NFTs Are Not Just Pictures

Author: Jimmy Dendrinos
Date: January 30, 2022

Over the past year, NFT profile pictures have exploded in popularity. From famous musicians, athletes, movie stars, and even your next-door neighbor – it seems everyone is rocking their latest NFT as their profile picture. Social media platforms have taken notice and earlier this month Twitter officially rolled out NFT verification for Twitter Blue users. For $2.99 per month, you can display your verified NFT inside of a super cool hexagon instead of the boring old circle. This will help weed out some of the fraudulent accounts claiming ownership over expensive NFTs and add additional clout to legitimate NFT owner profiles. There is no doubt this feature will convince thousands of free Twitter users to upgrade to a premium Twitter Blue subscription.

While there are several benefits to purchasing a NFT profile picture and joining one of these communities, NFTs are not simply limited to graphic art. There is a common misconception that all NFTs are simple pictures or short animations. Non-fungible tokens (NFTs) have nothing to do with the art they represent. Stop thinking of the NFT as the art and start thinking of the NFT as the certificate of authenticity for that artwork. NFTs exist on a blockchain and as such have a verified point of origin and public transaction record. While you can screenshot or download the artwork associated with an NFT, you cannot change the owners address on the NFT contract without a verified transaction on the blockchain and the owners wallet signature.

When you start viewing NFTs as certificate of authenticity, you can begin to see the true potential of the technology. While the current standard is to issue a NFT for public artwork, there is the alternative model of issuing an NFT that grants access to private content. At NFT Concerts, we are developing a new distribution method using NFTs that unlock private content. While every NFT Concert will have a publicly viewable thumbnail, all NFTs created and sold via the NFT Concerts platform will unlock access to a full concert recording. The NFT will function as a key. Only the owner(s) of that NFT will be able to unlock and stream the show recording on-demand. Sell the NFT, lose access to the underlying concert recording. This model will allow artists to monetize their live performance recordings using exclusivity and will generate NFTs that offer their owners exclusive content.

Beyond concert recordings, this distribution method will prove to be popular with all sorts of niche content. By relying on public transaction records on the blockchain, platforms can ensure a trustworthy experience on all fronts. Now users will be able to see exactly how many people have access to any particular piece of content and most importantly, they will have the option to resell the NFT granting access to that content for a price of their choosing. NFT technology is revolutionary, and we are only starting to see the start of mass adoption. If you’re an artist or musician interested in creating a NFT Concert, please fill out our Artist Application. Otherwise, be sure to sign up for our mailing list in the footer below to get notified of the latest NFT Concert news and information.

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