NFTs have been an incredible vehicle for authenticating digital art and music, helping earn NFT the “word of the year” by Collins Dictionary in 2021: Beeples’ Everdays selling for $69.3 million, Beeple’s Human One for $28.9 million, and CryptoPunk 4156 selling for $10.2 million in 2021, just to name a few. But NFT art is only one of many use-cases.
The real utility of NFTs is in their ability authenticate ownership of an asset on a distributed and immutable digital ledger. That capability can help prevent fraud over specific physical items, which has led to the term “phygital” to describe physical and digital asset linkages that exist on the blockchain.
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Christos A. Makridis is an adjunct scholar at the Manhattan Institute. He is also a research professor at Arizona State University and the chief technology officer and head of research of Living Opera, an arts and education technology startup.
This piece originally appeared in Forbes.com