Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Are NFTs More Than Just Art?
Guest Post | Jan 26, 2022
Source: Unsplash
NFTs are the talk of online forums right now and big news. They work based on cryptocurrencies and allow digital art to be bought and sold online, with only one person having the rights to the art. The workings of NFTs can be complex, but it’s basically another way to buy and sell art, with the art being digital instead of physical. However, NFTs are more than just art. They can be almost anything that is digital, including sounds or other images. They can even be online personas or social media posts. When it comes to NFTs, the sky is the limit.
Avatars for Games or Videos
Avatars are increasingly being used online. In use for many years in games, they’re also becoming popular in videos or during online meetings as a way to be present without having a camera on. Anyone can build an avatar of themselves, keeping it realistic or adding to it to create an entirely new persona. Once built, the avatar can be used by the owner for just about anything. Avatars can be purchased as NFTs now, allowing someone to purchase another person’s avatar to use for themselves.
Gaming Assets
In the gaming world, players have long been able to purchase or trade various assets. Online games allow players to trade various items, make purchases for anything in the game, or even trade the login info for the games. This means new players won’t have to start at the beginning – they can start at a higher level by buying someone else’s game. Today, this is taken a step further, as assets in games can be NFTs. Players can buy and sell the assets, giving them complete rights over the asset once they own it.
Short Videos or Animated Images
Sending cute gifs or short videos to friends is something that has been done just about since the beginning of videos on the internet. It wasn’t possible to own a gif, just to create one and share the ones that others have created. Now, however, it is possible to become the owner of a gif. Instead of being shared, they can now be sold or purchased. Anyone can still view the gif and trade it with others, but only one person will be able to say they own the gif in question.
Social Media Posts
A social media post is automatically owned by the person who created it. This is true for any writing that’s done unless the writing is then sold. Until now, it hasn’t been possible to sell social media posts. People can copy and share them, which is done frequently to spread news or items of interest, but only the original creator would own it. In 2021, however, Jack Dorsey sold his first tweet. Selling for more than $2.9 million, the buyer receives ownership over the tweet. It still remains on Jack Dorsey’s Twitter feed, but now it includes a virtual autograph owned only by the winning bidder. Proceeds from this sale did go to charity.
Images
Any images can be sold as an NFT. This includes unique and original images that are created. If someone designs a logo, for instance, it can be sold as an NFT to the buyer. If someone creates a unique image, they can then sell the image as an NFT. Images have been sold online in the past, but this creates another way to sell them. Plus, with the high value of NFTs, it can be possible to make a significant amount of money from the sale of a single image, where that image may have sold for much less in the past.
Other Digital Collectibles
Almost anything digital can be sold as an NFT. The NFT just authenticates it for the buyer and proves ownership over the item. It can then be sold again, with the ownership transferred to the buyer or held onto for years. For buyers, this provides the opportunity to own something that couldn’t be owned in the past or that would be difficult to prove ownership for previously.
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This would include many different types of digital items, since proving ownership over a digital piece can be hard. Since NFTs are done through cryptocurrencies, they’re generally for anything that might be collectible. Anything, however, can be considered a digital collectible, especially if the buyer values it. This means just about anything can be sold as an NFT online, as long as it’s possible to authenticate it.
NFTs are gaining a lot of traction for being a new way to purchase and sell online art. However, they’re a lot more than just art. NFTs can include a variety of other digital items and collectibles, from social media posts to gifs or other images. The above are just a few examples of how this works and how almost anything can be bought or sold as an NFT today.
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