What's NFT? The World Of New Possibilities!

As the technology unfolds, suddenly appears something called NFT on our screens. A little later we hear on the news about people becoming millionaires with those Non-Fungible Tokens. What are they? How can people become millionaire after something that seems useless?

The truth is, although NFT will change the concept of collectors and collections, there are tons of them overvalued and after the hype, we will never hear of them again. However, understanding how the NFTs work, will give you a great perspective and opportunities for the future. As it happens, the idea of exclusives digital “objects” can really change the market as we know it.

So, first of all, let’s understand how NFTs work. The " Noun-Fungible Tokens" represents something unique that has some value due to its exclusivity. For instance, you can exchange a $100 dollar bill for two $50 bills and still have the same value (it’s fungible, like many cryptocurrencies). However, you can’t do the same for the Superbowl tickets, that have marked seats and they are limited. Every seat gives a different value for the ticket, depending on its position and benefits. So, that’s the same for NFTs, but now its digital.

Now that you understood a little more about how the NFTs work, let’s talk about its use and how it can change some points about digital life, and how it can make many people really rich.

The last topic is the most affected.

• Work Of Art

The first area NFTs have affected are the digital work of arts. Famous artists created NFTs of their work and were able to sell it, so their followers would have a unique piece of art. As mentioned, there are thousand of work of arts being traded as currencies for people who haven’t understood how NFTs work. So, there are many NFTs that will be forgotten and lost after the hype goes away. However, there are some “benefits” that can come along with the work of art that can make the NFT way more valuable.

• Benefits

I know, it looks crazy seeing someone spending thousands of dollars buying a picture of a robot with glasses. However, we might not have idea the benefits that NFT could give for the one who bought it. How come? You may think. Imagine that, I put a billboard in the Central Park, however the only ones who can have their product announced on it are the holders of the “Crazy Robots” Collection. (I’ve just made it up.) So, having that robot picture gives you the right to set an announce of 2 minutes everyday on that screen. So, what’s the value of that? The robot with a glass, it may have little artistic value, but its benefit makes it cost millions of dollars, and in the future, when the buyer no longer needs it, it will be way more valuable to sell, since its very limited. That was just an example, there are already many NFTs that will grant access to exclusives parties, restaurants, museums and the list goes on and on.

• Tickets

Its now clear, after understanding about its benefits, the use of NFT for tickets. The access for concerts, not only physical but also digital, can be managed by NFTs. Imagine a NFT that grants you a “meet and greet” with an artist by the Metaverse. Well, for some people it might sound stupid, but for a fan, people would give their life for having the chance of speaking a few words to their idols, and it would be way easier for the artists to have this contact with their fans, since they would not need to have security guards to protect them, and could make it anywhere and for many people at the same time, the possibilities are endless.

• Multimedia

Besides concerts, people will be able to have access to exclusive multimedia. Music, videos, books and so on. All of them can become NFTs and be easily managed. Its not like you will not be able to use a copy of those media freely, but we will know where the original is and its copyright.  So, you want to make a video and use a song that’s protected by copyright, the artist could enable you by creating an NFT that would allow the use of the song for that porpose, and all of that information would already be on the media. So, copyright will be easier, faster and maybe cheaper.

Games

Here the possibilities are endless. There are many people who have become millionaire over night with NFT games, but it’s just the beginning. Most of the NFT games so far, are independent and gives you tokens for playing them. Its like you mine their tokens as long as you play with some NFT “character” that can give you some advantage. So far so good, nevertheless, its just the tip of the iceberg. Everybody knows that “gamer” is now a profession too, needless to say that with NFT it will become a new challenging world. As the technology allow our computers to process more information, NFT will give games a variety of exclusive and limited items. Imagine playing a soccer match with the ball Messy kicked in his last victory. Well, in the NFT world it will be possible. Or better, you just reached the top 10 best players of a FPS game and all they give you is a skin that can be bought for anybody in the game, but now, they give you exclusive NFT skins that you can sell, trade or do whatever you want, there will be no other skin like yours on the game and, besides that, it gives you exclusives status or benefits. As I said, the possibilities are endless, thanks to the NFT.

How the NFT works in the blockchain is a theme for another article. For those who work creating NFT, save this to pick up some ideas, it’s free! I look forward to seeing the changes of the NFTs and the opportunities for people who don’t fit in the world as it is now. This is a great time for the rising of artists, gamers, engineers, architects and many other jobs that are going to be created in this new generation of the technology.

Thank you for reading

Evan Oliveira – New Investor Channel