Uncertain Profits, Uncertain Future
NFT are in trend and have excited market but still their value in future is not clear.
NFTs allow us on blockchain to own a digital art. Digital art is not changed, Having a look at the print of a painting is different from looking at the original painting. We all have seen Mona Lisa print sometime but thousands of people travel just to have a look at the artwork in person.
Experience of looking at the print of a painting and looking at the original painting are both different and original must have a higher value. In case of digital art the original and its prints are identical without any alterations hence it is hard to determine the value ability of NFT.
Problem with NFTs are not only how we value the art its way beyond that. Positioning smart contracts that deal with future royalties for artists is not always easy. It results in complicated ownership structures.
Initial price an artist receives show the future appreciation. By enabling royalties NFT may bring the sales price down. NFT may increase the financial profit for the creators, they also may reduce the size of everyone’s slice.
“last mile” problem in the blockchain is different issue. The last mile problem directs to how digital assets interact and interface with the offline world. For example no matter how useful Bitcoin is from a technological perspective, the only way you can use it is with sites that act like on- and off-ramps that connect the offline world to the digital one. Although Bitcoin solves the problem by being sufficiently well-established that there are plenty of exchanges on which to transact in the cryptocurrency. There also is a vast, passionate segment of users.
“NFTs will led to rapid acceleration in the growth of crypto space outside of finance, and will bring new ideas and new approaches from new sets of creators, artists, collectors of digital items, developers and more.”
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