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Why NFTs Are Attracting Everyday People to Crypto | Jake Brukhman on Unconfirmed Podcast

Check out Unconfirmed Podcast Episode Page & Show Notes

Key Takeaways

  • Whereas a cryptocurrency has many identical units all worth the same, Non-Fungible Tokens (NFTs) represent unique digital assets.
    • For instance, collectibles, 3D models, stock photography, syndicated content, music royalties, movies, articles, blog posts, books, etc.
  • NFTs allow creators to sell and license digital content to users in various ways, which opens up liquidity in previously non-tradable paper rights
    • Additionally, blockchain technology replaces privately owned market places with a decentralized smart contract-based system
  • Intellectual property rights can apply to NFTs in different jurisdictions, platforms will facilitate agreement terms between buyers and creators

Intro

What are NFTs?

  • Non-Fungible Tokens (NFTs) represent unique digital assets. By contrast, a cryptocurrency has many identical units all worth the same
  • Think of unique digital objects as an asset class, with NFTs as a technology to denote ownership and royalty streams to these objects
    • For instance, collectibles, 3D models, stock photography, syndicated content, music royalties, movies, articles, blog posts, books, etc.
  • NFTs are “liquid intellectual property rights for digital content”
    • Creators of digital art and collectibles can create, trade, and license NFTs, and investors can invest in NFT companies

Community-Owned Platforms

  • Blockchain technology disrupts privately owned market places and replaces them with a decentralized smart contract-based system
    • Ownership and governance is democratized among participants and token holders
  • Tokens can be traded, crowd-funded, and incorporated into other financialization schemes to manage risk
    • For instance, using NFTs as collateral or co-ownership of a single NFT

Copyright Concerns

  • Owning an NFT means buying intellectual property. An analogy: people can download the Mona Lisa online, but only the Louvre holds the property
  • Intellectual property rights can apply to NFTs in different jurisdictions, platforms will facilitate agreement terms between buyers and creators
    • These property rights may also be enumerated in traditional legal contracts (e.g. Open Law)
    • Additionally, some projects like Aragon are working on a global digital jurisdiction and global on-chain dispute resolution
  • In short, NFT creators can give the purchaser legal property rights. In the long term, those property rights might be enforced on-chain

Future of NFTs

  • Finance is no longer limited to academia and investors and professionals. DEFI and NFTs educate the younger generation about finance.
    • Trading digital art and collectibles comes naturally to people. Thus, Jake predicts the NFT space can get on par with DEFI space
    • Keep in mind, platforms like Rarible are at 100K monthly active users currently
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Notes By Mostafa Khaled

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