Non-fungible tokens (NFTs) have become increasingly popular in the past year, with many people buying and selling them for millions of dollars. However, some have criticized NFTs as being nothing more than digital JPEGs that hold no real value. But according to a recent report by Decrypt, NFTs have the potential to change lives and even entire communities.

One of the most significant ways NFTs can make a difference is by providing financial opportunities to creators and artists. With NFTs, creators can sell their digital artwork directly to buyers, bypassing traditional art market gatekeepers such as galleries and auction houses. This means that creators can earn more money and have more control over their work.

For example, Nigerian artist Osinachi sold an NFT of one of his paintings for $1.1 million. Osinachi had previously struggled to make a living as an artist but was able to sell his NFT directly to a buyer, bypassing galleries and other intermediaries.

NFTs can also be used for social good. Some NFT projects donate a portion of their profits to charity or fund social impact initiatives. For instance, the NFT project Art Blocks has donated over $1 million to the charity GiveWell, which helps to fight poverty in developing countries.

Additionally, NFTs can provide a way for marginalized communities to gain financial independence. The NFT project Indigenous Climate Action raised over $100,000 by selling NFTs of artwork created by Indigenous artists. The proceeds were used to support Indigenous-led initiatives fighting climate change.

In conclusion, NFTs are not just digital JPEGs. They have the potential to change lives and create opportunities for creators, artists, and marginalized communities. As the NFT market continues to grow, we can expect to see even more innovative uses of this technology.