Avron Goss, the Chief Strategy Officer at Royale Finance, has said that non-fungible tokens (NFTs) are presently the best available way to prove the ownership of something unique.
His comments were largely in response to critics who have warned that the NFT market is a bubble waiting to burst. In his defense, Goss pointed to the dot.com bubble of the late 1990s which gave birth to prominent brands like Google, Apple, and Amazon.
Goss goes further to explain what NFTs are and their enormous potentials. He said:
NFTs provide the best method available today to know and demonstrate that you own something unique. They are, without a doubt, the best digital rights management tool. At the simplest level, they are the easiest way for people to trade something that can be digitized - whether it be a piece of art, a song, a movie, or proof of qualification. But there is so much more that can be achieved because that “digitized” component can also be a utility that derives benefit to the holder.
To be fair to NFT critics, the industry has witnessed its fair share of weirdness. An athlete recently auctioned a part of her upper arm as an NFT, BTC PEERS reported. In another weird case, a New York man sold an NFT representing a year’s worth of farts for $85.