About v3 nft #V3 Testnet Feedback#

The ongoing campaign for global digitization has somewhat spurred the demand for digitized artwork and collectibles. Since blockchain technology is a proven ownership and authentication enabler, it is not surprising that digitized and rare items are increasingly finding their way to the blockchain terrain.

These properties allow it to be used as a proof-of-ownership of digital assets. As an owner of an NFT, you can easily prove that you own it, no one can tamper with it, and you can hold or sell it for a profit, also called ‘flipping’, and may even earn the original creator royalties. As a creator, or minter of an NFT, you can easily prove that you are the creator, determine the scarcity, earn royalties every time it is transacted, and sell across different NFT marketplace or [peer-to-peer].

In essence, an NFT is ideal for preserving the rarity and establishing the ownership of digital and real-world assets. This is why many artists, celebrities and collectors are increasingly adopting NFTs.

For creators, NFT offers a level of flexibility that is often absent in conventional methods of receiving value from the sale of arts, music, videos, memes and so on. With NFTs, a creator can evade intermediaries and still access the global market directly. By minting the NFT version of your work and putting it up for sale on a reputable NFT marketplace, you can streamline the otherwise fee-and resource-intensive process of marketing via conventional methods. In the end, a fair share of the revenue is yours to keep.

Moreover, NFTs allow the continuous payment of commissions to the original creator whenever the said item or art changes hands. You can program in a royalty clause while minting the token such that the subsequent sales of your art or digital item generate passive income for you.