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What are NFTs and What Can They Be Used For?

NFTs have become a household name in the last half year or so. You may be familiar with stories of people selling NFTs for six figures. There have been a lot of questions regarding what NFTs are and if you should consider getting involved. Today, we are attempting to answer all major questions regarding NFTs as well as the wonders of RMDS Lab’s new science-based NFT marketplace.

Unarguably the biggest NFT project in the past year has been Bored Ape Yacht Club. Currently sitting at a price of just over 110 Ethereum, or $356,000, Bored Ape has done an excellent job marketing their project and has included many celebrities, such as Tom Brady, Jimmy Fallon, and Mark Cuban as well as a partnership with Adidas. It has been riveting to watch Bored Ape Yacht Club’s growth as there seems to be no real utility to owning an Ape besides the art.

What is Blockchain and what does it have to do with NFTs?

In simple terms, Blockchain is a system of recording and sending information in a way that makes it nearly impossible to cheat the system. All transactions on the blockchain are public information and are accessible to anyone. A blockchain collects information and puts it into groups that are known as blocks; all these data blocks keep combining to form a blockchain.

What is an NFT?

NFT stands for Non-Fungible Token. I know this will not help you to understand what NFTs are, but it will be much simpler if you understand that Non-Fungible Tokens verify unique ownership of an item on the blockchain that cannot be copied. Most NFTs you will come across today are based on art, but there are much larger opportunities for NFTs that we will discuss shortly.

What can NFTs be used for?

NFTs have a very bright future ahead of them. Right now, NFTs can represent digital assets, such as art, game characters, music, or even physical assets.

The more interesting thing NFTs can be used for is Intellectual property rights, something that RMDs Lab has worked very hard on.

What are Intellectual Property Rights?

Intellectual property rights are the rights that are given to people over the creation of their ideas. Exclusive rights to the use of these ideas are held by the creator, meaning no one can copy or use that creation without the express written consent of the creator.

So, what is RMDS Lab Marketplace?

RMDS built a NFT Marketplace that specializes in science-based NFTs that will be sold not only to help scientists gain money for research but also for handing Intellectual Property Rights.

RMDS Lab is working hard to utilize IP Monetization in NFTs, which means selling IPs, transferring IPs, or liquidating intangible assets. IP monetization can create an alternative form of litigation funding. IP monetization will also provide a clear record of ownership, licensing deals, and encumbrances on Intellectual Property via the blockchain.

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Written by Rajat Kamboj

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