One thing to note about technology is that it carries everyone along, including contemporary creatives who can now sell their pieces to interested buyers for thousands of dollars. What makes this emerging technology more peculiar is that it provides a secure way for content creators to auction their work and for collectors to conduct safe transactions. Additionally, as a designer in this Internet day and age, you need a platform that gives you digital ownership and rights to make profit off your work on the web.
NFT is the word you are looking for. Non Fungible Tokens comprise distinct virtual tokens and digital collectibles that represent technically everything, ranging from sports to arts, and game momentos. This digital asset is stirring up a lot of buzz in the cryptocurrency sphere, and with good reason. Some people are of the notion that NFTs are strictly for art but that can't be farther from the truth.
Here, we will reveal more about Non Fungible Tokens and all the other incredible infrastructures they serve.
How Does an NFT Work?
NFTs are stored on a blockchain, which is a decentralized open-source ledger that keeps track of transactions. Most people know that blockchain is the underlying technology that creates cryptocurrencies. NFTs are commonly kept on the Ethereum blockchain, even though they can also be held on other blockchains. In February 2021, speculators and collectors reportedly dispensed over $200 million on a variety of NFT-based objects, and a whopping sum of $250 million for the entire year of 2020.
Examples of digital files that are supported by NFTs are:
Music + 2 Not-Art NFT Uses
Be it a piece of artwork, an in-game item, a trading card or even a meme, NFT ensures it is safely stored on the blockchain as a unique collectible item. An even better news is that NFTs are impossible to forge, copy, or erase. In fact, once an NFT file is replicated, it instantly loses the privilege to be called that term.
The NFT is the asset's digital certificate that proves who owns it. No one can duplicate it because it is "non-fungible" and protected by blockchain. The only one permitted to sell it is the original owner, who registered the file initially.
It is possible to mint and sell your music NFTs. You can discover the platforms that are currently available to you if you do your research. When your fans purchase your track as a Music NFT, they will receive a portion of the future royalties earned from streaming platforms. With each NFT sold, artists can determine the type of sale, price, and royalty share. NFT for Music has given several creative minds the opportunity to craft without any limit.
For instance, Abhishek "ABVERSE" Bhaskar is a Beatboxer & National Award winning Architect from India. He is the creator of Metavoice, the World's first everBeatboxing generated Digital Art, allowing people to see the Human voice rather than just hear it. He is also the Ex-Brand Ambassador of Adidas Originals & JBL. He has also conducted 2 of India's Biggest Beatboxing Workshops with over 3000+ participants. Abhishek explained:
"The Metavoice Project is an amalgamation of Beatboxing (Art) & Design (Visual), allowing people to see the human voice, rather than just hear it. So my approach towards NFTs is always to provide unique assets and share them with the Metaverse for people to experience. NFTs is the right way to showcase my work, as it is unique, the world's first-ever of its kind, and hence, allowing people to own a piece of my work across the years, is very special to me."
Basketball has ultimately stolen the spotlight for NFT videos and sports highlights through the association with NBA Top Shot. Consider sports highlights NFTs as a hybrid of an old-school sports card and a TV highlight. Despite the fact that they've been existing since 2014, video NFTs recently became prevalent as a secure method for buying and selling GIFs, sports highlights, and more.
A standard NBA Top Shot includes a 10-15 second clip of an actual game highlight featuring a top player, with NBA brand insignia, as opposed to settling for a bunch of cardboard pictures with numbers on the back. A "cosmic" slam by LeBron James gained a total of over $200,000!
The Unique Selling Point of these Highlights
The fact here is that every NBA Big Shot has a distinctive code (serial number) that is logged onto Top Shot blockchain, Flow. Therefore, each owner can establish that theirs is an authorized, limited edition.
NFT for virtual avatars and video game skins enables Esports fans and gamers to buy and sell virtual in-game items. It is accomplished through the use of an extensive collection of advanced fintech and game tools. There are several alternatives of metagames to choose from, then the next step is to view the streams on your preferred platform. Afterward, accumulate your favourite collectible items from drops. From there, you can create physical assets or NFTs.
For video game skins NFTs' transactions, there are several reliable payment options for traders to purchase in-game items and NFTs. They also get to withdraw their trading profits as they see fit. Some of the payment methods include Payoneer, PayPal, Visa or Mastercard, UnionPay, Skrill, bank wire, Alipay, and others. From the purchase to the trading system, often using cryptocurrency, everything is done online. Note that they are typically encoded with similar essential software as other cryptos. Like every other NFT, these accredited videos comes with built-in authentication, which acts as proof of ownership. To collectors, those digital bragging rights are almost as valuable as the item itself.