From the course: Practical Blockchain and Cryptocurrency
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How NFTs are used today - Blockchain Tutorial
From the course: Practical Blockchain and Cryptocurrency
How NFTs are used today
- All right, let's talk about some of the more common ways how NFTs are used today. One of the first ways I'm going to talk about is a service called MovieCoin. Now, what MovieCoin does is it actually sells a percentage of a movie's intellectual data as an NFT. What that means is it allows producers to raise money for a movie. If you want to produce a movie, and you want to be able to like, you know, you need money, obviously movies cost a lot of money to make. There's different ways that producers raise money, advertisements, other ways as well. This lets them actually sell a piece of that movie. Now it allows investors to potentially share the returns and the profits in that movie as well since they own a percentage of that movie. And it also decreases the financial risk to the movie house, to the producers, to the directors, and anyone else that's involved in the movie. Now, MovieCoin can share its NFTs for its own investments, but it can also like sell its investments through…
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