What are NFTs?
Nft stands for “non fungible token”.
That doesnt help you?
Let me explain.
Image you could uniquely identfiy every piece of art or collectible on the internet?
What if this item is clearly attached to an owner?
What if you could trade this item?
What if you could have a smart contract attached to this item that would give you a percentage fee everytime the item is traded?
What if this could be applied to a piece of music, a video, a gif or an image?
You would have an NFT. The non fungible part means once you created it is a unique piece of media.
Who would be interested in NFTs?
Obviously every single creator of art, music or televison.
And this is for one simple reason. It used to be very difficult to attach ownership of a creator to a certain art or music piece.
On the world wide web an image would get maybe shared a million times, but the creator maybe only see a fraction of the profit, if at all.
It was usually a very one sided transaction with
the creator often getting the short end of the stick.
Thats why NFTs are a revolution in the art world and hence why you see a huge explosion of NFT art on the market.
Lets dive a bit into the history of NFTs
Just recently Mike Winkelmann — the digital artist known as Beeple — sold an NFT for $69 million.
This places him among one of the top three most valuable living artists. That was when the main stream media finally caught up
with what was happening thus far behind the scenes.
What happened was that public interest for NFTs skyrocketed as you can see clearly
If you want to have an overview of how big the NFT market is currently have look at the top performing spaces:
What next?
This all happened in a very short time since the inception of NFTs in 2012 as well and the market has just exploded to mainstream and alot
of artists, musicians and even the NBA is joining the hypetrain.
The NBA saw a marketing opportunity and started selling so-called “top-shots”. These are moments from the NBAthat are sold uniquely as NFTs.
This way you can own your very own NBA clip.
And the idea behind it is simple. Just as trading basketball cards is a thing, now you can own astonishing NBA plays as tradable digital
asset. This is much more immersive and makes you the owner of a unique moment in the basketball history.
More Big Players
Another latest big name joining the NFT hype was Paris Hilton who started to create art and leveraging her social media presence to market her art and therby she became a peer of the WEEKND and Kings of Leon who also sold their newest works for high prices.
As you can see the NFT ecosystem is growing quickly, and it will give digital art creators, musicians and illustrators new ways of lucrating money for their art.
To sum it up..
NFTs are unique digital assets that are tradeable, sit on the blockchain, and represent ownership of such digital asset.
Its a revolution on how artists and creators can trade their works and the demand is currently skyrocketing.
And what we are seeing is probably the first wave of investements where more and more big players will enter the NFT ecosystem.
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