What purpose does NFTs Serve for Corporates? NFT businesses appears like a big deal for corporates and celebrities, because it is about top moments.  And with celebrities and corporates stepping in, it just looks like NFTs are a reputable technology. Corporates are probably trying to connect their audience to their brand. NFTs are a kind of brand engagement; however, it unfolds with some risk for the audience who invest in it.  Not all NFTs are worth all the big bucks.

Corporate engagement of Fortune 500 companies in NFT space has been booming.  The line-up of major companies from Pepsi, JPMorgan, McDonalds, and others in the Non-Fungible Token space is increasing every week. It is not surprising these days to see at least one major brand doing something in the NFT space to improve on their brand awareness.

The biggest stories in the NFT space are piling up.  The stories are huge and too many in number to be summarized quickly.

To get more clarity about NFTs users need to understand intangible property.  Intangible personal property is an item of individual value that cannot be touched or held.  Intangible property is not just about individuals. Companies have intangible property like patents, copyrights, life insurance contracts, securities investments, and partnership interests.

While, NFTs can be minted for tangible assets (physically touched and relocated), such as a book, they are most frequently used with intangible assets, such as a tweet or a piece of digital art.

It is now very obvious that everyone from Olympians, Rappers, Actors, Singers and all kinds of Celebrities are venturing in to the cryptocurrency space.  Audio interviews and video interviews of celebrities are also getting minted in to NFTs.

Every NFT has a story or concept, which brings it some kind of value and the yearning from members to own it.  So, what is the fuss about having a token which has documentation of owning an NFT by paying huge amounts of money? IP Rights.

Intellectual Property Rights (IPRs) are legal rights that protect creations and/or inventions resulting from intellectual activity in the industrial, scientific, literary or artistic fields. The most common IPRs include patents, copyrights, marks and trade secrets.

The creator thus has exclusive rights to determine how the creation should be used until a certain period of time.  This right is exclusive.

NFTs have been around since 2014; however, it gained popularity only recently. Many of them are still wondering what NFTs are and what is their usage all about.

A No-brainer explanation of NFTs:  “When someone buys an NFT, they’re not buying the actual digital artwork. They are buying a Token ID which gives them ownership rights to a part of the NFT or full if they buy it in full. The ownership is technically public.”

The “Token” portion to an NFT is truly a digital item (Link or Token ID) designed to track the asset by its “TokenID.”

Reuters published: “The ownership history of NFTs is the blockchain equivalent of real property records recorded with the local county’s recorder of deeds, or for those of us in intellectual property, the assignment records recorded with the U.S. Patent and Trademark Office or U.S. Copyright Office.”

Irrespective of whether people understand NFTs are not, there is an increasing demand to mint NFTs.