What Are NFTs?

How can NFTs help to grow your business?

NFT stands for “non-fungible token”.  This is a totally unique and non-interchangeable unit of data stored on a digital ledger.  It uses blockchain technology to establish proof of ownership.  NFTs are collectible, digital assets that hold value, just like physical art holds value. NFTs, like cryptocurrencies such as Bitcoin and Ethereum, use blockchain technology.  However, an NFT is completely unique. In other words, it can’t be exchanged like-for-like, which is where non-fungible starts to make sense. The file stores extra information that elevates it above pure currency. Bringing it into the realm of, well, anything, really.  You can store any kind of easily reproduced digital file as an NFT to identify the original copy, like photography, art, music, videos, tweets, and even memes.  You can make NFTs from almost anything unique that can be stored digitally and holds value.  They’re like any other collector’s item.  For example, a painting or a vintage action figure, but instead of buying a physical item, you’re instead paying for a file and proof that you own the original copy. 

How they work:

The unique identity and ownership of an NFT is verifiable via the blockchain ledger.  They were first launched on the Ethereum blockchain, but other blockchains including FLOW and Bitcoin Cash now also support them.  Whether the original file is a JPG, MP3, GIF or anything else, the NFT that identifies its ownership can be bought and sold just like any other type of art – and, like with physical art, the price is largely set by market demand.  For instance, if you wandered into a gift shop of an art gallery, you’d find a number of replicated prints of famous masterpieces, well there are some NFTs that act the same way.  In other words, there are parts of the blockchain that are totally valid, but they wouldn’t hold the same value as the original.  Lastly, NFTs will most likely come with a license to the digital asset it points to, but this doesn’t automatically confer copyright ownership.  The copyright owner may reproduce work and the NFT owner gains no royalties.

How can we help?

Undoubtedly, NFTs are having a moment among artists, gamers and brands across the spectrum of culture.  In fact, it seems every day brings a new player to the NFT marketplace.  For artists, stepping into the NFT space adds another possibility for selling art, and provides fans with a way to support it. NFT art ranges from not only, small, quick-to-make GIFs but also to more ambitious works. 

We can help you in the following way:

  • Create NFTs of your work
  • Create account on the marketplace
  • Manage these accounts

Why not talk to our team today. Get in touch here.