. Instead of having to convince people that others will want to buy an NFT for more money later, people can buy the NFT as a right to make authorized reprints and distribute them, which themselves represent a right to reprint and distribute.
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