Some crypto meetups have used POAPs as a form of ticket to their events.
These are collectibles that prove you participated in an event. If you contribute to, you can claim a POAP NFT. We use NFTs to give back to our contributors and we've even got our own NFT domain name. Digital identity (opens in a new tab) ↗.Music royalties via NFTs (opens in a new tab) ↗.Degree Certificates (opens in a new tab) ↗.Fractionalized real-estate (opens in a new tab) ↗.Buy real world goods (opens in a new tab) ↗.A ticket that gives you access to an event or a coupon (opens in a new tab) ↗.A digital collectible (opens in a new tab) ↗.A unique sneaker in a limited-run fashion line (opens in a new tab) ↗.A unique digital artwork (opens in a new tab) ↗.Here are some examples of NFTs that exist today, to help you get the idea: In theory, the scope for NFTs is anything that is unique that needs provable ownership. For example, you can use digital artwork as collateral in a decentralized loan. Platforms, such as music streaming services, retain the majority of profits from sales. These are often subject to terms of use and geographical restrictions.Ĭreators can retain ownership rights over their own work, and claim resale royalties directly. For example an app that issues digital tickets for events would have to build their own ticket exchange.Ĭontent creators can sell their work anywhere and can access a global market.Ĭreators rely on the infrastructure and distribution of the platforms they use. You could trade a piece of art for a ticket!Ĭompanies with digital items must build their own infrastructure. An NFT ticket for an event can be traded on every Ethereum marketplace, for an entirely different NFT. NFTs are compatible with anything built using Ethereum. Ownership records of digital items are stored on servers controlled by institutions – you must take their word for it. jpg, is the same as the original.Įvery NFT must have an owner and this is of public record and easy for anyone to verify. NFTs are digitally unique, no two NFTs are the same.Ī copy of a file, like an. Here's how an internet of NFTs compared to the internet most of us use today looks. For example you can't re-sell an iTunes mp3 you've purchased, or you can't exchange one company's loyalty points for another platform's credit even if there's a market for it. Not to mention that digital items often only work in the context of their product. As everything becomes more digital, there's a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership. NFTs and Ethereum solve some of the problems that exist in the internet today. For example, ETH or dollars are fungible because 1 ETH / $1 USD is exchangeable for another 1 ETH / $1 USD. These things are not interchangeable for other items because they have unique properties.įungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. Ownership of an asset is secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence. They let us tokenize things like art, collectibles, even real estate. NFTs are tokens that we can use to represent ownership of unique items. And one day owning your car might be proved with an NFT. It's only a matter of time before Nike puts a run of Jordans on Ethereum. If Andy Warhol had been born in the late 90s, he probably would have minted Campbell's Soup as an NFT. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm. But digital art is only one way to use NFTs. And celebrities are joining in as they spot a new opportunity to connect with fans. Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. NFTs are currently taking the digital art and collectibles world by storm.
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