The Future of Content Distribution and the Role of Non Fungible Tokens (NFT)
As the web continues to evolve, content producers are looking for new ways to distribute their content. Digital media has made it possible for creators to get their content directly in front of viewers without the need for any intermediaries, but they still have to pay a hefty fee. This is where blockchain technology comes in. The future of content distribution is slowly changing to a decentralized one especially NFT (Non Fungible Tokens). It has been seen that the interest of the content creators to distribute their content on an independent platform is growing. Content creators are now turning their back to centralized platforms like Google Play and YouTube for distributing their content.
Potential of NFTs
Non-fungible tokens have been seen as a possible future for the distribution of digital content online as it can serve as a liability token, security token, collectible asset, or any other type of information. Non-fungible tokens, or NFTs, allow digital media creators to create and distribute a limited number of digital tokens that can be traded and used by owners as they see fit. The decentralized ledger responsible for tracking ownership of these tokens also ensures that there are no single points of failure that would disrupt token distribution or viewing access.
NFTs are digital assets with specific characteristics like name, uniqueness, and other codes that make them stand out from one another. The blockchain technology is useful for NFTs because it has an open and immutable ledger which tracks ownership of these items.
There are many ways to use this technology in the content distribution industry. NFTs can be used for securing access to websites, monetizing online content, and managing copyrights among other things.
How to make an Ideal NFT
In order to design an ideal NFT for content distribution, it is important that the character of the digital object reflects its value. The more rare and desirable the object is in the secondary market, the more valuable it will be as a representation of underlying assets.
Furthermore, there needs to be scarcity in numbers so that each individual can own one (or few) pieces of this type of digital asset without diminishing its value or “opening up” the initial character of scarcity. It may not be as easy as it sounds because there are limitations on what kind of technology we are currently using and what we want to do with our NFTs in the future.
Content creators will find NFTs more interesting because they could be used in the creation process of the content, they could also use them as rewards for viewers, and finally they can also create special customized digital goods.