Kayvon Tehranian: How NFTs are building the internet of the future Review
Kayvon Tehranian: How NFTs are building the internet of the future
www.ted.com
As a crypto reviewer, I was intrigued by Kayvon Tehranian's TED Talk, "How NFTs Are Building the Internet of the Future." In this talk, Tehranian delves into the revolutionary potential of NFTs (Non-Fungible Tokens) and how they are transforming the internet by empowering creators and redefining ownership in the digital age.
Understanding the NFT Revolution
Tehranian starts by debunking the myths surrounding NFTs, emphasizing that they are neither a scam nor a fad but rather the foundational elements of a future internet. He draws a parallel to the early days of the internet in 1992, a time when the potential of this new digital landscape was largely misunderstood. Much like the internet then, NFTs now face skepticism, yet they hold the promise to resolve age-old challenges of digital property and ownership.
NFTs: Empowering Creators and Decentralizing Control
The Promise of NFTs
In Tehranian's vision, NFTs provide a solution to the enduring issue of compensating creators for their digital work. By leveraging blockchain technology, NFTs offer a transparent and immutable certificate of ownership for digital assets, akin to property deeds in the physical world. This new model allows creators to retain control over their work and benefit from its increasing value.
Tehranian illustrates this with the example of Nyan Cat, a viral internet meme. When auctioned as an NFT, Nyan Cat fetched 300 ETH (equivalent to over $600,000), demonstrating how NFTs can transform digital content into valuable assets. Importantly, the original creator, Chris Torres, continues to earn royalties every time the NFT is resold, showcasing the potential for sustained creator income through smart contracts.
A New Era of Economic Freedom
Tehranian underscores that NFTs dissolve economic boundaries, providing artists worldwide with equal opportunities. He cites the success of Yatreda, an Ethiopian artist collective that earned significant revenue by selling their digital art as NFTs. This illustrates how NFTs offer artists from any location the same economic tools as their counterparts in major cities like New York or London.
