HOW NON-FUNGIBLE TOKENS(NFTs) IS REVOLUTIONIZING THE OWNERSHIP OF DIGITAL ASSETS

Good day to you all members of this great community, you know who it is, it is you favorite blogger @awesononso. Today I will writing about how NFTs took over the digital world with a speed of light, as a result power has been transferred from the rich to the artists and creators and this basically what will be considering in this post.

First I would love to clear the air on what Non-Fungible Token (NFTs) are, NFTs are unique tokens that show ownership or represent evidence or proof of authenticity of a particular digital asset like digital art, virtual estate , music and even videos, and as the name non fungible token implies it is token that cannot be substituted, replicated or exchanged on a one to one basis unlike Bitcoin, ethereum and other cryptocurrencies which are fungible.

SWITCHING OWNERSHIP AND EMPOWERING CREATORS

In this digital age NFTs have succeeded in switching and redefining the concept of digital assets ownership and it did this by making it possible for artists and creators of digital art to own and establish authentic and verifiable ownership proofs as well as rights to their digital assets be it art, music,videos or tweets.

The uniqueness of NFTs instills confidence in investors or collectors that any digital asset be it art, music or video they purchase is authentic and unique, non fungible.

Also it has empowered creators and artists allowing them the opportunity to tokenize and monetize their creation and work, selling them as NFTs on an online platform called NFT platform where they can meet interested buyers.

Eliminating the need to go to or relinquish control galleries, production studios and record labels.

HOW NFTs CAN IMPACT INDUSTRIES

Non fungible tokens (NFTs) with its new opportunities has created a new revenue source for filmmakers, artists, musicians and content creators in general and apart from selling tokenize collectibles content creators can also earn royalties from each secondary sale of their tokenize collectibles (NFTs).

It also employs the use of smart contracts allowing content creators, filmmakers, artists and musicians to continuously earn anytime their NFTs are resold.

All this opportunities that NFTs offer can offer the music industry or movie industry and also the gaming industry in different ways.

Take for example NFTs can give musicians the opportunity to tokenize their music rights and reducing if not eliminating the control of the music industry and record labels allowing them to monetize and sell fractions and parts of their musics to fans.

Also in regards of the gaming industry NFTs can represent virtual lands or characters which players can either buy or sell.

POSSIBLE CHALLENGES AND FUTURE INNOVATIONS.

Non fungible tokens(NFTs) regardless of all the opportunities and promises there concerns arising as a result of volatility and price fluctuations as a result of all the expectations and hype concerning long term sustainability and viability.

Other concerns arises as result the environmental effect which includes energy consumption and carbon emissions as a result of the block chain technology which NFTs operate on.

But despite these challenges we can still say that the future of Non fungible token(NFTs) still looks promising and as technology advances if all goes as planned block chain scalability will also increase and improve and then NFTs should reach it's full potential and it's sustainability would improve.