Non-fungible tokens

In the web2 model, when data is uploaded to a company's centralized platform, the ownership is transferred to the company. Web2 platforms monetize on the content and maintain most of the value. Purchasing a film from a web2 centralized platform does not grant ownership.

NFTs or non-fungible tokens are files that live on a blockchain and they are suitable for collectibles, rewards, and digital ownership. They can be designed to enable artists to monetize and own the value of their work, with royalties baked into the smart contract's logic.

An NFT can represent any kind of digital item, whether it's an image, a video, a document, or an IRL event. Rather than a content license, the content itself is purchased. NFTs authenticity and scarcity can be confirmed via blockchain technology.