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Can NFTs empower creatives and artistes? 

In my last article on this topic, I explained that the creative humans of this world have started “to wear” virtual fashion items and have traded digital landed properties.” While this may not hold realistically true, what is happening in this era of non-fungible tokens is quite close to this. Artistes are leveraging the unique attributes of NFTs- its non-fungibility and non-duplicability- their art pieces and sell or auction them off at huge and whopping rates.

Background

This is not to say that the use of NFTs is relegated to only the art space. Whatever sector that requires digital certification and authentication can leverage on NFTs. Blockchain savvy legal personnel may advise their clients on how to trademark their innovations or explore patents alike.

Essentially, it appears that whatever can be evolved from the realm of thoughts to the digital realm can become tokenized; be it a fantasy, an artwork, whatever it is.

What are NFTs?

NFTs or explicitly put- Non fungible tokens, are as the name implies, non-replicable encrypted virtual certificates that prove the originality and ownership of an asset. One NFT proponent explained it to be:  “digital certificates that authenticate a claim of ownership to an asset, and allow it to be transferred or sold. The certificates are secured with blockchain technology similar to what underpins Bitcoin and other cryptocurrencies.” 

The difference between NFTs and other forms of cryptos like BTC, ETH, BNB, BUSD, USDT etc. is that unlike crypto coins, which are identical, interchangeable (as a payment mechanism), replicable, equal and worth the same in rates, non-fungible tokens are unique. They are a one-of-a-kind crypto collectible. While NFTs may fall into the category of crypto assets, other forms of cryptos fall under the meaning of cryptocurrencies- means of payment, and exchange. Take note that these crypto collectibles have no tangible form of their own.

The major difference between NFTs and Fungible tokens (like BNB, BTC, USDT etc.) is that they are unique and indivisible. When we say “indivisible”, we are referring to the “divisible” attribute of fiat currency or legal tender. This key attribute is what facilitates the use of fiat currency as a payment mechanism. Because NFTs are not divisible (fungible), they remain distinct from other NFTs. On the flipside, an ether, a fungible token, is the same as other ethers.  

Related Article:

How Best Can I Store My Crypto

Brief History of NFTs

Although Non-fungible tokens have been in existence since 2012, they became a thing in 2017 when the creative homo sapiens of this world started to trade digital cats and paying for the same with Ethereum via the Cryptokitties game.

Artists and NFTs 

The era of NFTs is great news to creatives and artists. They get to use this NFT tool to store their innovation in a crypto token, the latter thereby standing as an evidence of the originality and ownership of their intellectual property.  A Digital Collectible Exchange like Nifty Gateway. Is a great avenue for artists to display their digital collectibles for sale. As an artist, you may also decide to auction your wares for the highest bidder to acquire.

Learn More via our YouTube video: Art To Non Fungible Tokens Event

Art To Non Fungible Tokens

Authentication of Ownership

When you purchase a non-fungible token, you acquire the right to hold the digital asset exclusively and transfer the same to your digital wallet. The NFT is a proof-a certificate- that you own the original copy of the digital asset exclusive of everyone else.

Many People Wonder What Real Value an NFT is

In view of the fact that NFTs remain intangible virtual assets relatively worth whopping rates, we would like to leave you with this question: of what actual value is an NFT? As a matter of fact, we would like to read your thoughts in the comment section below. Should humans continue to sell digital clothes and virtual lands for huge sums of money? What exactly do these things represent? Is the value of an NFT more emotional than utilitarian? 

Please take note this piece is merely for informational purposes alone and not construed as business or investment advice. Please conduct your due diligence before the execution of any decision based on this article.

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