What is an NFT?

NFTs have made quite an entrance into the cryptocurrency tech world and completely disrupted the digital art and collectibles scene.

 

The major players, digital artists, have been making massive financial waves. Many others, including celebrities and crypto entrepreneurs, have joined in on the trend, keying into the crazy opportunities non-fungible tokens present.

So...what is a non-fungible token?

To explain in simple terms, non-fungible tokens are, as the name implies, tokenized assets that represent the ownership of rare, unique digital items. These digital artefacts can only have one official ownership at any period with the proof of ownership secured on Blockchain.

Basically, this means nobody can modify or duplicate the ownership record of an NFT asset. And being “non-fungible” means these digital assets cannot be interchanged with other assets.

How can artists and creators leverage NFTs?

NFTs are an excellent way to mark and control the supply of digital assets. Whatever your creation is (digital art, music, video, game character etc.), minting your design or innovation as an NFT means you can prove your ownership over this asset using Blockchain technology.

While it was pretty easy to steal or duplicate digital assets in the past, with NFT assets being distinct and traceable, ownership to digital assets are secured. The emergence of NFTs is a huge development and a big win for artists, creators and digital asset collectors.

As an artist and creator, it is impossible to be cheated out of royalties. For digital asset collectors, there are zero worries about the possible investment in fake or forged assets. Also, NFTs presents a fantastic way to control digital asset supply, which drives up the prices of the tokenized assets. 

NFTs presents a win-win scenario for digital artists, creators and collectors. 

How do artists and fans benefit from producing NFTs?

Fact is, right now, everybody is into NFTs, from celebrities to innovators, and even crypto noobs are interested in getting a piece of the NFT pie. Given the new craze about NFTs making the rounds, it makes sense that you’re wondering; how NFTs benefit you.

What are the different types of NFTs?

There are various kinds of NFTs, and some of them are making million-dollar ripples in the crypto oceans right now. Here are some different types of NFTs:

  • Photos and Digital Art: This seems to be the most popular type of non-fungible tokens making the rounds. These types of NFTs include digitally signed drawings, GIFs and even videos.

  • Collectibles: Limited editions of cards, artefacts and other items are being sold as rare collectibles in the NFT community

  • Memes: Memes are a big player in the NFT market, with popular memes like Bad Luck Brian, Nyan Cat and Disaster Girl being listed and sold.

  • Virtual Fashion: From bikini bombs to unique movie costumes, the fashion world is not left out.

  • Music: Of course, music is not left out of the NFT spectrum. Musicians, DJs and record labels are now selling their works as NFTs

  • Video Game Articles: While developers are not selling entire games as NFTs, they create in-game content (digital characters, weapons, skins, real estate etc.) as NFTs

What are the unique attributes of an NFT?

As an artist or an innovator, the benefits you can get leveraging the emergence of NFTs include:

  • Ownership: The foremost use-case of NFTs lies in the proof of ownership of collected or purchased digital assets protected by blockchain technology

  • Security: Whatever item you create can be traded securely and with transparency as your digitally signed NFT assets cannot be duplicated, immune from censorship and protected in the blockchain.

  • Authenticity: Item’s authenticity are verifiable with the blockchain providing the ability to attach indisputable evidence of each creation’s originality

  • Revenue and Royalties: Unlike the real world, where creatives tend to lose royalties of their creations to different entities or agencies, NFT technology protects creatives’ royalties and revenue streams.

GRAFLR is dedicated to helping artists and creators leverage the massive potentials of NFTs to build fanbase connections, digital value and artist wealth.

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