NFTs have already given artists more control over their creations, making it far easier for them to monetize their work. Because of the legitimate scarcity made possible by blockchains, buyers can rest assured that the art they purchase is, in fact, rare. This gives digital art real value that we’ve never seen before.
NFTs and cryptocurrencies can also enable artists to make money off of subsequent sales of the work. Thanks to a public, immutable record of transactions, digital art stores or trading platforms could be created that give an artist a percentage from every sale.
NFTs are still extremely new. As an industry, we have a lot of work to do to improve the technology. The two biggest problems we face boil down to the experience of buying and selling NFTs, and building applications that can support larger numbers of transactions.
Remember that the impact of NFTs isn’t limited to the material ownership of digital items. It extends to the emotional experience of interacting with technology — it changes the way we view our relationship with the products that we use and the content that we consume.
All too often, we hear the phrase “NFTs allow users to truly own their digital items”. This is true, but it falls short. While NFTs do allow us to really own digital goods, they ultimately give artists more control over their creations, companies less control over their users, and users more control over their identity. These are far-reaching impacts that extend beyond simple ownership.