NFTs are property titles linked to digital assets that are based on the decentralized, transparent and unforgeable single transaction registry of the blockchain, I told my uncle Robert. First of all, an NFT (Non Fungible Token), is literally: a non fungible token, in other words, all NFTs are not equal. They are not interchangeable, and like all works of art, they are not equal. Each NFT is different because it is unique. Moreover, they are based on the blockchain and therefore take advantage of the unique characteristics that this technology offers, namely traceability and its unforgeable aspect. From there, I decided to show my uncle an NFT.
"Robert, do you see this picture? It sold for over $6 million." I quickly understood from the look on his face that he thought I'd had a little too much Bordeaux. He immediately asked me, "Why should I pay a significant amount of money for something I can't display on my wall?".
Nowadays, a lot of digital content (game elements, multimedia...) is put online with the intention of being sold, and people are willing to buy it without being able to physically touch it. As for the impossibility of displaying a digital work, it is always possible to print it and display it on your living room wall.
At the time, I hadn't noticed, but my Aunt Catherine was listening intently to our discussion with Robert and says, "Can't someone else right-click and save it, or take a screenshot, and display it too?"
Yes, he can. But that doesn't mean he owns it. Only you, the owner, can trade or sell the NFT on the blockchain. Anyone online can share a photo of a famous painting, it doesn't mean they own it. The signature allows you to show that you are the sole owner, and again thanks to the blockchain, everyone can see that the NFT belongs to you. For example: a replica of the famous Mona Lisa painting is not worth much. What makes the painting valuable is the consensus around Leonardo Da Vinci's signature. Today it is "easy" to copy the painting itself, but it is impossible to falsify its origin. If art is what comes directly to mind when we talk about NFTs, they are also used in music, in the metaverse or in video games.
"Okay, but what can we do with an NFT, besides reselling it?"
All sorts of things. The most valuable and interesting NFTs go far beyond digital art: they can represent your access card to an entire online community, or even your game piece in a metaverse. Another advantage of the NFT ecosystem is the ability to directly connect the author of the work with the collector. Thus, one can imagine artists being able to offer rewards to early collectors at will. NFTs, thanks to the blockchain, reinvent the transmission of artistic works, although it is still technically off-putting for the average person to exchange the latest digital nuggets. Sales of NFTs are expected to reach a record $17.7 billion in 2021. Many, many NFTs will lose value, even the most optimistic NFT proponents agree, but it's likely that the cream will rise in the coming months and the compelling use cases will remain.
Source : Cointelegraph Research
An artist recovers on average 50% of the income generated by the sale of his works. The blockchain allows by its characteristics, to eliminate the intermediaries, and we can imagine applying it to all spheres: cinema, music and entertainment in general among others.