Non-Fungible Tokens or NFTs have been in existence since 2014 but recently their popularity has seen a meteoric rise. More and more artists today are converting their original works into NFTs with the hope of getting better royalties, but can this happen?
There is a lot of speculation in the crypto-verse about NFTs and how they can benefit artists in all industries. While many people believe that NFT is the answer to the ever-present royalty and ownership issue, a faction also counters this notion.
Before we try to speculate which side of the argument is stronger, let us find out what NFTs are and why artists are hovering around them like moths to a flame.
What is an NFT?
Non-Fungible Tokens or NFTs are tokenized blockchain assets. They can represent any physical or virtual object. Each NFT is unique and authentic. They cannot be copied, interchanged, or replicated because the underlying code of each NFT is different.
Fungible Tokens and Non-Fungible Tokens are intrinsically different from each other. Cryptocurrencies are Fungible Tokens because they have an equivalent fractional value. Everybody knows the value of one Bitcoin right now.
