Digital Asset and NFTs
NFTs make new business environment!
The PAGE Network is an online content theme park platform based on NFTs. The PAGE platform has three main goals. The first is to solve the distribution of illegal copies of IP content with NFT technology. Secondly, it will enable the direct exchange of content between content producers, consumers, and investors. Finally, it aims to establish a decentralized platform through a reward ecosystem based on a transparent settlement system.
Welcome to the PAGE Network!
NFTs have created an environment where they can directly sell digital goods that have historically depended on indirect revenue such as advertising and subscriptions. And many companies are using NFT technology as a means of proving ownership of digital art, intellectual property, and unlisted stock. To understand this trend, we prepared a post to examine the relationship between IP proof and NFT.
Digital ownership
NFTs are growing mainly in the US and Europe rather than in Korea. Nonfungible.com, an NFT portal service, announced that NFT sales exceeded $2 billion in the first quarter of 2021. It is necessary to look at which parts of the NFT have affected many people, and what impact it will have on the business side.
Until now, the concept of ownership did not exist because digital data could be easily copied. Therefore, rather than making a profit with digital data, users gathered and relied on indirect revenue such as advertisements and subscriptions.
As digital art works made with NFTs became popularly traded, it proved the potential of creating a market for digital art. It can be seen that the world has begun where ownership is given to all kinds of digital assets that can be stored with NFT, such as not only works of art, but also contents and goods, and transactions are possible.
Digital Assets and NFTs
All goods with value, whether physical or virtual, can be called digital assets from the moment they are stored and managed digitally. Blockchain can be used as a transparent ledger to hold these digital assets. Representative virtual assets such as Bitcoin and Ethereum are already recognized as a major means of storage of value.
Just because certain data is recorded in the form of NFT does not prevent other users from accessing the data. You’d better think of it as a concept that the blockchain guarantees that the information about who owns the data and that the data source has not been forgery or falsified.
And the important part is the smart contract. When trading NFTs, smart contracts can provide multiple conditions. For example, if the smart contract in which the creator’s wallet address is recorded, a portion of the sales proceeds are automatically paid to the original author of the work whenever the NFT work is resold.
NFT era
To promote their work, creators have traditionally been primarily selling through expensive exhibitions or publishers. But now, through NFT, creators can sell or promote through chat groups with fans or through platforms. By sharing and communicating with fans by sharing paintings or novels, creators can be guaranteed their intellectual property rights.
In addition to this, it will directly or indirectly affect various industrial areas such as games, entertainment, and commerce. If the changes started with the existing Internet created a digital world, now we will create a digital world of a higher level through blockchain technology. Among them, NFTs will play an important role in keeping valuable information transparent and secure.
