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The world of NFT's

Read time: 5 min.

IFC +

4/19/2022

The hype

The hype of the moment is the world of NFTs, Non Fungible Tokens, but what exactly is this? Today I take you into the wonderful world of NFTs and the ecosystem around them. The NFT is a way of linking proof of ownership to digital objects or art, among other things. In this way, you can also start tokenize everything. From a digital artwork to proof of ownership of houses or your car. Everything today can be put into a token and traded in a very fair and transparent way. The first hype of cryptocollectibles was back in 2017 when cryptokitties became hugely popular on the Ethereum network. Unlike other cryptocurrencies, NFTs are not exchangeable. Thus, we are talking about authentic digital proof of ownership that are unique piece by piece. Because of this feature, these tokens are seen as collector coins that can carry a lot of value, and because of the blockchain technology, you are sure that you are the only owner of that particular token. The money that circulates in them is also absurdly large, the very famous cryptopunks sometimes run up to 10 million dollars. The cryptopunks consist of a series of 10,000 tokens created by an AI algorithm so that each cryptopunk is indeed unique. These are hugely popular but they are not the only ones, for example you now have bored ape yacht club and the mutant ape yacht club. There are probably thousands of different collectible tokens. Last year, $25 billion was traded in NFT tokens. The point is, spending some time in the NFT world can ensure that you can make a nice sum with it after all. The website opensea.io is a good start. It is also relatively simple to make your own NFT's, you learn a lot by trying it yourself.

The metaverse

The idea of the metaverse originated 30 years ago, it stands for a uniform virtual world where everyone can build a second life but digitally? The first web we knew was purely informational, the web2 was interactive and the web 3.0 will be an internet of value where digital payments are daily, of course with cryptocurrency. All this from social media to the gaming world. The crypto world is becoming all encompassing and revolutionary. The metaverse and NFTs are therefore going hand in hand into the future. Hugely popular in the metaverse is also real estate, virtual real estate that is, in 2021 some Half a billion dollars worth of digital real estate was sold. This market is huge with a large number of users. An example of this is for example the Sandbox, Upland or decentraland. There is a lot of money to be made with virtual real estate in the form of tokens. Another cool game is the 0xUniverse where you can buy planets, develop them and sell them back at a hefty profit.

Games

The makers of FIFA the soccer game also see a future in it, digital ticketing or trading players, all on the Blockchain. The possibilities are endless. Ubisoft is already using NFTs in games like Ghost Recon and Assassin's creed. Anything can be traded on the Blockchain, from avatars to digital weapons needed in the game. The possibilities are endless and it also brings some fairness to the gaming industry.

Fashion

Just about every sector finds its way into the NFT world, including the fashion world. The Dutch brand Kanessa launched the world's first digital clothing line. There is now even a digital fashion network in Belgium called Mutani. Also Keune Haircosmetics, a Dutch hair brand has found its way to the wonderful world of Blockchain.

Music industry

Artists can also tokenize their work and market it that way. This can, among other things, ensure that the artist is paid correctly according to whether his music is played on a streaming service. Today, many artists miss out on a lot of money because streaming services such as Spotify put a large percentage of the revenue in their pockets. With NFT's artists could sell directly to the consumer. Creator to customer.

Potential

This is just a small sample of the possibilities but you can see that this really has enormous potential to change the world, and hopefully improve it. How all this will turn out remains to be seen but this niche in the market should definitely be watched.


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