NFTs are often referred to as digital art. However, there are many other possible uses. Let’s see what the future holds.
What is an NFT?
Non-fungible tokens, also known as NFTs, are named after one of the properties that can be considered a crypto asset. Cryptocurrencies such as Bitcoin, Ethereum or ERC-20 tokens, are fungible. This means that all units in the supply can be interchangeable and their value will not be diminished if they are divided. In other words, if you have 1 ETH in your wallet you don’t usually care which one of the more than 117 million ETH is currently available.
NFTs, however, have unique properties that make each token a unique. An NFT provides cryptographic proof that you are the sole proprietor of any virtual asset associated with the NFT. These assets could include digital images, videos, and music, but they can also include abstract things such as intellectual property or digital licenses. Depending upon the type of NFT you can list the token on an internet marketplace or transfer it to someone else’s pocket.
Influencers can transform their content into NFT
NFTs are used in content monetization. Influencers can convert tweets, YouTube videos or TikTok clips into NFT and sell them. This can be done in many ways, including adding digital memorabilia to exchange for donations or Patreon members. Your content can be more valuable if it has enough reach.
One of the first examples was Jack Dorsey, Twitter CEO. He turned his first tweet into a NFT. It was sold for $17 million. Nearly $ 3 Million. The possibilities are endless beyond these announcements. Content creators could either make limited copies of NFTs from their most memorable moments online, or mass-produce bulk NFTs that are cheaper and more targeted at their average fan base. . Another option is to include their intellectual property rights in the NFT.
They can also produce digital art that complements their regular content. This creates additional income and can increase the reach for the content creator in digital art communities.
There isn’t yet a simple solution to creating NFTs at a global level. Users must have at least basic knowledge of blockchain technology and cryptocurrencies in order to use the NFT markets. To create NFTs, you will need a crypto wallet that has at least one cryptocurrency to pay the transaction fees. The same applies to selling and buying NFT. This means that NFT buyers and creators are still restricted to crypto insiders.
The Uquid ecommerce platformThe goal of Uquid is to combine the best parts of Decentralized Financing (DeFi) with NFT. Uquid is an online marketplace offering thousands of items. These include video games, software, mobile credits, gift cards, and credits for utility companies like electricity, internet, or insurance providers.
The marketplace accepts traditional payment options as well as cryptocurrencies. Crypto projects can request to have their token added to the list. This combination of DeFi/e-commerce makes it possible for buyers and sellers alike to cut out middlemen such payment services. It makes the exchange of goods and service more efficient and saves customers money.
Recent developments include Uquid launches its own NFT marketplaceThis is specifically designed for content creators and influencers. Uquid plans to increase its NFTs offering from 40,000 tokens to over a million tokens by September 2021. Users can convert content from social media channels directly to NFT with the market. Uquid is currently the only NFT marketplace that supports YouTubers and TikTokers as well as streamers and other social media influencers.
Uquid hopes that Uquid will make it easier and more efficient to create and sell NFTs without the need for a crypto wallet. Uquid instead uses the same payment system that it uses in its regular market for payments. Uquid will also release checkout and buy it now functionality to its payment system in September. Buyers can have NFTs sent to Binance Smart Chain wallets, which is more cost-effective than Ethereum.
Image by Steve Buissinne from Pixabay