What is NFT, and why did artists start using it en masse?
Although it appeared more than eight years ago, NFT seems to have become an essential topic in the crypto community in the last two years. A massive increase in the demand for these unique tokens has driven the world crazy.
While you may have heard of some of the most popular NFT collections that have garnered enormous attention, such as the sevens nft collection, there is still the question – what does NFT actually mean? Where did so much craze and popularity of these unusual, profitable “digital thumbnails” come from?
Before expanding on this topic, let’s focus on the term NFT itself and clarify it, shall we?
What is NFT exactly?
NFT is short for Non-Fungible Token. It refers to a non-interchangeable unit of data stored on Blockchain technology, a particular sort of distributive ledger. Known as financial security, it consists of digital data. NFT ownership is recorded in Blockchain, and it’s able to be transferred by the owner, allowing non-fungible tokens to be traded and sold at the same time.
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Typically, NFTs contain references to various digital files such as audio, videos, and photos. Since non-fungible tokens are considered “uniquely identifiable”, it’s clear they are a lot different from cryptocurrencies that are fungible. Do not forget that the market value of a non-fungible token is linked with the digital file it references.
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The ownership of an NFT
Proponents of NFTs claim that non-fungible tokens provide proof of ownership or a public certificate of authenticity. However, legal rights conveyed by a non-fungible token are still uncertain.
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Even though someone owns a particular NFT doesn’t necessarily grant him intellectual property rights, copyright, or other legal rights over that associated digital file. Remember that an NFT doesn’t restrict copying or sharing its associated digital file. In addition, it doesn’t prevent the creation of Non-Fungible Tokens that reference identical files.
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Why did artists start distributing their NFTs?
Once you have a clear insight into what NFT means, the question arises as to why many artists worldwide have started creating and distributing their copies?
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The reason is both more than logical and straightforward. NFT eliminates any need for a third party, i.e. intermediaries. For example, so far in the music industry, record companies have taken up to 95% of the total earnings from one famous artist.
With the help of NFT in the form of a song, or an artist’s music album, the creator will be able to earn 100% of sales because he will not need a company record at all. So, the reason is very economical in other industries and spheres.
NFT enables direct sales, i.e. mediation between artists and collectors, and thus enables artists a comfortable life where they can pay for their work as it should be!
Since NFT, as a form, has become extremely popular and sought after in many other industries, an increasing number expects their creation of artists. Suppose you are a fan of a particular creator and artist and, therefore, a passionate collector of NFTs. In that case, this is a great way to support your favorite singers, writers, influencers, athletes and all other celebrities!
Why not be one of the proud NFT owners of your favorite artist? These are, these days, a great privilege in the digital world!
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