The New And Improved NFT

The New And Improved NFT

What is the new and improved NFT? It is a brave new world out there, so people need to adjust and keep going, or risk falling behind. There are still a great many die-hard believers who think they may have the next million dollar graphic. Granted, this is a possibility.

Odds are someone is going to win the lottery eventually. Some day another person will be struck by lightning. There is always a chance that something will happen. In the case of the next million dollar NFT, there are effectively two chances any single individual will create one and be able to retire.

The first chance is a slim chance, and the second is none. Your odds are slim to none for being able to retire, no matter how many of those flower photos have been converted to limited edition NFTs on the Blockchain.

The largest NFT Marketplace online has seen a ninety-nine percent decline in business, and the amount of money spent on NFT collections and individually dropped substantially from its peak in November of 2021 during the height of the Covid lockdowns. It looks for all the world like that was little more than a passing fad with some opportunities left, but few and far between.

For those people that are still interested in the NFT markets, there should probably be a different approach. For those not yet familiar with the NFT, it can still be a very powerful marketing and sales tool. There are also many more practical applications, not only for the NFT but also for the Soul Bound Token or SBT.

The New And Improved NFT Certified Original

There are some major retailers who are verifying the authenticity of their items using non-fungible tokens in place of certificates of authenticity. Any seller attempting to sell an item without the NFT can immediately be dismissed.

Any item being sold with an NFT should show a solid history of every transaction from the original purchase of the item, through the chain of owners to the present owner attempting to sell the item. The creator of the item is also likely to maintain a database of NFT addresses, allowing the potential buyer to verify that the item and the NFT are both originals. If the NFT covering the item is not listed by the creator, than it can easily be surmised that both the item and the NFT are fakes.

Whether the item is one of a kind, or one of a limited edition, an NFT can be created for each item. This allows the buyer to know whether they have a one-of-a-kind item, or number 2 of 10, or whatever the respective number may be for any particular item. The obligation of the buyer is to retain a complete list of each and every NFT and to ensure that potential buyers and sellers have access to the original list for verification to ensure the items are genuine.

The NFT For Digital Artists

There are an excessively large number of artists who frequently do commissioned work. This means that they are paid to create a specific piece of artwork that will be owned only by the person who commissioned the artwork. This does not, or at least should not preclude them from including the same art in their personal portfolio.

The end result is often that their commissioned artwork makes it into the internet and may be used by literally hundreds of people for whatever they are determined to use it for. This is a common occurrence on DeviantArt and other similar digital art galleries online. The NFT is a way to get around this, especially if other people are trying to sell the artwork as their own.

Whether or not the digital artist has created an NFT for their artwork, others may attempt to create a new NFT despite not owning the original items. The creation of the NFT does not undermine the existing copyright laws or the DMCA or Digital Millennium Copyright Act or trademark laws.

This has been evidenced time and again as OpenSeas and other large online NFT marketplaces have been forced to take down NFT collections made with copyrighted materials. If a digital artist were overly ambitious, they could include a matching serial number with the original digital artwork. In this way they can determine which of their buyers is trying to pull a fast one, and circulating the product whether or not they sold the item.

The NFT For Arts and Crafts

It does not matter if you are selling electronic or digital items such as patterns in a pdf format, or fully completed works of art, the NFT can offer many of the same protections. In the case of patterns, there may not be any protection against people sharing the items between friends, especially within clubs or other organizations surrounding the chosen arts and crafts.

Conversely, if the artisan is prolific, it may be beneficial to have people actively sharing patterns. If the artisan has many patterns to choose from, people who have been gifted a copy of one may peruse their wares and purchase others. Still, it may not be a bad idea to know the origins of the file, and to ensure that some care is taken to protect even the smallest portions of their business.

For finished artwork, it is much easier to include the “serial number” of the item on the art in addition to being included in the NFT. In this way any time that the item may come up for sale, the NFT can also be used to trace the chain of ownership. This virtually guarantees that the items being purchased are genuine.

Such efforts may seem a bit extreme for the small artist, but what if they should ever become famous? Imagine how the value would increase for items that could easily be confirmed to have come from the now famous artist. Mind, there are more practical applications for the NFT but they are situated in other articles around Adpost, ready for your perusal at your convenience. Perhaps most important of all is to learn everything that you can about the new and improved NFT and what it is worth to you.