Non-fungible tokens: purchase is not complete ownership -Part 4

Si Gyeongmin

Sep 09, 2021

NFTs create opportunities for new business models that did not exist before. Artists can add clauses when trading NFTs to ensure that each time they resell their work, they can get a portion of the proceeds. This means that as long as the value of the work increases, the creator will benefit. It is true that the team also uses similar contract terms when selling players, but NFTs no longer need to track the progress of assets, and smart algorithms can automatically perform the contract at the time of sale.

New art platforms such as Niio art can display their digital works in a very simple way. When customers borrow or purchase artworks from the platform, they can ensure that there is no copyright ownership issue for the works on the screen, because NFTs and blockchain can guarantee that the ownership is true.

The emergence of NFTs gives musicians the opportunity to bring better performances and benefits to fans. As for sports memorabilia, people always think that 50% to 80% of the items are counterfeit. If they are included in NFTs and the creator's clear transaction history is fed back, this forgery problem can be overcome.

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