The bidding process alone helps create fan engagement. For instance, a celebrity could make a single ticket for his film an NFT and reward the highest bidder not only with the ticket but an in-person meeting or a poster.
Most celebrities want to use NFTs for fan engagement around one of their works, he said.
While the technology has mostly been used for selling digital art, music and videos via auctions, Sharma noted that celebrities’ involvement would open up newer avenues. For example, one can simply ‘copy paste’ digital art, but they won’t replace its fingerprint on the blockchain, thereby clearly showing that it isn’t the original. This process helps artists sell a digital item once and earn commissions for subsequent sales.
As a result, a person buying an NFT can sell it to someone else or exchange it for another NFT, but the blockchain platform will always reveal the creator’s name and subsequent owners. NFTs are digital tokens akin to cryptocurrencies, except that they are non-fungible, which means that one NFT cannot replace another in a blockchain.
