Nonfungible tokens (NFTs) have become known as digital art. However, to those slightly more versed in its capabilities, NFTs represent much more, bringing to life a new realm of potential, one that could not have been predicted 10 or 15 years ago. With NFTs, new products like artwork and online experiences are being created, each of which centers around an online community.
Therefore, NFTs become more than digital art or a new social media avatar. Instead, they become a ticket or membership into an elite group of artists, sports enthusiasts, passionate gardeners or local animal lovers. The result is now; users can join a community of likewise individuals in a more immersive experience than ever before.
In addition to a sense of belonging, NFT assets present solutions to several intellectual property-related concerns. Since details around their use are stored in the blockchain and tokens may have the capability to include a self-executing contract, the technology continues to find new uses. For this reason, several artists, sportspeople, teams, celebrities and others have begun announcing their own NFT collections on different platforms, each verifying ownership on the blockchain and simultaneously empowering content creators.
Inmagine, a creative ecosystem which owns 123rf.com, pixlr.com and others used by more than 25m users monthly, shares that these use cases are barely scraping the surface of what NFTs can accomplish in the near future. With the introduction of projects like Pixlr Genesis, the team believes they can take digital assets one step further in use and develop entirely new experiences between creators and consumers by providing transparency of governance and also transactions. The result is that the intellectual property (IP) value chain can be built for significantly greater efficiency.
The team has since announced their continuous investments into NFTs through Phosus.com, their sister company specializing in NFT and AI-powered Image Processing Servicing. With new business models, Inmagine and its subsidiaries continue to explore several new use cases that showcase the untouched possibilities NFTs represent.
When Inmagine was asked where they saw the future of NFTs was going, they quickly pointed to avenues including the decentralization of IP sourcing, which would go hand in hand with public ownership of content, allowing for the proliferation of crowd-sourced projects and the ability to distribute royalties and other revenue with the use of smart contacts.
These uses are displayed in projects like Pixlr Genesis, the world’s largest NFT art gallery. With an original marquee collection, the team introduces digital fine art into their ecosystem. At the time of writing, over 900 minted Pixlr Genesis NFTs are available for bid as a part of their OpenSea collection.
Other notable projects include Nouns 3D, a community-focused initiative including 7000 3D NFTs on CC0 intellectual property, and MeSkullz, a community of 10,000 3D voxel figures that gain utility in the Afterlife metaverse. On the AI side, users might be interested in the circles in motion collection that bring spherical interaction to NFT artwork.
In addition, the company is looking into putting transactional licensing data onto the blockchain by partnering with high throughput, low gas cost chains.
A home for digital fine art
Looking forward the Inmagine team shares,
“We are excited to be building new platforms that make NFTS more useful to our community as the next 2-3 years will see novel applications of NFTs within the content space.”
Already, the team has gone a long way in building technical and marketing capabilities in the NFT space, alongside creating the Pixlr Genesis project targeted to become the world’s largest art museum in the metaverse. These successes act as a foundation as the team looks at opportunities to grow additional intellectual property (IP) and enhance brand engagement with digital assets.
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