No wonder NFTs (Non-Fungible Tokens) are the hot trending keyword in the current year’s crypto field. In fact, its sales sky-rocketed about $8.2 million last month. Nowadays, organizations across blockchain have commenced utilizing NFTs due to its ability to verify unique digital items such as arts, music, photographs, etc. The main purpose of pioneering in NFT is to give the creator the right to ownership as other platforms and technologies permit the culprits to breach the security and steal the ownership of the creations. Taking this to the next level, a novel platform is all set to utilize NFT digital rights management, thereby bringing real value and utility to the world.
RAIR – NFT Digital Rights Management Platform
RAIR is a blockchain-based platform that spotlights exclusively on NFT digital rights management and middleware encryption to facilitate virtual depletion. It is an exceptional platform for the creators to upload their works, which gets stored inside an NFT. The inventors could authorise, possess, and take in-charge of the distribution of their masterpiece all around the world. This would enable them to raise enough money from both trades and royalties. The company has asserted that the owners could take 90% of the revenue while the remaining 10% will be shared by node owners. It yearns to make non-fungible tokens act as a content store that monetises the works added on its nodes.
A Special Concern For Non-Technical Owners
Will you agree with us if we say all the owners, say, artists, composers, photographers, will not be sound in blockchain technology, right? So what do those people do to monetise their creations? This question was explicitly answered by Garret Minks, the CTO of RAIR. He uttered that the platform’s utilisation is also accessible as a hosted service which would cost a portion of the gross token distribution. Those non-tech persons could share their works and ETH address to receive payments.
When the RAIR mainnet is introduced at an affordable cost, it will enable the customers to self-host their own RAIR nodes. They will also pay for the node service with royalties for all the transactions that take place.
Workflow Of RAIR
The owners may upload their works (video, books, source code, art etc.) on the platform, which will be stored inside an NFT. Simultaneously, brand-new non-fungible tokens are conceived for each piece of work they upload. It now allows the owners to license and distribute the work via a streaming link (can be accessed from all browsers). As said, they own the control of the distribution of their work. They could earn money through sales, royalty payments, and resales. Thus it contributes to the objective by serving as an apt digital rights management platform.
It is pointed out that the node owners would gain 1% of all trade volume. For instance, if a $10 video is bought on a creator’s RAIR node, the node owners would gain 10 cents in RAIR tokens for bestowing the hosting and streaming abilities. It is entirely the smart contract that manages the royalties and fees on the platform. Since NFTs are basically minted, smart contracts get involved rather than the RAIR node. In the present year, implementing modern royalty logic straightaway into the Ethereum mainnet is not possible because of the hefty price of gas. A sole smart contract with those copyright philosophies for a sole split would cost around $50/transaction. Once the transaction costs are low, royalties could be managed inside RAIR NFT instead of Opensea or Makersplace.
RAIR’s Future Perspective
Presently, the number of dynamic creators operating to conceive personalized subject early to its live launch is less. It plans to facilitate the origin of high-value NFT arts. For instance, Nyan Cat sold for 300 ETH ($600,000) in the previous month. It also plans to introduce video streaming into its platform. In such a case, the creators could upload the videos to node and if a collector who shows interest in buying the piece could purchase the video. After purchasing, the collector will be allowed to unlock the provenance footage, thereby justifying that NFT is authentic.
As far as Mink is concerned, RAIR is the platform that delivers provenance for high-value NFT artwork. He remarked, “Like Tesla, starting with a low-volume high-cost solution is the only product possible due to the technological constraints of Ethereum.” The team also plans on using rapid blockchains such as Cardano, Telos, or NEAR in the late quarter of 2021. This is due to the fact of minting of NFTs in large quantities at economical price and to scale the legalization layer for RAIR node service as well.
Once the mainnet is introduced, gradually, the platform hopes to gauge enhanced throughput blockchains, through which the services of ebooks, podcasts or even albums are feasible at a much affordable price.
Undeniably, NFTs will play a crucial role in digital rights management in future. They perfectly suit such rights management’s needs and yearns to take it to the next level. The potential of non-fungible tokens is rising day by day as it serves as a base to solve the conventional shortcomings. Any feature that would trim the transaction fee will surely benefit the creators.
Maybe the faster blockchains could present its potential by stepping up the mark to reduce the gas fee. If this happens, the creators could list the low-cost items for sale, which would be secured by NFT at an affordable price.
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