NFTs Change The Game
Ever since blockchain technology took the global economy by storm enabling the creation and use of cryptocurrencies like Bitcoin and Ethereum, a completely new digital world we have never known before opened up. You might not be aware just yet, but it has fundamentally changed the game in every sphere of society. In this new digital universe, cryptocurrencies like bitcoin and Ethereum have become platforms for a myriad of services, and one of the most groundbreaking of these is NFTs. NFT stands for Non-Fungible Tokens.
Physical money and cryptocurrencies are fungible, meaning they can be exchanged for one another. One bitcoin equals the same as another bitcoin just like a dollar equals a dollar and is able to be traded as currency. Non-fungible, for example, means one piece of art may not have the same value as another piece of art and can’t be regarded as fungible.
What Do They Look Like?
NFTs are digital assets each with a digital signature that makes it impossible to be exchanged for or equal to one another. An NFT is created or minted from digital objects that represent both tangible and intangible items like Graphic Art, GIFs, videos and sports highlights, collectibles, virtual avatars and video game skins, designer sneakers, music, etc. Basically, NFTs are digital investments and collector’s items, and instead of hanging a painting on the wall you have it digitally. When an NFT is bought, the buyer gets exclusive ownership rights, and when the owner wants to sell it, the blockchain is utilized for the transaction with cryptocurrency and due to the nature of blockchain technology both the buyer and seller are easily traceable so you know you aren’t getting scammed.
Crazy Potential
Just about anything can be made into an NFT, for example, Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT for more than $2.9 million. TNBA Top Shot generated more than $500 million in sales as of late March. Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly $600,000 in February. It might sound crazy, but this is also allowing artists who have to rely on their work being shown in art galleries and venues, to now turn their work into an NFT which gets the more profits, and they can program in royalties meaning they will get a percentage of every initial and resale of their work. The crypto world has arrived and we have entered a time when investors and collectors in traditional physical and speculative markets are now going all-in with the blockchain, cryptocurrencies, and now NFTs. Now, OW1P is working on our brand new collection of NFTs, and our community will be receiving a free giveaway prize at its first launch. Be alert for the new NFT launch at our webpage, Instagram 》〉》 @ow1p.nfts , Twitter 〉》〉 @ow1pnfts and subscribe to our blog to get the notification of the launch!