Let’s talk about NFTs. If you haven’t heard of them, well… now you know. But, have you heard of them and have no clue what the heck they are? Here’s an NFT explanation as simply as I can explain it.
An NFT is a Non-Fungible Token. Non-Fungible means unique and original, and tokenized on the blockchain. What the ef does that mean? In normal language, the NFT will be an original digital piece of art that is one-of-one, or a limited edition series, accompanied by a certificate of authenticity. In this scenario it will be a digital asset rather than a physical asset. Now, owning the NFT doesn’t stop other people from using it illegally unfortunately – but you are the real, legal owner.
To give you and example.
Think about the Mona Lisa. Many people have illegal prints of the Mona Lisa, but only the Louvre Museum in Paris has the real physical art piece that holds true value. Owning the original NFT video, which is encrypted with its authenticity, is the equivalent of owning a real versus fake.
NFTs hold intrinsic value. Their value is derived from the concept that it is originally authenticated digital art, just like any physical art – but digital. Our world continues to shift more and more towards digital. Eventually, our homes will be surrounded with screens – from televisions to refrigerators to security systems. These screens will enable these digital artworks to come to life. And the beauty of it? They weigh nothing, are stored in your digital wallet, can be used in multiple locations at once, and can be frequently changed, or played on a cadence with other NFTs.
Another cool aspect of NFTs? They’re kind of anti-establishment, which you know is my thing. Although auction houses recently started getting involved, NFTs are structured to empower the artist. Whereas now, only auction houses and owners have upside in the secondary market, NFTs allow the artist to continue to benefit from their work’s appreciation in value through smart contracts. That means, if the buyer ever resells the NFT, the artist receives a percentage of all future sales.
NFTs are not just a trend. They are the way of the future. With the world being more digital than ever, NFTs are here to stay. Now is the time to be an early adopter. This is my first drop. If you believe in my career, you know I’m going far. Get in on my first drop.