Machine NFTs: The New Machine Economy Powered by NFTs

If there’s one thing that has overwhelmed the universe aside from cryptocurrency, it is definitely NFTs. The NFT craze between 2020 and 2021 alone was out of the ordinary, and to date, no one really knows what triggered the interest, but who cares now? Given the amount of money moving in and out of the market. To confirm this, NFT trading volume in Q3 increased by a whopping 704% from that recorded in the previous quarter. Digital creators, traders, and investors exchanged close to $10B in Q3 of 2021. That’s massive and an unthinkable figure. It’s no surprise considering the amount of digital content that has been sold. Till days, Beeple’s artwork remains the most expensive NFT sold, auctioning for $69M. But, are non-fungible tokens just about making money off digital artworks and music? The Concept of Ownership and Machine NFTs NFTs promoted the concept of ownership where one person has an exclusive right to an item. Of course, it’s non-fungible, which means it can’t be replaced by another of the same kind, unlike cryptocurrencies. But, how does one know that you own an NFT that represents an item? What determines the ownership of a digital item since there are no physical contract papers where you pen your signature and all that? Let’s take this example; you fancy buying a car and you have identified your choice. After you must have paid for the vehicle, some papers, which you have signed,...