WDIC mini: NFTs

Who’s an NFT?

An NFT is a non-fungible token, which means it is a digital asset that cannot be replaced by another identical asset. Each NFT is unique and therefore has a higher value than other digital assets like Bitcoin or Ethereum. However, there are some intricacies of NFTs which make some of them worth nothing, and others, like Beeple’s “Everydays”, worth millions.

NFTs are created using blockchain technology, which allows for the creation of unique digital assets that can be bought, sold, or traded on decentralized exchanges. When an NFT is created, it is assigned a unique ID that is stored on the blockchain. This ID cannot be changed, so each NFT is 100% unique.

NFTs are usually seen as pictures sold on popular marketplaces (OpenSea, Magic Eden and others), or videos and other forms of art (SuperRare), but there are many more usages of NFTs potentially. This article discusses the idea of NFTs as COVID passports (remember COVID?).

Okay, Sean, how do we use that?

1. NFTs can be a great way to monetize digital content

If you’re a creator of digital content, whether it’s music, art, videos, or anything else, then NFTs can be a great way to monetize your work. Unlike traditional methods of selling digital content (like downloads or streaming), NFTs provide a way for you to sell your work for a one-time fee, meaning that you can potentially earn a lot more money from each sale. Possibilities are endless — it’s all about understanding how to create NFTs. This piece by Verge examines it in detail, as well as tells how to sell it, and discusses whether you really want to sell those bizarre bytes of data for money.

2. NFTs can be used to create unique experiences

NFTs can also be used to create unique experiences that are unlike anything else available. For example, you could use an NFT to give someone access to a virtual world that they can explore and interact with. Some of those worlds are mentioned in this text by [dappradar](https://dappradar.com/blog/top-10-best-metaverse-virtual-worlds-with-land-nfts#:~:text=NFT Worlds is a collection,anything a user can imagine.) if you need some inspo or just want to understand the topic better.

Alternatively, you could use an NFT to sell tickets to a virtual concert or event. LeewayHertz here talks about how NFTs could disrupt the ticket industry — something to keep, as Slavs say, “at the tip of your pencil”. The possibilities are endless, and the potential for creating unique and valuable experiences is vast.

3. NFTs are still in their early days, so there’s enormous potential for growth

Since NFTs are still in their early days, there’s a lot of potential for growth in the market. This means that now is a great time to get involved in the space and start experimenting with different ways to use NFTs. There’s no telling where the technology will go next, so it’s essential to stay ahead of the curve and be prepared for whatever comes next. If you feel that you can disrupt your own industry with the usage of NFTs, feel free to give it a try — not that anybody will punish you if you do something wrong (unless you lose others’ money), and if it works, you’d be a genius!