When talking about what NFT is in the context of the digital world, is like talking about what is property (house, car, land) in the traditional world.
I. The “physical” in the digital world
The “physical” in the digital world is a more correct expression of NFT at the moment. In the traditional world, we believe that things that can be seen and touched, such as houses, cars, and land, are physical objects, and that physical objects qualify as assets. This is true in the field of traditional material needs, but what human beings have been constantly pursuing is the spiritual needs.
II. The infinite growth of spiritual needs
Artworks, songs, movies, novels, etc. all belong to spiritual needs, and the property rights corresponding to them have been kind of embarrassing. Copyright does not effectively protect the rights and interests of creators, but rather limits the creativity of the flow of spiritual assets. Especially in the freer digital world, spiritual pursuits are infinitely magnified, and spiritual property rights are being created in huge quantities.
NFT’s provide property rights to such spiritual needs due to its properties of verifiable ownership, non-reproducibility and temperability, and traceability.
III. Rebirth after burning
A group of self-proclaimed crypto-fans burned and NFT’d Banksy’s work in a live broadcast. In the traditional world, if a work is burned, its value disappears with it. However, after the painting was burned, it still exists in the virtual world in the form of NFT, and the value of public resonance and consensus on this work did not disappear, but the work has stronger liquidity and financial properties.
