How NFTs Is Lending Its Hand In Subscription Based Platform

by Andrew RC Digital marketing executive

NFTs are gaining wide attention in this digitalized arena, and it is conquering the overall e-commerce trade market within no time. NFTs are gaining prominence amid the crucial economic condition because of the digital files associated with NFTs. Indisputably, nothing can draw our attention other than a lump sum of money. Any art selling nearly $80 million will certainly catch the masses' attention. A predominant factor of why this digital art has been sold for a massive amount was that, as most digital art hasn’t entered the traditional art market world because there hasn’t been a way to prove the ownership and track provenance. Undoubtedly, if any product to claim its original value, it has to be tracked back to the owner and it needs to be unique, and certainly, it should be insufficient in numbers.

It is a prevailing fact that, if there is an abundance of copies of an image in a postcard, that image will not be considered a valuable one, but if you possess the original painting that is considered to be immensely valuable. So we can easily define a digital asset as something that can be easily replicated and one reproduces those files, hence there hasn’t been a market for digital art and the world of digital content has encountered a paradigm shift from sales and depends more on licenses.

NFTs, in their more simplified form, can be defined as new branding of blockchain technology with some additional modifications. Subsequently, the value of NFTs keeps on changing in accordance with the demand. The tokens are unique labels that differentiate each NFT from one another and they can be exchanged or sold like any other item in the ledger system. These tokens are digital identifiers for something that has value. When you buy an NFT, what you own is not the thing itself, it will be only a representation of the thing.

The one main attribute that differentiates an NFT Marketplace from the traditional blockchain is the existence of a Smart contract associated with NFT which acts as an authority over the real owner, and whenever the NFT is sold the real owner gets a commission back, this is what makes an NFT an incredible valuable possession.

In the physical market that is prevailing in our society, the procedures are quite diverse from the world of NFTs. A customer might have purchased a photograph, but there is no guarantee that you have got the privilege to redistribute that photo, or else if a customer has purchased a music songbook, then if that customer wants to perform that music, there are chances where you have to pay to the songwriter for the performance rights. Copyright has become a complex phenomenon, and people are trying to make it even more so.

Now there is an increase in so much incongruence between the word of subscription and the world of ownership. In the world of subscriptions, the customer is never bestowed with permanent rights to a digital object as the possession always changes and is restricted by several contractual terms. For example, you may have purchased a file from Apple for a song using the iTunes service, but unfortunately, you don’t have the power to use it in the traditional sense as you can’t sell it to others. Moreover, if Apple lost the authority to distribute the content, it will get automatically deleted from your account as well. Many industries in the year of the 19990s and 2000s considered subscription licensing of digital content as a route to expand their revenue. Predominantly, the scholarly publication was the leading publication to make this transition with its primary market of libraries but recently music and video have all entered into subscriptions for mass-market distribution of their content. The interesting conflicts between ownership and subscription will surge in the forthcoming years because a substantial amount of people are interested in rental and the other majority are inclined towards it. the subscription market

It is most expected that certain industries will have an argument over the new trends toward ownership and it will eventually lead to reducing people’s privileges related to the owner. Instead of coming back to a world where content is sold once for a huge price, it is expected that many won't be providing traditional ownership rights at any price. Numerous individuals will advocate that it is their right to buy, sell, and exchange things in the way they want.

Conclusion

Recently there has been a huge discussion around NFTs and subscription-based platforms. NFTs and blockchain technology that is connected to ownership and transfer of property is going to exist in the future too. It is not because of NFTs and blockchain's incredible technology, this is mainly because people have a tendency to own things, which is also applicable in terms of digital assets.