Ownership is a myth, but NFTs can prove it.
In the digital realm, ownership is a weird concept. You can't truly own a digital file, as it can be easily copied and shared. This is where NFTs, or Non-Fungible Tokens, come in. An NFT is a unique digital token that represents ownership of a specific item, through intelligent metadata that will be on the blockchain as well.
NFTs have opened up new possibilities for digital ownership and monetization. They've enabled artists to sell their work directly to fans, gamers to truly own and trade in-game items, and collectors to verify the authenticity of their digital possessions.
Best part, it isn't just for monkey pictures in Crypto, the use case is actually monstrous in the real world.
A blockchain is a decentralized, digital ledger that records transactions across a network of computers. This ledger is maintained by a network of nodes, rather than a single central authority, making it secure, transparent, and tamper-proof.
Think of a smart contract in NFTs as being a digital overseeing dude, ensuring that all transactions and interactions with the NFT adhere to the predetermined rules.
The most popular token standard for NFTs is ERC-721. Think of ERC-721 as a universal blueprint for NFTs, similar to how all smartphones, regardless of brand, use the same type of SIM card to connect to cellular networks.
You can also buy NFTs on an exchange like Binance as well, but people don't seem to take that seriously.
When choosing a platform, consider factors such as user base, marketplace features, and minting costs. OpenSea, the largest NFT marketplace, supports multiple blockchains and offers a user-friendly interface for creators.
Before minting, verify that you own the rights to the asset you're tokenizing. Infringing on copyrights can lead to legal issues and also removal from platforms.
NFTs could be a nice way to make a few free thousand bucks during a bull, just make something pretty. I don't know though.
But honestly, memes and NFT prices are mainly just bullshit. Utility hardly even mattered for NFTs the last bull and I don't think it will matter this time too. NFT is such amazing tech but people think it's just a monkey picture.
If you're a nobody with a fucking aesthetic NFT line, you'll be lucky to even sell each one for 4 figures. But if you're important or notable, you can sell a picture of your shit for 6-7 figures. So it seems who it actually comes from matters the most.
NFT fractionalization allows multiple people to own a piece of a single non-fungible token. This innovative approach breaks down the barriers of high-value NFTs, making them accessible to a broader audience.
BUT what if you bought a Picasso, only to find out you didn't actually own it?
When it comes to NFTs, intellectual property rights can get murky. Essentially, an NFT is a digital token that proves ownership of a unique item, like a piece of art or music. However, owning the NFT doesn't necessarily mean you own the underlying intellectual property (IP) rights.
BUT what if someone else's creative work was being sold as an NFT, without their permission?
Copyright issues are a major concern in the NFT space. Since NFTs are often created from existing digital works, such as images, music, or videos, there's a risk that the creator of the NFT doesn't own the copyright to the underlying work.
Most of the time it goes under the radar though, it's kinda impractical to be able to catch most people.