NFT and the new craze in the digital world
You have heard of Bitcoin, right? That is a digital currency or cryptocurrency, and it has been around for years. Now the crypto world is branching out into art, and they call the creations a non-fungible token, or NFT.
“It’s a collectible or collector’s item that is digitized,” NFT is the digital collection that is transforming the future of art collection and much more.
Potential of NFTs
Open wallets = social currency
NFT marketplaces have the potential to be the new Instagram, Facebook, a new age of social media platforms. On NFT marketplaces, you can browse, buy, sell and exchange; you can see what others have purchased or are collecting, which is a window into their interests and passion points.
Artists and creators
NFTs allow the original creator and brands of the digital assets to profit each time the token is being traded. And the amount is entirely up to them. The win here is for the ‘artist’ you’re directly supporting the creator and their work. From an intellectual property standpoint, there aren’t any disputes about who was first too. As long as the song, art, or other media was added to the chain, it will remain there forever and the history of when it was created is clear.
NFTs are giving brands the opportunity to enrich the brand-customer experience. It’s a trend that has opened a new door for brand storytelling and consumer interaction. It is changing how brands engage customers, allowing them to maximize the value derived from their relationship. As for the longevity, only time will tell, but brands that can successfully connect digitally to IRL experiences using NFTs will be on top, and we’re looking forward to it.
In the future, when we fully step into the digital age, everything will change rapidly. With digital technology, a new business model has emerged. In terms of economy, politics, society and can have an impact on the value of existing products or services such as online shopping, Netflix, services or even cryptocurrencies is increasingly playing a role in our daily lives. With convenience, also fast and have a cheaper service fee. So people turn their attention over traditional offline models.