Since bursting into mainstream consciousness in 2021 — and even being the subject of a parody on Saturday Night Live — nonfungible tokens have become best known for serving as a vehicle for digital art.
Although this application is revolutionary in itself, many crypto enthusiasts believe the industry is only scratching the surface when it comes to developing compelling use cases for NFTs.
One of the biggest challenges when buying and selling goods in an online era concerns authenticity — and in recent years, several luxury brands have been exploring whether blockchain technology could help clamp down on counterfeiting. As the journalist Tim Phillips wrote in his book Knockoff: The Deadly Trade in Counterfeit Goods, copycat versions of practically anything can be manufactured… including prescription drugs and car parts.
This isn’t a problem that’s restricted to physical products, as digital items have their own host of issues to contend with. Given how easily information can be disseminated online, creators are facing an uphill