The most widespread application of NFTs is for digital works, art, and memes. But you might be surprised to learn that there are applications for NFTs to just about every type of digital work on the internet. From video games, photos, tradable digital cards, newspaper articles, blog posts, and the list really does go on. If you can create it, there is a good chance you can make it into an NFT. We believe that NFTs would have applications to just about every type of digital work. Now, whether people will pay for it is another story, but the application is there.

You might be asking yourself why NFTs are relevant in this context. What is the point after all? We would argue that it’s the creators who have the most to gain from minting NFTs along with their works. Some of the main reasons creatives should and would embrace NFTs are these:

1. Creators would be able to participate in the future sales of their work via smart contract royalties.

a. In traditional art sales, after an artist sells their work, they receive none of the downstream profits generated by their work. With NFTs, the artist can receive a small royalty every time the work is resold. NFTs help ensure that the creative minds behind the work are correctly compensated years or decades down the line.  

2. Creators would be able to retain a portion of ownership via smart contracts for collaborative work. Think about models & photographers, a group of artists doing a collaborative piece of work together, etc. With NFTs, everyone would be equally compensated now and in the future via royalty streams.

3. Creators would be able to control their work with more structure as they will be able to prove they are the rightful creator of the work in question.

Buyers, collectors, and investors would also gain significantly from NFTs being minted with the works they purchase. Some of the main benefits would be:

1. Proof of Authenticity – NFTs provide an easy way to verify the authenticity of any associated work.
2. Proof of Right to Sell – NFTs provide an easy way to ensure you are buying something from someone how has the right to sell an item and verify that they currently own the item being sold.

These are just some of the main factors supporting the adoption and use of NFTs in creating, buying, selling, and trading digital assets.