Metaverse Investing: How nfts, Web 0, Virtual Land and vr are Going to Change the World as We Know It

NFTs

You might have seen on the news, GIF images or pixel art being sold for millions of dollars through a system called NFT. You might be wondering what makes a piece of digital art so valuable. What’s even more confusing is that oftentimes these artworks are quite simple, and to the average eye, they look like they would hold no real value. Actually, NFTs are not complicated at all. Let’s look at it from an artist’s perspective.
Say you have a friend who’s an artist, let’s call him Gary. As an artist, Gary wants his art to be recognized by the masses. But he is also worried about copyrights. He is not wrong to be concerned. In the digital era, it’s incredibly hard to track whether your art is being used legitimately or not. People copypaste images all the time. For all Gary knows, his designs are being sold on t-shirts in a remote part of the world. There is no sustainable way to track it. That’s where NFTs come in.
The term NFT stands for “non-fungible
token.” It is a digital signature that cannot be changed. When Gary creates an NFT for his digital art, he does two things: First, he creates non-fungible ownership of his art. This part of an NFT works just like how a normal royalty would. By putting an NFT on his art, Gary makes sure he makes a royalty each time the item is sold. What sets apart NFTs from traditional royalty is the fact that they can be traded.
If Gary decides to sell his royalties, he can do so in a few minutes by changing his nonfungible token for cash, cryptocurrency, or another NFT. Gary’s ownership is easily verified through his NFT because it is being held in a blockchain. Remember that blockchains don’t allow users to change data, only add to it. This allows Gary to verify his ownership over his art any time he wants.
Artists need NFTs for sure, but there is a bigger picture. NFTs will be the future of digital ownership. As everything becomes digitized, we need ownership protection systems like NFTs more than ever. In the short term, NFTs are expected to expand into fields including music, sports, and gaming, as well as other industries in the long-term. They are well on their way to becoming a digital property standard, making them an excellent investment opportunity.