Buying NFT License

Socialogue implemented the function to buy an NFT license, addressing multiple problems and creating benefits for the owners. These functionalities serve the owners who struggle to sell their NFTs or want to monetize them while holding, along with the users who can not afford to purchase the exact NFT or want to use the NFT without owning it.

Artists or owners who have created or purchased one or multiple NFTs can sell the licenses for those non-fungible tokens. The licensing of NFTs is similar to Shutterstock company's model. The owners still possess these non-fungible tokens but, by selling the licenses, grant the following rights to use these NFTs: as a digital reproduction - on websites and social media, in online marketing campaigns, mobile and desktop apps, and digital media and e-publications; in a physical form - in printed media and offline marketing campaigns; for personal use - not for resale, distribution, or any other kind of commercial use.

Buying and selling NFTs licenses comes with different features and benefits for both parties. Owners and creators can monetize their NFTs, while users who can not afford to purchase or want to use NFTs without owning them can buy the license for commercial and non-commercial use. It minimizes the amount of unutilized NFTs while creating additional earning opportunities by holding non-fungible tokens instead of buying and selling them.