The internet has been an incredible platform for creativity and innovation. But there’s a catch: traditional content creators aren’t fairly rewarded for their work. Kayvon Tehran, a technologist and expert in NFT (non-fungible token) explains how NFTs can change that. Kayvon’s TED Talk explores why digital assets represent certificates of ownership on the internet and how they put economic power and control back into the hands of creators while advancing the next evolution of the web. Kayvon argues that this new technology will help protect intellectual property rights in ways we’ve never seen before and give content creators what they deserve.
What exactly are NFTs?
NFTs are a type of digital asset that enables the representation of a certificate of ownership on the Internet. They use blockchain technology to secure and store these assets, preventing their duplication or fraudulent taking. This makes it an ideal solution for digital content creators who want to make sure they retain control over their work.
NFTs can be used to represent any type of digital content, including videos, music, images, and articles. They can also be used to create digital collectibles, such as rare virtual items or unique works of art. This makes it a perfect way for content creators to monetize their work and give fans a new way to engage with it.
NFTs are still in their early stages of development, but they have the potential to revolutionize the Internet. They could help put economic power and control back in the hands of digital creators and advance the next evolution of the internet.
NFTs used for digital art
Content creators can use NFTs to monetize their digital artwork by attaching value to them and selling them on a dedicated marketplace. This allows the content creator to retain full control over their work and also gives them a financial incentive to create more content. NFTs can also be used for non-profit purposes, for example by museums to sell access to their exhibits.
Also interesting: How to sell your Tweets in NFT on a Blockchain?
NFTs are also used to create symbolic representations of physical objects in the real world, which can then be traded or sold with the same level of security and transparency as in digital form. NFTs have been praised for this ability to track ownership along a continuum between the offline and online worlds. For example, when a work of art is sold, the TVN representing it can be transferred to the new owner, who would then be in possession of the certificate of ownership. This opens up a wide range of possibilities for businesses and collectors.
NFT in the context of video games
NFTs are one of the most recent innovations in video games and offer content creators a unique way to make money. NFTs allow content creators and game developers to generate new sources of income that cannot be taken away from them like other forms of digital goods. This is because they don’t take up space or bandwidth like files do, which means more profit for people who create great stuff to sell online.
It also means that more gamers have access to these digital products, as you don’t have to spend time downloading anything before playing the game. Plus, it allows gamers to collect their favorite digital items. NFTs also allow game developers to create new worlds where all you see is an NFT that can belong to someone else in the world. This means more power and control for the people who create content online because they have the opportunity to make money with their creations.
NFT in the music industry
Music is an art form that has always been a commodity. It is something created and sold for money whether the artist likes it or not. But now there is a new way of doing things: blockchain technology. Blockchain allows data to be stored in different places, which means that you can make many copies of your work and sell them as NFTs (non-fungible tokens). NFTs could play an interesting role in the future of the music industry. They allow content creators to have more control over their work and get paid directly by fans. This eliminates the need for a middleman, such as a record company, who takes a large chunk of the profits.
There could be a considerable redistribution of wealth in favor of artists and to the detriment of big labels, creating an incentive to invest more in music production. It will also allow direct payments between independent musicians who are not commercially successful but have large web audiences and their fans. It is an exciting development for the music industry. This gives artists more control over their work and allows them to be paid directly by their fans. It could lead to a new era of creativity and innovation in music.
What about NFTs in the movie industry?
Non-fungible tokens are starting to make waves in the movie industry. In May 2018, 20th Century Fox teamed up with Atom Tickets and released limited-edition Deadpool 2 digital posters to promote the film. The posters were available from OpenSea and the GFT Exchange. In March 2021, Adam Benzine’s 2015 documentary Claude Lanzmann: Specters of the Shoah became the first motion picture and documentary film to be auctioned as NFT.
In November 2021, director Quentin Tarantino released seven NFTs based on uncut scenes from Pulp Fiction. Miramax subsequently filed a complaint claiming that their film rights had been violated. It will be interesting to see how the courts rule on the Miramax v Tarantino case. Will they decide that DTVs cannot be used to infringe copyright? Or will they find that since the scenes never hit theaters, they’re fair play for the NFT distribution? Only time will tell. Either way, it’s clear that NFTs are starting to make waves in the movie industry. This is just the beginning.
YouTube: Kayvon Tehranian – How NFTs are building the Internet of the future | TED
Photo credit: The main image was taken at another event and was prepared by Joi Ito.
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