Potential of NFTs in the Future

Potential of NFTs in the Future
What is NFT?
NFT stands for non-fungible-token, Non-fungible means a thing that is not interchangeable. it is a digital asset. There are some specific markets where NFTs are being traded using cryptocurrencies. They let people tokenize anything like works, old tweets, pictures, videos, real estate, and collectibles. They represent ownership of the creator for that unique item.

When someone creates an NFT he becomes his original owner. It doesn’t mean no one can see that artwork or download it. Someone may see those artworks and may take screenshots but original ownership will remain with the creator or buyer. No one can duplicate that NFT because that data is stored in the blockchain.

Who created the first NFT?

The initial idea of NFTs comes from colored coins. Colored coins are issued on bitcoin’s blockchain in 2012-13. These tokens represent real-world assets on the blockchain and are used as proof of ownership. “Kelvin McCoy” created the first NFT on 3rd May 2014 with the name “quantum”. It was a pixilated image of an octagon with circles and other shapes
sharing the same center. Here is also a list of the top 5 most expensive NFTs of the world till the time of writing

1. THE FIRST 5000 DAYS NFT by Mike Winkelmann sold for US$69.3 million
2. CryptoPunk #7523 COVID Alien created by Larva Labs- sold at US$11.7 million.
3. CryptoPunk #3100, another NFT by Larva Labs – sold for US$7.58 million.
4. CryptoPunk #7804 another NFT of the crypto punk series also by Larva Labs– sold for US$7.57
   million.
5. “The first Tweet” NFT of the first tweet of tweeter’s CEO and founder Jack Dorsey – sold for
   $2.9 Million.
   Importance and future potential of NFTs.
   The invention of NFT created a new opportunity for all creators to show their excellent creations and work to the world. NFT revolution is not only paving way for creators but also giving collectors full freedom of having transparency into the authenticity and provenance of their purchase.

No one can duplicate it. It doesn't mean no one can make a duplicate copy, anyone can make it but can't sell it at the original price. As anyone can make a photo of the Mona Lisa but it's difficult to find a collector. Same that every time NFT sells to a new owner, the price paid is recorded on the blockchain. All the record of sail purchase remains in blockchain safely. No one can alter it later on.

By buying NFT buyer does not purchase pictures he purchases all the property rights of that picture or art. The future of NFT is brighter than the sun and warmer than sunlight. The time is near when we see NFTs touching the sky. As you read about the history of NFTs that how much potential it has shown only in a few years, in the future there are going to the moon. Tokenization builds strong interrelations between creators and collectors. The concept of DAOs, tokenized meta-verses, and financial protocols owned by the community are just pilot-scale experiments a few years ago. Now they represent communities with multi-billion dollars that combine protocol-driven arts, and economics, and govern the global internet collectives. It is difficult to predict the future to a specific level. But it seems NFTs are going to cover all art industries and many other industries by tokenization. Uses of NFTs are increasing day by day in Digital art, Collectibles, Ticketing, Games, Virtual Worlds, Music, Film, Memes, Sports, Fashion, Pornography, and Academia.

Who and how can create NFTs?

Creating NFT is so easy now. Anyone like artists, musicians, entertainers, companies, entrepreneurs, and influencers can create an NFT. But listing NFTs on a platform is slightly difficult. platforms support only a few types of NFTs like images, videos,3D models, audio, etc. some platforms don’t offer the publishing and selling of NFTs independently, they
approve and publish NFTs of the creator by themselves.

A vast majority of NFTs are taken place by independent creators on the Ethereum blockchain. Some other blockchains are also rising in this field day by day. NFTs on Ethereum blockchain is based on an open-source platform means anyone can publish and hold NFTs in their wallet independently. For transactions of NFT, Ethereum cryptocurrency is used as a fee payment method.

Where and how to sell NFTs?

Several platforms are working as an NFT marketplace. To sell your NFTs you have to make
an account on these platforms. Then you need to pay some fee for which you suppose to
have some crypto. Now connect the wallet with the platform. Upload file. Pay the fee
according to the platform and now your NFT is ready to sell. It is much worthy decision to
choose a platform for trading NFTs. Here is the list of some big platforms
❖ OpenSea.
❖ Raiblele.
❖ Super rare.
❖ Foundation.
❖ AtomicMarket.
❖ Bakery swap
❖ Myth Market
❖ Known Origin.
Drawbacks of NFTs:
Physical art became extinct day by day due to NFTs. These tokens don’t pleasure of seeing
a painting with your own eyes. However, artworks are also being stolen. Artist sees their
work in form of NFT without permission. The value of NFTs is also uncertain.
The major drawback of NFTs is environmental issues. As transactions of NFTs are saved on
the blockchain. Which uses computing power. Energy is required to run a computer so, in
this way, it is a disturbing environment. As much energy is consumed ecosystem is getting
disturbed. Now some platforms are also launching environment-friendly systems.

Conclusion:

NFTs are digital artwork of any type. Its transaction record is maintained on a blockchain. In 2014 first NFT was created. The world's most expensive NFT is sold for 69.3 million $. Its use in every industry like, sports, arts and academia is booming day by day. Several platforms allow the trading of NFTs according to their terms and conditions. The environmental crisis is the major drawback of NFTs however companies are working on it. The future of NFT is much more bright.
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