This text is signed by Fabien AufrechterHead of Havas Sovereign Technologies.
If to you the NFTs are just digital works of art of questionable taste that some geeks are speculating on, that’s because Schopenhauer was right! According to his famous maxim: All truth goes through three stages. – First, she’s being ridiculed. – Then she faces strong opposition. – Then it is assumed that it has always been clear “.
Another gadget today
Yes, there’s no denying it: for now, NFTs are largely gimmicks. But the innovation they bring is far from negligible. And it is therefore a safe bet that NFTs will prevail in many industries. But not in the form we know: tomorrow’s NFTs will not be today’s.
Because the NFTs today hold a promise that they are not yet fully delivering. NFTs are still very energy intensive and not very “customer friendly” insofar as buying them is still complex. But technologies are improving and where the blockchain of 2008 was still very imperfect, today’s is already very different. Likewise, NFTs are already showing how to gain the upper hand.
NFTs, one of the hallmarks of token economy
NFTs (non-fungible digital tokens) are unique digital assets. More precisely, the NFT corresponds to a unique certificate of authenticity of an asset that by definition is copyable because it is digital. Because the technology inherent in NFTs makes it possible to authenticate, secure and select an asset.
These characteristics are those of the blockchain. And NFTs are just one form of token, among other things. But yes: NFTs are a harbinger of tomorrow’s usage. To understand this, let’s take the case of a recent operation.
On December 2, the French gallery Imperial Art launched an auction of physical objects belonging to Napoleon. But there was no sales room: the auctions were only done online where buyers could bid and win NFTs that constituted the property’s title deed (and thus the means to get the real object back). But also access to more content (videos, photos, history of the object, etc.).
Towards a better value distribution
Tomorrow’s NFTs will be access keys to unique and comprehensive content. Digital content (photos, videos, 3D objects, VR, etc.) as well as physical objects or experiences. Paradoxically, the future of non-replaceable tokens… may therefore be expendable!
In addition, NFTs already make it possible to refocus value on makers, on artists. The artist can shape his NFT in the image of his work, whatever it is. And thus decide how it is exchanged, sold, shared.
Since the NFT can technically remember any intermediary, the technology makes it possible to instantly and automatically transfer “royalties” to the creator during the exchanges. The NFT is therefore a simple solution to improve and automate the management of copyright in all artistic fields (music, advertising, videos, etc.).
Finally, the NFT (and with it the entire symbolic economy) is a tool that created new possibilities: exchange of goods, experiences and unique values. This idea of uniqueness is, of course, a value creator: it was the frontier of the Internet until then. Limit shifted…and with it the imagination of artists and makers.
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