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By converting individual passports into NFTs, each with its own unique identifying characteristics, it is possible to streamline the entry and exit processes for jurisdictions. Expanding this use case, NFTs can serve an identity management purpose within the digital realm as well. Though the cryptokitties and Bored Ape Yacht Club use cases may sound trivial, others have more serious business implications. For example, NFTs have been used in private equity transactions as well as real estate deals. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. NFTs can represent real-world items like artwork and real estate.

Ethereum is a low-energy blockchain, meaning the environmental impact of creating, buying and transferring NFTs is very small. Creating and transferring NFTs are just Ethereum transactions - they have no direct impact on the energy expended by Ethereum, nor do they independently expend their own energy. In theory, this would unlock the possibility to do things like own a piece of a Picasso. You would become a shareholder in a Picasso NFT, meaning you would have a say in things like revenue sharing.

Launched in November 2017, cryptokitties are digital representations of cats with unique identifications on Ethereum’s blockchain. They reproduce among themselves and produce new offspring, which have different attributes and valuations compared to their parents. NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. Rakesh Sharma is a writer with 8+ years of experience about the intersection between technology and business. Rakesh is an expert in investing, business, blockchain, and cryptocurrencies. Some pornographic works have been sold as NFTs, though hostility from NFT marketplaces towards pornographic material has presented significant drawbacks for creators.

For an NFT platform to thrive, there needs to be one marketplace where everyone can create, sell, and transfer their NFTs. Ethereum uses this umbrella-type framework in OpenSea, integrating an agreed-upon economic epicenter in the platform. On the other hand, the trading environment being fragmented with different protocols, restrictions, and marketplaces makes it challenging for the market to emerge. Using NFT platforms, artists can now put out their new music on the blockchain, allowing fans to instantly access and buy the material. GIFs have been around for some time, and now they have made their way to the realm of NFTs.

In June 2022, Bill Gates stated his belief that NFTs are "100% based on greater fool theory". A process known as "sleepminting" allows a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware. This allowed a white hat hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist Beeple.

The "exploit" works via the off-chain nature of NFT, as the user's computer automatically follows a web address in the NFT to display the content. The server at the address can then log the IP address and, in some cases, dynamically alter the returned content to show the result. OpenSea has a particular vulnerability to this loophole because it allows HTML files to be linked. It has become well known that an NFT image can be copied or saved from a web browser by using a right click menu to download the referenced image. NFT supporters disparage this duplication of NFT artwork as "right-clicker mentality". One collector quoted by Vice compared the value of a purchased NFT to that of a status symbol "to show off that they can afford to pay that much".

I don’t think anyone can stop you, but that’s not really what I meant. A lot of the conversation is about NFTs as an evolution of fine art collecting, only with digital art. NFTs can really be anything digital , but a lot of the current excitement is around using the tech to sell digital art.

In 2020, CryptoKitties developer Dapper Labs released the NBA TopShot project, which allowed the purchase of NFTs linked to basketball highlights. In July 2022, after the controversial sale of Michelangelo's Doni Tondo in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Given the complexity and lack of regulation of the matter, the Ministry of Culture of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs. Some digital art NFTs, like these pixel art characters, are examples of generative art.

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