Non-fungible tokens (NFTs) are unique and cannot be replaced. Sound simple but too tedious to understand? Well, owning an NFT means owning a digital asset that represents real-world objects such as art, music, in-game items or videos. All of this is bought and sold in the digital space, online.
What is NFT, in simple terms
In simpler terms, it is a digital file with identity and ownership verified based on the blockchain system, that is, a system impossible to be hacked because it is developed through crypto mathematics. The Unique selling point of the NFTs is just a form of authentic art or crypto-collectibles that allows artists to create, sell, trade and control the creative artwork with the main purpose to produce something that is authentic, real and therefore impossible to copy.
NFT, the works behind the scenes
How do we know NFTs are just the newest fad and they are here to stay? Well, we all remember the first few YouTube videos to go viral, the first few artists and creators who became viral and shot to fame. The impact of those viral videos created a tidal wave that permanently flipped the way content is distributed to the public.
Seeing an opportunity to cash in on the creator economy of the 2000s, YouTube launched its Partner Program to attract more and more users from all ends of the world, to its platform. The idea was to get them to upload quality content and YouTube’s advertising revenue streams paid the content creators for keeping users endlessly entertained – and the rest is history. Creators were given control over their content while having a shot at earning a living and engaging the fans.
What if there is a platform where you could swipe your phone up and watch your favourite music videos or play highly sought-after video games? Without having to wait weeks and months for artists or gaming companies to announce release dates. That was the first remarkable modern-day creator resurgence.
If you have been on the content creation end, you would appreciate the power of NFTs, that brings the modern-day creator simply by understanding what happens behind the scenes. In a broad sense, Non-Fungible Tokens are a method of storing unique items on a blockchain network in the digital space. You earn royalties every time your item is sold and you will always be the creator and no one else can claim your work as their creation. The safe and permanent transactions in the digital space is a milestone towards an creative economy that eliminates any and all middle men in the marketplace. No one takes a cut for your work. It is yours and you are the only one who gets paid for it.
How do I benefit from NFTs?
With new and endless opportunities with Non-Fungible Tokens is the new key, that unlocks the access to a global audience while developing a worldwide brand, creators across the world are jostling to be in on the new and trending concept that is cashing in. Brand new prospects to access a global audience and interact with communities in meaningful ways, NFTs are permeating the creative space with a new and wholesome wave of energy flooding creative fields with opportunities that is all yours to own forever.
NFTs, the worldwide market
Certainly, NFTs let creators have quick access and get to experience a more meaningful, intimate connection with their community and fans irrespective of field and talent. True originality is the new name of the game because there can never be a copy of your work elsewhere in the world. It will only ever be yours. That’s what makes it irresistible, it’s the genius of the technology behind NFTs that offers genuine benefits for both creators and fans. Not only can your original work be fully authenticated and widely distributed, but the intermediary “middle-man” is becoming a thing of the past.
Benefits of NFTs
Thanks to the new technology of blockchain, NFTs let creators can mint and copyright their work with much ease, and list their creation for sale on open marketplaces in the digital space, online. All of the transactions of buy and sell are fixed and permanent in the safe digital space. This implies over time, your creation (called a token in the NFT world) can gain value, increasing rarity and driving even more demand for creativity in the digital space, online. NFTs have opened a gateway to a thriving resale market, offering a unique opportunity for creators to earn income from their assets forever, anytime their work is resold.
Zero hassle minting of your original work, permanent sale in the digital world that audience from the whole world, endless income from the asset every single time your item is resold in the market and increase in value with rarity and creative skill that is highly appreciated.
Facts and Figures so far
The early 21st century technology witnessed the advance of Web 2.0 the creator platforms like Youtube that opened a worldwide market for creators to connect with their fanbase and customer base with no hassle. We are fortunate to witness the next evolution of technology so soon for the creator economy, powered by the latest tech—Web 3.0 and blockchain tech—which together have pioneered NFTs. So far, more than $2 billion has been spent on NFTs in the beginning of this year, representing an exponential growth of more than 2000% from 4th quarter of 2020. Indeed, the world is obsessed with NFTs, and the technology has set the stage for the fair compensation of artists who influence our culture with zero middle men. We are at the heart of a new digital creator economy, only this time, it’s a ground-breaking overhaul of the early 2000s revolution.
Is it any wonder that creators irrespective of their field or talent, far and wide are minting unique NFTs to earn income with the added benefit of connecting with fans?