The reality is that blockchain technology can still deliver substantial benefits, particularly within the fine arts.
In November, Instagram announced that creators would soon have the functionality to make and sell NFTs.
These are serious challenges the sector must grapple with if it wants to shift its financial and social trajectory.
But even beyond the fiscal challenges it faces, a new generation of consumers is emerging with an appetite for different types of experiences, ranging from digital assets that they can buy and display in their social network to the authenticity and increased personal connection they want to have with the brands they buy from.
NFTs are just a means for establishing a line of communication between consumers and institutions with a digital paper trail around the intellectual property that ensures remuneration based on the agreed-upon terms.
Source: Cointelegraph