If you haven’t heard of NFTs yet, you will.
This technology is a little mind boggling in the sense that it’s so simple yet revolutionary.
NFTs are going to change the way we transmit data and connect with one another.
The NFT community is growing now quicker than ever.
Welcome to Franknez.com – today I want to discuss what an NFT is and why this technology is growing so quickly.
Lets get started!
What Are NFTs?
NFTs, also known as non-fungible tokens, are a unit of data stored in blockchain technology.
This data is usually stored in a piece of artwork containing exclusive access and prizes for holders.
If you’re familiar with Gary Vaynerchuck, his startup VeeFriends is actually a collection of his personal NFTs.
Gary has built an NFT community where buyers gain exclusive access to VeeCon, a multi-day conference focused on business, marketing, creativity, entrepreneurship, and a lot more.
What Are NFTs Used For?
NFTs are tokens that may grant access to exclusive content, future products, prizes, or events.
Each NFT, depending on how the seller uses it, can unlock different levels of membership access. This is why NFTs are usually so expensive.
How Are NFTs Going To Change The World?
NFTs are cutting out the middle-man.
You can now sell NFTs directly without distributing tickets to your audience or community.
Business owners and entrepreneurs will be the ones to take advantage of this blockchain technology.
NFTs are also going to allow content creators to connect with the community and sell tokens for exclusive content and build a one of a kind art from that specific content creator.
These artworks are designed so that you cannot copy or duplicate them.
This precaution is taken to avoid scenarios like dealing with a cease and desist letter, and were originally created to protect artists’ copyright over their work.
This means only one person could own the original, or a few people could own part of a scarce collection from that artist or content creator.
NFTs are changing our world by how we communicate with one another and transmit information.
For consumers, it can be a great way to keep something very personal and special from your favorite content creators.
Related: Gary Vee's 'VeeFriends' Partners Up With Toys"R"Us
How Do You Buy NFTs?
Because NFTs are Ethereum-based tokens, most marketplaces only accept ETH as a form of payment.
And if you have never purchased crypto before, check out this article on how to open your account through a crypto exchange.
Here you’ll be able to purchase Bitcoin, Ethereum, ADA, Doge, and other cryptocurrencies.
OpenSea is the world’s first and largest NFT marketplace.
Anyone can create and buy NFTs here, even if you’re not a content creator or have any knowledge in blockchain tech.
Can NFTs Go Up In Value?
If you’re a collector, then you’re more than likely building a portfolio that may go up in value over the course of a few months to a few years.
NFTs certainly have the potential to go up in value depending on who the creator is.
You just never know how far this certain content creator will go or who they will impact society one day.
Buying an NFT from their younger selves today could prove to be a rare piece of art in the future.
Related: CEO announces second AMC NFT for all shareholders
Will NFTs Become Mainstream?
My personal take is they will.
The NFT community is growing every day and as more content creators find ways to provide more value to their communities, NFTs will continue to be a source of exclusivity and connection.
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Read: How to invest in Bitcoin cryptocurrency for beginners
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