NFT Has a New Purpose

By xuanling11 | Crypto Learning | 14 Nov 2021

NFT is trending up. Many people believe that NFT is all about art but there is more than just a digital art market. It is blockchain digital rights management system embedded into art trading.


Trading arts

The traditional way of trading arts is relatively painful. Art has its own hierarchical structure which excluded many potential artists out of the high bar requirements and displays only a few well-known artists in the relatively small communities to sell their creations. There are only a few players in the high-end art markets. The cost of arts is expensive and only a few can afford to play.


Fake arts

Because of exclusive memberships in the art market, it is prone to create a fake art market to take advantage of the real art market. Many fake arts blur into the real art market which makes arts even harder to determine its valuation.


Blockchain of arts

The solution of blockchain solved the replicated arts problem with a unique signature embedded with tokens that back the art value. In the meantime, it provides art the real value.  


Art rights

The digital signature also creates a right of art from its creators. It gives full control of artists to actually own their arts through cryptocurrency and digital signature embedded into the art. 


Apart from web 2.0

Social media is a web 2.0’s product. It creates fake information and pollutes the way people interact with. It makes coy ideas easier than ever. 


Web 3.0 is about authentication

The creation of web 3.0 is not only tokenizes the web but gives ownership to creators and makes them accountable for their contents. 


The link between NFT to web 3.0

NFT and web 3.0 enhances digital rights into the new era in which people who own digital arts own their right to share. It also makes them more accountable for their digital products. Web 3.0 is part of the NFT movement that turns social media into a more authentication portal and prevents fake news to spread through its identifiable source. The blockchain then keeps all transactions publicly available.


In conclusion

The NFT is not only hype but a solution of the future to combat fake news. With the web 3.0 movement, the NFT market will become more mature and accountable for the art market is be more fair of trades.

Photo by Alice Donovan Rouse on Unsplash

Note: the post was shared on multiple platforms.

You can refer my previous article lists here
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