What Are NFTs?
Many people today are talking about NFTs. Even big companies like Coca-Cola and Nike are joining in on this latest trend. But what are NFTs? What are the benefits of using them? What companies are using them?
We will outline that and more throughout this article. We will also touch on different companies implementing NFTs and different marketplaces to check them out.
What are NFTs?
An NFT, or non-fungible token, is a digital asset that someone can own and must pay with cryptocurrency. Some examples of goods sold with NFTs are music, art, GIFs, and so on. NFTs have been around since 2014 and are only gaining more popularity as time goes on.
Benefits of Using NFTs
Now that you know what an NFT is, let’s explore some of the benefits of using NFTs. These benefits include:
- NFTs are open to anyone. Since cryptocurrency is accessible to anyone, NFTs are also accessible to anyone. All you need to view or purchase one is an internet connection and a device that connects to the internet, such as a tablet, smartphone, or laptop.
- Ownership of NFTs is secured by the blockchain network. Because one purchases NFTs on the blockchain network, it is more secure than traditional banking systems.
- NFTs can be a great way to raise funds for a project. If you produce multiple NFTs, they can be a great way to generate and secure multiple streams of funds.
How They Are Shaking Up The Art Industry
NFTs are changing up the art industry in quite a few ways. The primary ways these change the art industry is because the art galleries are no longer the gatekeepers, and it gives artists more control over their own revenue streams.
Artists now have more opportunities to have their work out in the open. With the rise of the internet and NFTs, artists now have more control over the art that is placed in the public eye. Additionally, this gives more options for artists to gain revenue from all their work.What is an NFT? And why is it so important? Check out this article to find out: Click To Tweet
Companies That Implement NFTs
There are quite a few companies that are implementing and using NFTs in their business. These companies include:
- Instagram: Instagram is now supporting their creators by showcasing their NFTs on Instagram. Users can now connect a digital wallet, share digital assets, and automatically tag the creator and the collector. Read more about NFTs and Instagram here.
- Nike: Nike has seen tremendous success with their NFT launch. There have been over 9,000 pairs sold so far.
- NBA: The NBA sees a lot of success with their NFTs as well. They will mint over 30,000 NFTs for the 2022 season.
Many other companies are implementing NFTs into their business. They see the demand on the market for NFTs.
Places to Check Out NFTs
There are many places to check out NFTs. We will be focused on two great resources to check out. The first is OpenSea. This is the largest marketplace for NFTs on the internet today.
Another resource is called Makersplace. They are also a marketplace for different NFTs. They bring together the collector and the creator to a mutual place to exchange NFTs.
NFTs are essential to the art community. Additionally, there are many benefits to producing and owning NFTs. Big companies are now implementing them as new revenue streams. NFTs are not going away anytime soon.
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