In the recent world today cryptocurrencies are thriving as their demands increases by the day making the traders constantly busy and having full pockets when the market is bullish. While on the other sector, where we have the Art and Creative world, Gaming Producers, Web/Graphic designers and a lot others striving to compete with the traders for a share from the lot which is seemingly impossible as they have nothing to offer but their products which at the time was without value on the internet.
To solve this problem, NFTs were created in order to bring about maximum equality in the crypto space.
Let's take a look at what these NFTs are shall we?
NFT- Non fungible token is a digital commodity that represents real assets like music, art, in-game materials and videos. They are exchanged online in almost the same manner as cryptocurrencies. The NFTs are different from cryptos and other mediums of exchange because each digital asset is peculiar and their values differ. It is true that some NFTs have digital assets that had been in existence in a somewhat different form and this forms may have already been popularly known or viewed, but when modified, it retains originality and has its built-in-authenticity which gives its buyers the pride of ownership. Though NFT is similar to cryptocurrencies in its programming, they however do not share fungibility; one Bitcoin could be exchanged for another Bitcoin, but it is not applicable in the case of NFTs. An NFT is built from digital objects that constitute both physical and nonphysical materials; they may include sports highlights, tweets, GIFs, music etc.
The Blockchain technology and NFT offers artist a means to trade their products without the stress of finding a convenient auction house as well as potential buyers. Also, the stress of conveying products to the collectors is curbed as this is easily undertaken on the digital space; just as the physical collectors are handed paintings or whatever craft they purchased, buyers of NFTs are handed digital files in contrast. These digital files may contain some information in its metadata like the creators signatures etc, and it can be owned by only one buyer over a period of time. NFT is of benefit to its creators as it allows them keep more profits from direct sales and a percentage of the income their product sales generates even after the buyers shift ownership.
The value of NFT can be viewed in these angles:
- Giving a revolutionized phase to the purchase and sales of traditional art through digitalization.
- Creating a new platform where digital artist are granted the right to benefit from the sales of their works the second time.
- Assuring buyers of the authenticity of their digital art and protecting the artists' copyright.
- Future partnership with more physical assets and elements in the ecosystem to ensure the digital market expansion etc.
NFT is gradually becoming a high trend as a feature of the Blockchain technology and is recording voluminous increase in trade and traders over the years from its inception in 2014.
According to statistics, the highest NFT acquisitions in the market as at 2021, has been collectibles, arts and sports.
What is the role of the FamousBlock in all of this?
The FOB foundation owns an NFT platform known as FamousPletform (tentative name) where issued NFT can be exchanged through auction. Though the FamousBlock team is still undergoing development, maintenance and production, if it is encouraged to compete in the global market sphere, it will bring about public relations and encourage future partnerships with other foundations.
TOKEN DETAIL
Their official token is FAMOUS BLOCK (FOB) which is an ERC-20 based token there are currently 1,500,000,000 tokens in total supply.
ROADMAP
Conclusively, in a world gradually adopting the rising digital marketplace where virtually everything will be bought and sold online, the safest course of action would be to secure assets that would generate income in subsequent times. Get your digital assets with FamousBlock and get assured of its authenticity, transact with ease and worry less about the risks in exchanging millions for an NFT that isn't worth your money. You'll be served the best, as FamousBlock foundation offers the best.
USEFUL LINKS
Famous block is available on any social media for your questions
Author: Lordrift
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