Everyone is asking “What is NFT?” and surely, there is a lot of talk surrounding NFT’s. I mean, if you look at the one end, you can surely see this new shining technology in the digital space trying its way out to be the new gladiator. Maybe…Or Maybe, it’s a new blockchain tech that can leave you in ‘Aw’. Either side, NFTs or, like we call it, a non-fungible token is a fascinating digital tech, and let me tell you why?
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What Is NFT?
So, to answer this question, I scratched my head over and over and came to one single conclusion; it’s complex. I’m kidding!
NFT, are called ‘Non-Fungible Token’. These are blockchain-based datasets that you can use to create a unique item or file. Its definition is smartly hidden in the word ‘Non-Fungible’, which stands for something impossible to interchange. Basically, you create a file (photo, video, audio, document, etc.). No matter what you do, no matter how many times you create its duplicate, the first-ever version stays the original. Uh…
In a nutshell, NFT gives authority to data, and identifies it as the original copy of the file and uses blockchain technology to put an entry in the ledger as public proof of ownership. O-k-a-y, what? I know… Simply speaking, once the ledger entry has been created, it cannot be changed.
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How Do NFT Work?
That’s tricky! or maybe it’s not. NFT works on a simple concept; it gives data a certificate of originality. Let’s understand it by an example: Let’s imagine I’m an artist, just for fun sake! And I have created an unparallel surreal painting (Oh, look at them shine.) now; I’m going to sell the painting to the highest bidder and continue creating another artistic marvel.
The sweet part is, my painting is unique, so I can rest with the fact that no matter if the next owner creates duplicates of the painting, the original one will still be mine. NFT is precisely like that, but for a digital space, here you can use it as a medium of authentication to certify your photo, illustration, video, music, and even Tweets.
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Should I Sell My Art Online As NFT?
Hell, yeah!
See, if you’re an artist, you got to try it, or maybe your agent will tell you so, but don’t leave it on them. NFTs are the new method to sell exclusive and original digital art online without any hassle. You retain the originality, and there are brownies points; if the next owner sells your NFT to another, you’ll get a commission as the original owner. This is for Real? Oh, yeah.
What Are The Things I can Sell?
Okay! What is the first thing that comes to your mind when you hear the word ‘digital’? Hm…not that! However, you’re right; you can sell whatever comes in the domain of Digital space, for example, Images, videos, manuscripts, drawings, music files, cat-memes, and the current trend is Tweets.
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Yes! People are buying Tweets for real; make sure you’re a celeb, Zukerberg, Dorsey, Musk or the Tweet of God. You don’t know when you get your lucky chance; I mean, Jack Dorsey sold his first Tweet for what $3 million only*.
Here’s that lucky Tweet.
On March 11, 2021, Beeple, a digital artist, sold an NFT of his work at a whopping $69 million at Christie’s. Another digital artist Winkelmann sold a couple of his digital art for $66,666.66; a month later, the same digital art was sold for $6.6 million.
Wait, What Is The Point Of NFT Then?
I know; nothing makes sense. So, I’m going to be crystal clear with you. NFT is good if you’re an artist, buyer or collector; apart from that, it’s just another means of investment. Imagine if you have the original copy of Alan Walker’s famous NCS music ‘Faded’ and you own the copyrights for it. Sounds exciting, isn’t it…
Hear me Artists:
If you’re hiding your extracurricular talent, this might be the right time to get it out, go online and sell some. It doesn’t just have one benefit, and let me tell you why. Since the NFT tech is entirely dependent on Blockchain technology, it has its perks. For example, you can set a limit and enable a feature that will give you a percentage of the commission every time your NFT is being sold to anyone.
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How’s that possible?
Answer: Blockchain.
What if I’m Buying something?
If you’re buying something, then obviously it stays with you. You can keep it like you keep a traditional art piece or sell it when the value goes up. It’s up to you.
No matter what you do, you’re going to financial support the artist forever since that’s in the nature of the NFT.
Question: Are People Trading in NFTs like Stocks?
Answer: Kind of…
See, there is a catch to everything that happens online. Indeed, my relatives are not doing it, but that doesn’t mean that the world has been collapsed. Some people and brands are currently selling NFTs, mostly celebrities. However, the magic of NFTs are somewhat limited, so it’s safe to say it’s not like stocks, but maybe in the future, when we’ll be living on mars, it might. Musk Town…
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Who else is selling NFTs?
New York Times, yeah, you heard it right. NYT is selling a column titled ‘Buy This NFT Column on The Blockchain‘ as if it was not that clear.
An 18-year-old kid whose digital name is FEWOCiOUS has sold somewhere around $17 million of his art as NFT Drops.
Quarts, another publisher, has also sold one of their news article for $1,800.
Nike now holds a patent for a blockchain-based technology called ‘CryptoKicks’. This tech allows Nike to attach a physical product to Crypto-proof digital assets, i.e. shoes. So basically, when you buy CryptoKicks, you’ll receive a digital asset. With the digital proof, you can get the same sneaker; this will give you complete ownership of that product since the CryptoKicks production line is tight, and most sneakers are custom.
Currently, a show called Stoner Cats casts Mila Kuni, Chris Rock, and Jane Fonda. This animated show sues NFT as a ticketing system; though only a few episodes are available, you’ll be required to pay to watch the show.
Is Nike Selling NFT shoes?
According to a report published by TechCrunch on Dec 14, 2021, Nike has bought acquired an NFT collectables company RTFKT. FYI, they are pronounced ‘Arti-facts’.
“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” Said, RTFKT co-founder Benoit Pagotto.
Here is a brief intro about the startup, the company is fairly new in the NFT/Crypto market, however, in these few years they have established a name for themselves. They are probably the largest creator of virtual sneakers and can be seen as a market leader, obviously after the Nike acquisition. In May 2021, the startup raised $8 million in seed money and was valued at around $33.3 million.
Just Tell me, I want to Buy NFT?
Hold on, hold on. Buy NFTs is subject to market risk and so on…Oh darn! You can buy NFT easily from several digital markets. I’ll name a few.
Though I’m just mentioning three platforms where you can buy and sell NFT, there are more. Just Google it.
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Okay, This is What I Think
What looks like a new set of technological gem, NFT is definitely going to turn some heads; not many. However, many will be sceptical of its use, at least for this stage, at least for now. Certainly, Blockchain-based tech gives us assurance that it’s safe-n-sound, however, it might not be everyone’s cup of tea. What I am looking for right now, is cyberpunk 2077, maybe you don’t have to wait for 2077, probably earlier. But surely NFTs will become mainstream, and that decade will flourish.
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Kamlesh Ranjan
Editor-in-chief at Cashify Techbyte. Author, Writer, Tech Journalist. Usually, I simplify logic gates. Ping me for gadget & movie recommendations. Always ready for a cooking challenge.