NFTs are everywhere in mainstream media. It seems as though more brands and artists are taking advantage of the trend, using it to bring awareness and revenue to their brands. Artists selling NFTs are making six figures, generating millions selling NFTs, and becoming billionaires through the popular trend.
What Is an NFT?
NFTs are unique digital identifiers. They stand for Non-Fungible Tokens, where fungible means something that can be duplicated and replaced. A non-fungible token is, therefore, a token that is unique, not duplicatable, and cannot be replaced with something of the same value. NFTs are recorded in a blockchain and used to certify the authenticity and ownership over assets.
NFTs are digital assets and can be things like videos, memes, collectibles, images, or articles stored on blockchains like Ethereum or Solana. NFTs have a distinguishable code and data that keeps a permanent record of their authenticity. This means ownership can be quickly and publicly verified. NFTs cannot be stolen and are said to be fraud-proof.
Rarity in NFTs
What’s So Great About NFTs?
Status Symbols
Previously, valuable art has also been exclusive art, which only the 1% could be expected to have access to. With NFTs, anyone can get their piece of the artistic pie. Where before it was having a Monet that made you the tip of the aristocratic iceberg, it’s now having a piece of an NFT collection.
NFTs with high rarity levels, such as BAYC, command huge prices but are more accessible to the masses in other ways, making them a great status symbol for someone wanting to show their status without having art world contacts to find a Monet.
Highly Programmable
NFTs give a world of flexibility to their creators. With built-in proof of origin available, as well as being able to customize the NFT to their needs, creators can do a lot.
NFTs can be used for everything from art to music and being attached to physical pieces of work. Their status as pieces of code lets developers adjust them to whatever the creator needs.
Creator Opportunities
Not only is creating NFT art a hot trend for creators to take advantage of, it also gives them unparalleled control. Rather than paying a commission to a middle man, creators can receive direct payment for their art. They can also program a commission, so each time in the future the NFT is sold, a piece of that comes back to them.
NFTs- A Trend of the Future
NFTs are the future, not only in the viral halls of Twitter but also as an investment opportunity. More importantly, brands, creators, and artists can provide value to the community with a massive opportunity to make significant returns. NFT sales currently range from 15-50 thousand dollars a week, and that’s forecasted to go up exponentially as NFTs grow in popularity and value.
