The power of NFT projects can restructure the software of societies function. NFTs ultimately represent deliverables. As a consumer, the NFT functions in a way that enables a symbiotic relationship with the success of a brand, that artist, or what an idea puts in motion. NFTs often provide access to space, original work, and can be event tickets. The deliverable packaged as an NFT is a way of creating a culture of interest.
Exchanging value through NFTs is a way for the creative to establish a mutually beneficial relationship with the consumer. The NFT is a smart contract meaning that the value exchanged happens instantaneously. Let us see that you are buying an NFT. Crypto-currency is exchanged, and through the smart contract, automatically you are sent the NFT. The exchange is instant when you sell the NFT tand so is the creative’s commission.
Commission rates can behave as an incentive to sell or not depending what the rate is. The lower the commission, the more incentive to sell. The higher the rate, the less of an incentive to sell.
The NFT can behave as a way for the consumer to make their money back. If the NFT represents a digital product or file that a user can download and employ, and provided that future owners of the NFT also get access to files or works, the work as NFT can be sold and re-sold, contractually ensuring the commission for the creative.
The NFT’s proof of stake is a core principle of ownership through a blockchain, which can also behave as social value. Imagine being able to prove that you were among the first 100 people to buy a Bob Dylan album. On top of that- you are making a residual income on the future sales of the NFT packaged as a deliverable. The success of the unknown artist you just purchased the NFT from becomes a mutual success.
Imagine that NFTs are a new way to exchange receipts and that’s it. You have the receipt (which coincidentally was your ticket to get in to a show) and that show turns out to be in perspective a Woodstock-type legacy. Because value is interdependent need plus quantity, the rarity of certain memorabilia has traditional significance. Also, maybe you get to re-sell the ticket for a future use? You are now bonded with royalty agreements depending on how a creative structures the contract.
Through DeFi, a reciprocal relationship between creative and consumer is established. NFT’s serve a practical purpose when the consumer also receives a benefit. Income produced by an NFT may just be an awesome byproduct of what is a way to support people, ideas, products, and events that you already liked in the first place. The NFT supports ideas that retain significance and exchanges of value without permission from third parties.