NFT, what the hell is it? We explain it plain and simple.
NFT stands for Non-Fungible Tokens. I guess it’s another one of those techie names we just have to accept and get used to. It simply means once a digital object is created it cannot be changed.
But what is it used for? The best way to explain is when you take a picture on your mobile phone, you are so proud of it that you think you could sell it. Once in a lifetime moment captured by you – someone must like it, someone will definitely buy it! However, the problem starts here.
Digitally that picture is worth nothing as anyone can copy it. Who will know which one is the original? Only you perhaps. Now there is a solution though, the NFT. It is a technology that is built on the blockchain platform. The same platform that bitcoin, ethereum, and all cryptocurrency were built on. There are other applications too that were built on blockchain. Think of blockchain as a programming language that is designed to record and monitor ownership. As simple as that. When you buy and sell something on the blockchain it gets recorded in a way that no one can forge it.
Let’s continue with your picture. You go to one of the NFT Galleries or NFT Marketplaces and open a profile. Upload your picture pay a little processing fee and you are ready to sell your first NFT artwork – that is if you find a buyer. The NFT space is getting so crowded that standing out with your artwork is increasingly difficult. There are some NFT Marketing Agencies that may be able to help you. But in a nutshell, you need a proper social media (twitter, facebook, reddit, discord, etc) follower base, a website with some information about you and why your picture is worth a million dollars. You might also want to find some collectors and curators to see if they can place your artwork somewhere visible i.e. a digital art gallery or their collections. So yes, I have to admit it’s not easy but doable.
One thing is clear, this new phenomenon will not go away. It’s not a fad. It can be applied to audio, digital books, digital sculptures, virtual world items and lands and the list goes on. It will revolutionize they way we buy and sell digital only objects. So watch out this space, some industries will change beyond recognition.