Upgradable NFTs are rapidly expanding into new areas

What is an upgradable NFT and how it will change our perception of blockchain technology.

Artist cooperation is a common phenomenon in modern popular culture. The fusion of creative thinking captured in a single artwork has attracted the interest of audiences, critics and creative communities.

Take the “Marilyn Duplex” by Andy Warhol, an American pop art pioneer, as an example. This iconic piece of art is based on a promotional photo taken by Marilyn Monroe for the 1953 black thriller Niagara. Although the actress was very attractive, the photo itself did not stand out until Warhol revolved it and turned it into one of the most admired masterpieces of the 20th century.

But didn’t the photographer or studio behind the original work profit from this painting? After all, this is their picture, not Andy’s. The new generation of NFT may be the solution that artists have been hoping for.

NFT has subverted the art world by providing a safe way for illustrators, musicians, fashion designers and other industry groups to distribute original works while retaining copyright and copy rights. At the same time, collectors have obtained blockchain-protected ownership of these works. What if a collector wants to use the acquired work as a basis for creating a new work? Someone might say to upgrade them. Can NFT ensure legal co-creation of art?

The upgrade can take any shape or form. For example, brave collectors can draw a red line on Beeple’s $69 million NFT, or add a surfboard to Katsushika Hokusai’s recently digitized Kanagawa Surfing. Although this is interesting, there are still legal issues that need to be resolved, and the risks are worthy of vigilance.

With the functions brought by the upgradeable NFT, everything can be done in the consensus framework. Artists can issue multiple copies of their NFT, some of which can be upgraded.

Upgradable NFTs are rapidly expanding into new areas

Several blockchain evangelists in the NFT field are trying to work in this direction. For example, Wakatta promotes itself as “a blockchain designed to meet the needs of the entertainment industry.” In order to achieve such an ambitious goal, it has developed a series of new NFT types. From a technical point of view, this network is developed on top of Substrate, which is the same technical framework used by Polkadot . As Wakatta project leader Alex Blagirev said: “Digital technology makes it easier for everyone to become a certain kind of creator.”

The same idea applies to other industries: Startup Ether Cards help build customized NFTs and create dynamic cards to activate discounts, enable access, unlock features, connect to physical items, grant upgrades, and trigger changes based on real-world events. They worked with basketball player LaMelo Ball to create a dynamic NFT for him.

A good example in the gaming industry is Phantasma, a blockchain focused on gaming applications, which also introduced a similar NFT feature for game developers to control the time availability of their game assets.

In the past year, musicians have also joined the NFT trend. Artists like Eminem, Steve Aoki, and Grimes have sold more than $10 million in NFT copies of their songs.

The music industry is currently facing increasing pressure from artists from all over the world, who openly oppose unfair subsidies from streaming media players such as Spotify and Apple Music.

In April, superstars Paul McCartney, Kate Bush and Noel Gallagher submitted a joint letter to British Prime Minister Boris Johnson urging discussion of streaming media revenue reform. With the increase in complaints, NFT is quickly becoming a suitable substitute for artists to distribute exclusive content directly to fans, without the need for middlemen. In addition, NFT artists can also simplify the creation of mixes, skipping the complicated and expensive legal procedures usually associated with collaboration.

Time-limited NFTs are also particularly useful in this industry. For example, in a virtual setting, tickets for concerts or music festivals can be turned into NFTs, allowing access for specific time periods. Once expired, tokens can still be used as collectibles to maintain or even appreciate, and can be legally resold as souvenirs.

Upgradable NFTs are rapidly expanding into new areas

No one can say exactly what the future will look like. But one thing is certain: NFT is more than just JPG. Their use cases are rapidly expanding into new areas, touching areas that have not been explored by blockchain technology so far, such as artist collaboration, music royalties, and events.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/upgradable-nfts-are-rapidly-expanding-into-new-areas/
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