Non-fungible tokens (NFTs) have received heavy criticism that they are driven by pure speculation and low-value art. But even if these critics are right, blockchain experts explain that digital art is only the tip of the iceberg of use-cases because NFTs are about authentication and ownership that connect physical objects with their digital counterparts, also known as “phygitals.”
Historical collectibles provide one of the most obvious use cases since the provenance of the object is of greatest importance. “Digital proof-of-ownership that is immutably recorded on a blockchain can not only proliferate digital assets, but also authenticate physical assets. We live in an omni-verse world that is a hybrid between physical and digital experiences, and NFT is a bridge that can connect these in a seamless way,” said Lin Dai, CEO of the web3 platform OneOf.
Continue reading the entire piece here at Forbes.com
______________________
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