The Internet has been an incredible platform for creativity and innovation. But there is a problem: traditional content creators are not rewarded fairly for their work. Kayvon Tehranian, a technologist and NFT (Non-fungible token) expert 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 power and economic control back into the hands of creators while pushing forward the next evolution in the web. Kayvon argues that this new technology will make it possible to protect intellectual property rights in a way we’ve never seen before—and give content creators what they deserve.
What are NFTs exactly?
NFTs are a type of digital asset that allows for the representation of a certificate of ownership on the Internet. They use blockchain technology to secure and store these assets, which prevents them from being duplicated or fraudulently taken. This makes them an ideal solution for digital content creators who want to ensure that 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 artwork. This makes them an ideal 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 to put power and economic control back into the hands of digital creators and push forward the next evolution of the Internet.
NFTs used for digital art
Content creators can use NFTs to monetize their digital artworks by attaching a value to them and selling them on a dedicated marketplace. In case you don’t consider yourself a creator but much rather a collector or content moderator, this is no less interesting. This allows the content creator to retain full control of their work and also gives them a financial incentive to create more content. NFTs can also be used for non-profit purposes, such as by museums to sell access to their exhibits.
Also interesting: How to Sell Your Tweets as NFT on a Blockchain?
NFTs are also being used to create tokenized representations of real-world physical objects, which can then be traded or sold with the same level of security and transparency as in digital form. NFTs have been heralded for this ability to track ownership along a continuum between offline and online worlds. For example, when an artwork is sold, the NFT representing it can be transferred to the new owner, who would then possess the certificate of ownership. This opens up a wide range of possibilities for businesses and collectors alike.
NFTs as part of video games
NFTs are one of the newest innovations in video games, and they offer a unique way for content creators to make money. NFTs allow content creators and game developers to generate new revenue streams that cannot be taken away from them like other forms of digital goods. This is because they’re not taking up any space or bandwidth as files do, which means more profits for people who create good things to sell online.
It also means more players have access to those digital goods because you don’t have to spend time downloading anything before you play the game. In addition, it allows players to collect their favorite digital items. NFTs also enables game developers to create new worlds where everything you see is an NFT that can be owned by someone else in the world. This means more power and control for people who are creating online content because they have the ability to make money off of their creations.
NFTs in the music industry
Music is an art form that has always been a commodity. It’s something created and sold for money, whether the artist wanted it to be or not. But now, there’s a new way of doing things: blockchain technology. Blockchain allows data to be stored in different places, which means you can create many copies of your work and sell them as NFTs (non-fungible tokens). NFTs might play an interesting role in the future of the music industry. They allow content creators to keep more control over their work and get paid directly by fans. This cuts out the need for a middleman, like a record label, who takes a large chunk of the profits.
There might be a considerable redistribution of wealth in favor of artists and away from major 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 who have a large following on the web and their fans. This is an exciting development for the music industry. It gives artists more control over their work and allows them to get paid directly by their fans. This could lead to a new era of creativity and innovation in music.
How about NFTs in the movie industry?
Non-fungible tokens are starting to make waves in the movie industry. In May 2018, 20th Century Fox partnered 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: Spectres of the Shoah became the first motion picture and documentary film to be auctioned as an NFT.
In November 2021, film director Quentin Tarantino released seven NFTs based on uncut scenes of Pulp Fiction. Miramax subsequently filed a lawsuit claiming that their film rights were violated. It will be interesting to see how the courts rule on Miramax’s case against Tarantino. Will they decide that NFTs can’t be used to infringe on copyright? Or will they find that since the scenes were never released in theaters, they are fair game for NFT distribution? Only time will tell. In any event, 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 feature image was taken at a different event and was prepared by Joi Ito.