Non-fungible tokens (NFTs) are all the rage right now, and for good reason; these digital tokens offer verifiable certificates of authenticity for just about anything virtually imaginable. From your favourite sports collectibles to artwork and even real estate! One year ago, Beeple’s “Everydays: The First 5000 Days” sold for over USD 69 million as an NFT at the prestigious auction house Christie’s. Since then, NFTs have undergone a radical paradigm shift from being an obscure tech phenomenon to a mainstream one. The NFT industry has continued to expand at an astounding rate, with conservative estimates indicating that this area has risen by more than 1,785% since Q1 of 2021. The explosive trend involving NFTs has led the sales volume of NFT marketplaces to skyrocket to over USD 40 billion. This has happened with people realising that the current day perception of authenticity is falsifiable and replicable. This has also caused damage to the creator economy where content is copied with zero credit to the original artist. NFTs Promise to Change the Power Dynamics of Web 2.0 Entertainment and Gaming Traditionally, Web 2.0 networking and media platforms like TikTok, YouTube, and Instagram have given creators some control over how they promote and advertise their content. Yet there’s a long way to go before creators can adequately monetise their content. On that path, Web 3.0 and NFTs appear to be the next major leap. With th...
