Are we just scratching the surface when it comes to what NFTs are capable of?

Counterfeiting, piracy and copyright infringement are all big problems in the digital realm. Could turning products into NFTs help solve some of these issues?
Since bursting into mainstream consciousness in 2021 — and even being the subject of a parody on Saturday Night Live — nonfungible tokens have become best known for serving as a vehicle for digital art.Although this application is revolutionary in itself, many crypto enthusiasts believe the industry is only scratching the surface when it comes to developing compelling use cases for NFTs.One of the biggest challenges when buying and selling goods in an online era concerns authenticity — and in recent years, several luxury brands have been exploring whether blockchain technology could help clamp down on counterfeiting. As the journalist Tim Phillips wrote in his book Knockoff: The Deadly Trade in Counterfeit Goods, copycat versions of practically anything can be manufactured… including prescription drugs and car parts.This isn’t a problem that’s restricted to physical products, as digital items have their own host of issues to contend with. Given how easily information can be disseminated online, creators are facing an uphill struggle when it comes to protecting their copyright. Photographs that can be worth thousands of dollars to license can be copied, pasted and redistributed by anyone in a few clicks — depriving the creator of revenue — with little consequence.And even though the advent of streaming services has helped tackle some lingering concerns about piracy, it isn’t an issue that’s gone away entirely. Estimates …
Story continues on Cointelegraph

Related posts
AccentureBanksCBDCcentral bankCointelegraph.comCordadigital currencyEuropePaymentsSwedentransactions

Sweden’s central bank completes first phase of digital currency pilot

The Riksbank said that CBDC technology still requires further investigation. After completing the first phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that must be addressed before Stockholmers can buy coffee and kanelbullar with e-krona.In a…
Bitcoin miningChinaCointelegraph.comEnergyEnergy ConsumptionenvironmentMiningMining Pools

UK Bitcoin mining revenues soar but China hogs 75% of ‘blood coin’ production

U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made. United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in…
AMLBanksBlockchainCointelegraph.comCryptocurrenciesDigital AssetFatf

How banks can identify money laundering involving crypto, explained

What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveals all. How does blockchain analytics software work for financial institutions exposed to crypto?They enable transactions to be monitored on all…