You, perhaps, frown your eyebrows at the moment upon hearing the words, such as Non-Fungible Tokens (NFTs) and Cryptocurrencies. As defined, NFTs are digital assets or collectibles. In other words, these assets are digital collectibles in which they are exclusive as the blockchain system will record them. If you try to reminisce about accumulating those baseball cards when you were young, NFTs are the digital forms of those cards. It only means that you can have art NFTs, book NFTs, music NFTs, and video NFTs.
NFTs are digital files. You as creators of these digital assets and files need to understand, now more than ever, the value of NFTs. These digital files with the ownership accepted and verified in the blockchain hold unique signatures that no other people can copy your work. In this case, you as the content creators or writers can deliver to your hardcore fans, create media events, get residual incomes, and create investors. Your fans can promote your products, too.
Comparatively, cryptocurrencies are digital payment systems. They do not acknowledge the banking systems to authenticate transactions. They seem to be peer-to-peer systems to empower anyone to accept and guide these payments. As well, the online public ledges can record the transactions when you transfer cryptocurrency funds. In this case, these cryptocurrencies are warehoused in digital folders or wallets.
In many cases, you as learners of the new age must learn what NFTs are. You have to comprehend the trends surrounding NFTs. NFTs, nowadays, exist in countless fields of discipline. Sooner or later, experts and professionals will grasp these huge impacts in the literary ecosphere. According to experts, “these non-fungible tokens are cryptographic assets on a blockchain with distinctive identification cryptograms, programs, and metadata” (Friedman, 2021). In other words, these digital assets are distinguishable from each other. Unlike cryptocurrencies, content creators, experts, and professionals cannot make an exchange or trade NFTs at equivalency.
Additionally, these non-fungible tokens can exemplify online-only assets, such as digital artworks and real assets. A few examples of those assets cover in-game items, such as avatars, digital and non-digital collectibles, domain names, and event tickets. Experts and professionals understand that NFTs can help eliminate piracy. None can plagiarize your work because the so-called blockchain can record those assets.
Moreover, Non-Fungible Tokens are the future. They become part of the large-scale movement that exhibits the upcoming shift from WEB2 to WEB3. For example, the presence of WEB2 refers to people all living in now in which mega-platforms, such as Apple, Amazon, Facebook, Google, and others dominate the market (Friedman, 2021). Then, you just get advertising, sales of personal data, and regular security breaches. On the contrary, WEB3 wishes to eliminate those differences.
For one thing, NFTs are the future. They demonstrate these people’s social statuses. They appear to be Rolex watches on your wrists, the Chanel bags on your arms, the Leonardo da Vinci paintings on your walls. These NFTs are, indeed, high-class possessions if bitcoins and cryptocurrencies are the currency of the future.
Friedman, J. (2021). NFTs: What are they and how much should writers and publishers care? Retrieved from https://www.janefriedman.com/nfts-what-are-they-and-how-much-should-writers-and-publishers-care/
Jablonski, S. (2021). Are NFTs The New Crypto? A Guide To Understanding Non-Fungible Tokens. Retrieved from https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/09/are-nfts-the-new-crypto-a-guide-to-understanding-non-fungible-tokens/?sh=ae8f8b03d951