New York City, March 1, 2021
"Each Non-Fungible Token has an individual identity – they aren’t like bitcoin where each coin is interchangeable and of identical value. One bitcoin is the same as the next. NFTs are a bit like real artworks – they are unique.
This makes NFTs great for an industry littered with unfair flipping, copyright issues, and forgeries. The NFT keeps a permanent record of who has bought and sold the work, who it currently it belongs to, and confirms authenticity. It’s possible that over 50% of works sold on the art market are fakes or mis-attributed, so NFTs are a breath of fresh air. They’re also beneficial for artists who can now not only track who currently owns their work, but also get a percentage (10% on average) of the resale value each time the NFT changes hands."
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