NFTs
The Internet Of Assets
NFTs and Ethereum address some of the issues that plague the internet today. Digitalization is bringing about the need to duplicate physical properties such as scarcity, uniqueness and proof of ownership. Digital items are often limited to the product they are being used in. You can’t resell iTunes mp3s you have purchased or exchange loyalty points from one company for credit on another platform, even if it’s in demand.
Here’s how the internet of NFTs looks compared to what we use today.
Comparison
Digitally, NFTs can be unique. No two NFTs will ever be the same.A copy of a file like an.mp3 and.jpg is the exact same as the original.
| An NFT internet | Today’s internet |
|---|---|
| Digitally, NFTs can be unique. No two NFTs will ever be the same. | A copy of a file like an.mp3 and.jpg is the exact same as the original. |
| Each NFT must have a owner. This information is public and easily accessible. | Digital items have ownership records that are kept on servers managed by institutions. You must trust them. |
| NFTs can be used with any Ethereum-based product. NFT tickets for events can be traded on any Ethereum marketplace for a completely different NFT. A ticket could be traded for a piece or art. | Digital items require companies to build their own infrastructure. An app that allows you to purchase tickets digitally for events, would need its own ticket exchange. |
| Content creators have access to a worldwide market and can sell their work wherever they are. | The infrastructure and distribution of platforms are critical to creators. These platforms are subject to geographical restrictions and terms of use. |
| Creators have the right to retain ownership of their work and can claim resale royalty payments directly. | Platforms like music streaming services retain the largest share of sales profits. |
| There are many ways to use items. Digital artwork can be used as collateral for a decentralised loan. |
NFTs
NFT examples
NFT is a relatively new field. The scope of NFTs can be anything that is unique and requires provable ownership. To help you understand the concept, here are some examples of NFTs currently in existence.
