Why are NFTs useful?

  • shurooqamin
  • NFT
  • 4 March

No one is denying the breakout buzz word in the year 2021 was “NFT”. It kind of blew out of proportion with Beeple selling an NFT of his work for over 69 million USD, making him one of the top three most valuable living artists.

The general perception of NFTs are “unique digital items, such as artwork, with proof of ownership that’s stored on a blockchain.” but as a full-time artist and an active member of the NFT community, I feel NFTs are much more than just electronically verified digital artworks.

Why are NFTs useful?

They are an asset class and in my opinion, the first step in “securitization of digital data”. NFTs are fast morphing into a speculative financial instrument while also being a store of culture and creativity.

In my case, I have turned to the world of NFTs as a platform for freedom of expression, using NFT art as a utility for freedom, getting my message across universally without fear of oppression or censorship.

Some other uses listed below:

  • Streamlining authentication processes and eliminating intermediaries.
  • A new revenue opportunity for artists. (Sell directly to collectors)
  • Protection of royalties whenever the art is resold.
  • Diversification of your personal financial portfolio.
  • Some NFTs give you real-world perks. We have seen NFTs come with access to either high-end events, inclusion in exclusive groups or associations and some physical collectibles.

Shurooq Amin’s Latest NFT collection:

In case you haven’t yet viewed, My collection They Wanted Camels, I Gave Them Camels, consists of 66 NFT camel skull artworks and 16 acrylic paintings (each one coming with its own NFT, so as to give the power of the image’s copyright to the collector for the first time in history).

I’ll be back soon with updates on my NFT journey.