So an NFT sounds complicated, but it is merely an ownership certificate.
In much the same way that a title deed represents the ownership of a house, an NFT is a cryptographically-secured digital certificate that proves ownership of something.
It can represent ownership of anything; such as commercial rights (of a movie or artwork), it could represent ownership of a certain privilege (such as VIP access to a sport stadium or event), or even represent ownership of a physical collectable (such as the Olympic swimming cap of Tatjana Schoenmaker or a wine vintage) — the possibilities are endless.
So in the early days of blockchain, cryptocurrency was this mysterious and clandestine unregulated thing.
Gert-Jan van Rooyen, Fanfire’s CEO, worked closely with local regulators in order to understand the risks of the new technology, and also to quantify its potential and ability to open new markets.
Over the past decade, regulators developed an understand of what you can do with cryptocurrencies and how to avoid some of the risks.
With Web3 technology, we’re at the same stage now.
We have new things like NFTs suddenly rushing onto the market; and Fanfire encourages self-regulation of the industry, ethical behavior, and works with clients that want to use this new technology in an ethical and responsible way.
Fanfire easily work with regulators to help them understand the potential and risks of the new technology.