What Are NFTS — and Should You Buy Them?
You may think an NFT is a .jpg image or digital art. But NFTs offer more substance than just a profile picture and can provide major benefits for creators, brands, and consumers. We’re demystifying NFTs and breaking down how you can benefit from the space—and showing you how to get started if you’d like to learn more and join the NFT community., but, like cryptocurrencies, uses blockchain technology to assign ownership to digital assets.
Let’s break it down. If you purchase a film on Amazon Prime, you can only access that film on the Amazon Prime platform. You don’t"own" that film; you merely have permission to access it. However, if you purchase a film as an NFT, you have complete ownership of that file—without needing access to the platform you purchased it from. Your ownership of that file cannot be disputed, removed, or cancelled.
For creators, the ability to distribute their work on the blockchain as an NFT offers the potential to create more wealth than if they use a third-party centralized system—such as Spotify, iTunes, or a traditional art agent—that take a commission and cannot offer lifelong royalties. Art, digital and physical, is the most publicized type of NFT right now, but NFTs offer additional utility. NFTs can give access to community opportunities and clubs.
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