NFT’s (non-fungible tokens) are digital assets designed on blockchain technology that represent some type of ownership of a physical or digital security. NFT’s more popularly known for its digital art aspect is so much more than just pictures. NFT’s are becoming one of the hottest topics surrounding blockchain, they are leading the way, ushering in this new wave of technology. Its functionality and utility is by far one of the most impressive and innovative feats we’ve witnessed thus far.
Everything from its encryption, immutability, ownership, uniqueness and authenticity, has made NFT’s one of the biggest talking points in mainstream media. What is it? How does it work? What’s the benefit? These are some of the questions that people has been asking and we hope to be able to answer a few.
As we mentioned NFT’s are non-fungible tokens meaning they are not interchangeable, they are unique and cannot be replaced or duplicated and they represent ownership of a particular asset. They are much more than digital pieces of art. NFT’s can serve so many different purposes from titles, deeds, passports, venue tickets, videos, music albums/singles, metaverse accessories, etc. and the list goes on and on. The opportunities are limitless and can be very lucrative given the correct application.
As for its utility and modes of application than there’s many…We can use NFT’s to help campaign and promote certain projects, to raise funds, to grant exclusive access to fans and community members, proof of purchase, memberships, ownership of particular assets. For example a music artist can release a brand new single, launch it as a NFT and in return to show appreciation to the fans can grant them access to exclusive concerts, meet and greets, even royalties meaning you can actually grant them a piece of ownership of your work. Business owners can sell memberships and subscriptions via NFT’s as an incentive to get more transactions and sales by offering discounts to users and the likes. There’s really so much that can be done in the space that we couldn’t enumerate in one sitting.
As for the benefits of NFT’s then that is to say the before mentioned isn’t enough. Let’s talk about it’s ability to settle some deals and sales in an instant opposed to several days or in some cases weeks. Let’s say I wanted to sell my house, I could then mint the deed, develop the contract (smart contract) and complete the transaction void of middlemen and in a fraction of the time it will take in the traditional manner and to make the deal even sweeter you can receive ongoing royalties through future sales of the property. As business owners we can create, build, and grow communities, develop our own tokens or cryptocurrency sell our products via NFT’s adding value to our brand and the tokens themselves through each transaction. These are just a few of the many ways these assets can play a role and benefit us in our lives and businesses.
In conclusion blockchain technology and NFT’s is the future of finance and the way we do business as a whole. Still in its infancy with much more use cases and applications to come, this technology is leading the way and bridging the gap. Til next time, good business sells itself…#peace
Entreprenuershit 