The Million Dollar Question Is Why NFTs Are Important. The Answer? Ownership

If polled, chimpanzees are unanimously in favour of NFTs. We saw the primate as many different avatars thanks to NFTs and the website The Bored Ape Yacht Club which created ape NFTs. From futuristic to everyday fashion, the primate was represented in a variety of ways.

NFTs are not immune to this skepticism, which is also a result of the crash of crypto currencies. What is the real utility of NFTs then? Is this just a fad that will fade away in the near term?

All depends on the way you look at it. In a recent panel at Entrepreneur India's Web 3 Summit, in Bangalore, a clear reason for all the hype around NFTs emerged. We need to understand what an NFT actually is before we can get into the opinions of experts and leaders in the field. An NFT is a unique, digital identifier which cannot be copied and is recorded on a blockchain for the purpose of certifying ownership. Asif Kamal Founder of Artfi clarified the definition further in his opening remarks when he stated that NFTs were not artworks, as was widely believed. It is an instrument that records the creation and ownership of an asset which could be an art piece.

Artur Kachur and Prayag Sing, co-founders of SOCLLY and 3*4 explained that ownership was not defined clearly in the current situation and definitely did not favor the creator. Let's say that you like a picture on Google, and then download it. Kachur explained that anyone could use the image, but NFTs allow only the original owner to control its usage. Singh then gave an example from social media. "It is all about ownership. You may have a large Twitter following but the ownership of that platform is centralised. You will have to either fight them or take the matter to court if they block your account. In the web 3, no one has the power to block an account. "Even if your account is banned, you can switch to another client," explained he.

According to Sagar Pratap Joisar of Xenon Labs the web 3 space will allow entrepreneurs to experiment with various types of business models. He explains that tokenization will open up new avenues for creatives to create different models, which help everyone grow together.

Manasarajan, CEO of Jupiter Meta, shed light on a second important aspect - the definitions of creators. "A creator is someone that creates unique, valuable content. I would like to broaden the definition to include more than just artists, musicians and content creators. I would like to extend the definition to include handloom weavers and sustainability warriors. We should also begin to value such innovations in the truest sense of the word, or give them the ability to monetize. "That's where blockchain technology comes into play," she told the audience.

After the discussion it became clear that NFTs were important. This was not apparent before. It's not about new fads, or fancy art, but about securing ownership patterns so that creators can have more control over their creations.