This cultural phenomenon has taken the world by storm and many of us are still just as confused as you are. Being around since 2014, but making their way into mainstream media in 2021, NFTs have become all the buzz in the business world!
Bold x Collective often gets clients and prospects asking them about NFTs and what exactly they are, as well as how they can potentially use them for their brand. This blog gives a full breakdown of what you need to know about NFTs.
What Is an NFT?
The acronym itself stands for Non-fungible Token.
Is an NFT like Cryptocurrency?
NFT however, are non-fungible. Every NFT has its own unique signature, therefore it is impossible to Audit Directors Auditors Email Lists have it exchanged or for them to be equal in value.
That’s what makes them different.
What Can Be an NFT?
Well, an NFT can really be anything digital. Some examples would be drawings, music, video games, digital art, and more.
Adidas has minted some with Bored Ape Yacht Club and a collaborative NFT project with Prada; even Mcdonald’s and Twitter have included NFTs in their marketing mix on this platform.
What Are NFTS Used For?
NFTs and blockchain ledgers give content creators and artists an opportunity to monetize their projects without the physical resources needed to do that in the real world. For example, artists don’t have to rely on gallery shows or live auctions to be able to sell their art.
This way, artists can sell directly to their consumers and program in royalties so that whenever their art is sold to a new owner, the creator will receive a percentage of the sale thus creating a consistent stream of revenue for these artists who typically don’t get this kind of option with physical art.
So, from an artist’s perspective, NFTs may be the future of the industry and something worthwhile.
Where Can I Buy NFTS Lean on Extensive
Once you’ve acquired your digital wallet and are ready to go, you can then head into the marketplaces.
The current largest NFT marketplaces are as follows:
- OpenSea.io; Refers to itself as the “amazon of NFTs”, this marketplace has a large and wide variety of different types of NFTs consumers may want to investigate.
- Rarible; This marketplace, like OpenSea, allows artists to create and sell their own NFTs. There is also the feature of RARI tokens that allows holders to contribute to features like fees or community guidelines.
- Foundation; On this platform, artists must receive “upvotes” or an invitation from other creators to be able to post their art. This platform would be best for artists looking to capitalize on their projects in an exclusive manner
Where Does the Value Lie in an NFT Lean on Extensive
I think the best way to explain it would be in terms of artwork.
Many people could have a print of Van Gogh’s starry night, but there is only one original painting. Sure, you could argue that copies of digital files are just the same in terms of quality; however, it is more about the ownership of the original file.