We’ve all heard people talking about NFTs, but do we understand what they are talking about? What is an NFT? How valuable are NFTs, and why are people so crazy about them? If these are questions you have asked yourself, you are not alone!
An NFT (non-fungible token) is an item considered unique and cannot be traded for another like it. Although similar, NFTs are not the same as cryptocurrencies like Bitcoin, Ether, and Dogecoin.
While cryptocurrency is a form of payment, an NFT is a token of ownership. It is a digital certificate stored on a public ledger of the Blockchain transactions. Each NFT’s metadata is stored and can be accessed through the Blockchain. Its identity and authenticity can easily be verified and is unalterable.
That’s it. Now that I have explained what an NFT is let us get into why they matter and will continue to matter. That’s what an NFT is in a nutshell.
Why are NFTs Useful?
There are currently ten major types of NFTs out there today that are available to the public to purchase. Let me give you a little breakdown of each to better understand their use.
With so many options now available, the possibilities are endless. Companies like Non-Fungible Films have taken NFTs to the next level. NFFilms develops content and engagement for Web3 collections. Web3 will ultimately pave the way for the future by allowing us to interact with data and others without the involvement of a third party.
Non-Fungible Films, an entertainment studio, operates with three primary verticals: NFTs & Community, ‘Play-to-Earn’ Gaming, and ‘View-to-Earn’ Streaming, serving consumers and creators alike. From the Multi-Metaverse, The Great Beyond, to the Creator Studio, NFF hopes to accelerate some of the next unfound talent to produce their own Intellectual Property.
With art collecting growing into a favorite trend, creators can make a lot of money. Tokenizing your artwork is a fantastic way to connect directly with your audience, cutting out any possible middlemen. You transfer digital rights of authenticity to the buyer of your NFT, but you, as the artist, get to keep the original.
A domain NFT, simply put, is just a crypto wallet address that also functions as a website domain. This means someone can send money right to your domain, which is also your website. Pretty cool and convenient! For businesses building their brand, this is a great tool to utilize.
Who doesn’t love a good meme? If you come across one you love so much that you have to own its rights, you might find it among the thousands of NFT memes available for purchase.
There is a vast marketplace for crypto collectibles—everything from sports cards to Pokémon. You can even create and market your own trading NFT cards.
Hey ladies! Not sure if you know this, but clothes are now available in NFT form! Over the years, the fashion industry has begun to adapt to the NFT takeover and has started a new trend. Want to own the digital design of your favorite winter sweater? It might be possible.
You can now buy tickets to upcoming events with, you guessed it, NFTs! This might be an excellent option if you’re looking for a quick, secure way to purchase or sell tickets.
Music and Media
Artists, Musicians, and Creators of all types are using NFTs to make a living. In 2021, Kings of Leon released the first album ever in NFT form. Jack Dorsey, the co-founder of Twitter, sold his first tweet for 2.9 million dollars.
Big Moments in Sports
Moment™ NFTs have officially licensed collectibles that include the most memorable and exciting highlights in NBA history. Reliving the moment when your favorite team won the playoffs is great, but owning a digital certificate that says it’s yours, is incredible!
Enabling a smart contract and a speedy transaction is the only way to go when handling real estate. This is now a possibility with NFTs at our fingertips.
Why are NFTs Important to Artists?
OpenSea is the very first and the largest marketplace for NFTs. It allows you to create, buy, sell, and auction NFTs. As someone that considers themselves a creator, this is huge! Creators can mint NFTs for free and escape the gas fees (transaction fees) while using the Polygon-based marketplace.
Why do NFTs Matter?
An entirely new universe has been opened up to us, and many people are taking the opportunity to make their dreams come true. Whether you are an artist looking to sell or auction your artwork or a homeowner looking to mint your property rights for sale, NFTs are quickly becoming the go-to alternative marketplace.
The future is now! Technology has crept into almost every aspect of our lives and will only continue to do so. Having the option of secure, online transactions that are easily verifiable is precisely what everyone is looking for during the purchase or selling process. NFTs are making that a real possibility for all of us. Available to all walks of life, NFTs expose you to a new, exciting world where dreams become a reality.
Photo Credit: Non-Fungible Films
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