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- NFTs are digital assets that get their value from their claim over something that isnt controlled by the blockchain itself, such as a digital picture file, the deed to a house, or an entrance pass to an exclusive club.
- the owner of an NFT must grapple with the tenuous relationship between the record of ownership on the blockchain and the thing they supposedly own, which is not on the blockchain.
- In the case of an NFT representing a digital work of art, the only thing you can possess and control is the transaction receipt itself. you cant prevent others from copying the art or from creating a separate NFT record pointing to the same art.
- NFT evangelists have recently pivoted to focusing on the virtues of community and using NFTs as access passes to all manner of online and In-real-life experiences.
- NFTs are evolving. with the advent of emerging NFT standards, we can start to make far more powerful claims than have been possible so far, claims that grant possession and control that are enforceable by the NFTs smart contract itself.
- New NFT standards are also making it possible to do all this entirely on the blockchain without relying on third-party marketplace exchanges or centralized services.