Non-Fungible Tokens, or NFTs, are the current darlings of the crypto space. With its astronomical growth and attention comes critics dismissing them as money laundering ploys or modern Beanie Babies.
Time and time again, NFTs are compared to digital art or trading cards. But that is overly simplistic.
What makes NFTs such an attractive medium for artists, musicians, Youtubers, basically anyone with some clout - is the perpetual royalty.
Let me repeat: perpetual royalty.
Each and every time an NFT is resold, the original creator gets a commission.
NFTs are not just digital art.
NFTs are not just trading cards.
NFTs represent a new payment structure.
This current art boon is simply a proof of concept - that consumers are willing to pay (a lot) for digital products. Not only that, but that consumers are willing to trade, invest, speculate, value an intangible.
Soon, everything digital will be NFTd.
We are at the beginning stages.
There are already people monetizing tweets, books, and concert tickets.
It's a spectacular business model for the people at the top.
And there will be some lucky investors that will make a killing buying and selling NFTs (and frankly, I hope to be one of them) - but I don't think consumers will be ready for the Pandora's Box NFT has opened.