Sidebar: A very low level explanation of NFTs
This is a prime - just so we all have an understanding of what they are. Then we can discuss what they could be.
Let me be clear, I don't really understand the technical aspects of NFTs.
I only approach them from a business perspective and how it can help creators and community builders to monetize their fans/community.
Non-fungible tokens are a type of cryptocurrency that falls outside of the scope of traditional cryptocurrencies. They are not interchangeable and distinct, meaning they can't be swapped for other tokens in the same class.
NFTs are still digital assets like bitcoin or ether, however, their value derives from ownership. Unlike fungible tokens which represent general units that can be traded 1:1 for any other, NFTs represent specific units of ownership.
NFT's can be bought and sold nominatively on decentralized exchanges. NFTs can also pay dividends or rents to their owners. Media & IP rights are where I believe they can thrive.
Don't confuse these products with a license to use an asset where if you stop paying, then you lose the right to use that asset which is available on centralized exchanges.
NFTs also offer unique benefits relating to intellectual property because it creates an unbreakable link between creator and owner of any particular work and cannot be accessed without permission from either party.
Now that we are all on the same page…let’s proceed.