NFT, the digital gamechanger. It has shifted the whole scene in a whole new direction. In 2020 alone, the digital site boomed by 300% as shown by L'Atelier BNP Paribas.
Tokens values have increased since the wake of last year. In terms of money, NFT managed to gain a total of $2.5 billion.
This is a huge figure considering the initial $13. 7 million was taken up in the first half. That was a clear sign that NFT is promising massive fireworks.
What is it anyway, NFT? Well, this is a digital platform that supports various assets. These assets are also backed up by blockchain technology. NFTs include art pieces, collectibles, videos, online games and races, films, and real estate.
The list is huge because many potential investors are actually lining up to get a share of the whole deal. Remember that NFTs are non-fungible tokens that are not only unique but are truly specific. Just like the uniqueness in Pokémon cards and how powerful they so are the same as NFT tokens.
The world has been greatly affected by Covid 19 pandemic and the entrance of NFT on the digital market came as a life server for a lot of artists across the world. For example, in March 2021 Mike Winklemann sold his piece of art called 'Everydays-The First 5000 Days' for a whopping $69 million dollars.
Winklemann is just a random pick from a host of artist that has gained fortune on the digital platform. Such prices are real and they are being clinched by many artists. Creators and creative artists now have an opportunity to enjoy benefits.
What are some of these exciting benefits? For starters, NFT is free and democratic. Artists are able to source for buyers, enter auctions, trade, and develop their product line. NFTs are still rare and scarce meaning that when a user gets hold of one, they gain a lot of value.
Another vital benefit is smart contracts. They (smart contracts) help many artists to earn a lot of royalties. Royalties are clinched from secondary sales and NFT work has a lot of secondary sales at its disposal.
A lot of reputable and experienced art designers believe that this is the ultimate turning point for all artists around the world. Michael Lennix is one example of a designer who has a beefed-up gallery, a gallery filled with reputable experience.
He says that artists have a chance to build an audience, be their own distributors and gain legit licensing for ease of operation. The important part of his discourse of benefits lies in the ability to sell collectibles and finding good buyers with ease. Lennix is also a pick from an array of reputable artists that move with the same line of thinking.
NFT has a good resale strategy meaning that when you purchase a piece you can actually place it on the market for resale. Many buyers have gained twice or thrice or even fourfold the amount they use to buy the art piece.
Yes, a lot of activity in the NFT marketplace has been focused on art but many digital fanatics and NFT users still believe that NFT can be a good tool to transform society for the better. The best example is San Mario, which is a small nation that decided to come up with NFT vaccination passports which are all in all digital.
Not only is NFT able to secure documents like vaccination passports but there is also a big enough possibility that other basic and vital documents will be kept safe and sound with NFT. You will rest assured of theft or manipulation.
Examples of such moves can be derived from 2018 when Niti Aayong reported that NFT, which is laid on a blockchain base can be used to backup land transaction documents. This is a good posture that has received a lot of appreciation.
NFT has not only been there to offer lucrative deals and massive auctions but they have been providing for charity. It's a noble cause that has been received with a lot of great appreciation from the NFT community.
To be more exact, Chief Executive Officer for Twitter Jack Dorsey donated a total of $2.9 million. This was his first sale on NFT and he gave it directly to an NGO. Many charity-based organizations are now embracing cryptocurrency like Save The Children.
There are many projects that have been doing good for noble causes like Pinazza Project which was co-founded by Michael Lennix and Wiley Mathews. A recent game was launched under NFT and Pinazza Project as the major influencer received a lot of profits which ended up at charity.
The project also promises to donate $50,000 to mentally ill patients from a selected community. Mathews believes that supporting such sectors of charity is very important for all NFT based operations.