Back in 2021 when NFTs was beginning to break out into mainstream society. I felt it was a scam and a fad that would soon fade. I didn’t really see myself diving from digital marketing (Web 2.0) to NFTs and blockchain (Web 3.0) I had a “typewriters can’t be replaced” mindset but here I am in 2023 trying to Explain NFTs to you. 😀
Let me try to explain this emerging world of NFTs. NFT which is an acronym that stands for Non Fungible Token and it’s a unique digital marker or identifier that is recorded on a blockchain network, and is used to certify ownership and authenticity of a particular digital asset. An NFT cannot be copied, substituted, or subdivided.
A digital asset can be a graphic, text or piece of video or audio. When you convert these digital assets to NFTs (conversion is mostly on a blockchain network). It then carries a unique identifier that makes it un-transferrable outside the blockchain network. Thus it cant be illegally used.
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Some other advantages of a NFT and why you should pay it much interest includes:
An Increased Creator Control: NFTs enable creators to have more control over their work of arts or contents by allowing them to set and collect direct or indirect royalties for future sales. This means that creators can continue to earn from their creations even after the initial sale.
Enhanced Transparency: One of the qualities of Blockchain technology (Blockchain is used to create NFTs) is that it ensures transparency and immutability of transactions. Thus helping to prevent fraud and providing a clear record of ownership history and making it easy to verify the authenticity of an NFT.
These are some of the advantages of NFTs – Non Fungible Tokens – and I am sure you are already excited about the potentials or not. I am not that excited though because the NFT marketplace is now an all-comers affair and is now a cesspool of any type and anyhow NFT project. Anyways that’s a topic for another day. I have tried to Explain NFTs to you in its most simplest form any outsider or even a child of 5 can understand, if there’s something you know about NFTs that I missed or you want to get clear about feel free to drop it in the comment section below.