INSUBCONTINENT EXCLUSIVE:
NFTs have actually become lifesaver assets for artists across the worldSince last year, the world has been a witness to the extraordinary
increase of non-fungible tokens or NFTs
Two statistics strengthen this point
NFTs grew by nearly 300 percent in 2020, according to the NFT Report 2020 released by L'Atelier BNP Paribas and Nonfungible.com
Based on a Reuters report, NFT sales volume increased to $2.5 billion in the very first half of 2021, up from a meagre $13.7 million in the
In easy terms, NFTs are digital assets, backed by blockchain technology, representing things such as art, collectibles such as pictures,
videos and music, or even property
These assets are non-fungible, which suggests each token is special and one can not get a like-for-like replacement when they are traded
Consider Pokémon cards and how some cards are more effective than others.Lifesaver for artistsAmid the pandemic-induced global financial
slowdown, NFTs have actually become lifesaver possessions for artists across the world
Sample this: In March, Beeple - alias for Mike Winklemann - offered an NFT of his art Everydays - The First 5000 Days for $69 million
Till October 2020, none of his art work cost more than $100
Winklemann, with a number of his NFT artwork selling for high rates, can be termed as poster kid of the NFT fad
NFTs use numerous benefits to artists and digital developers
For starters, they ensure democratisation of the marketplace, where middlemen are non-existent and artists can straight offer their work
Considering that NFTs are not interchangeable, they are limited, making them a pricey but important collectibles to own
Furthermore, a number of NFT contracts also help artists to earn royalties from secondary sales of their NFT artwork.Michael Lennicx, an
experienced art director and co-founder of 'Pinazza' NFT project, believes this is a profitable period in history to be an NFT artist
You can develop your own audience, be your own distributor and have licensing rights to your art; offer these to collectors and even get a
percentage of resale, he says.NFTs' prospective beyond artWhile the recent buzz around NFTs has focused on the art world, NFTs,
professionals believe, can be beneficial in numerous spheres of society
For instance, San Marino, the tiny nation surrounded by Italy, has actually reportedly created an NFT-based vaccine passport
While still not in usage, NFTs, numerous believe, supply the perfect opportunity to secure essential documents and assist avoid any identity
thefts.A 2018 Niti Aayog report on blockchain had actually mentioned the possibility of using blockchain technology for maintaining land
Considering that NFTs are also powered by blockchain, the possibility of NFT-linked land records can not be eliminated in the
future.Collateral security, which is a key element of the banking and financing market, can likewise see a NFT disturbance
NFTs might perhaps function as a digital option to security securities that are being utilized for loaning activity throughout the finance
world, says Yasin Bijepuri, a senior investment banker at a UAE-based bank.NFTs and CharitiesNFTs have actually been utilized for honorable
causes too - and can possibly interfere with the philanthropy sector
Twitter CEO Jack Dorsey donated the profits - $2.9 million - from the sale of his 'first tweet' NFT to GiveDirectly, a non-profit
Organisations such as Save The Kid were among the very first to accept cryptocurrencies/NFTs in charity.Some NFTs such as the 'Pinazza Job',
co-founded by Lennicx and crypto lover Wiley Mathews, have a noteworthy charitable element too
Recently, the US-based gamified NFT project released a new series of NFTs - 'Pinazza Pinas'
From the sale profits of the brand-new NFT series, the project will donate $50,000 to mental health charities picked by neighborhood
members.Simply put, gamified NFTs are interactive and give rewards to the user
I wanted to support psychological health research study, which resembles the pineapple fund (crypto-based charity fund), and also
commemorate Bitcoin pizza day (celebrates the day when a pizza was bought with a bitcoin)
Two things came together as one concept, but we wanted to create a whole world to bring people together, says Mathews on his NFT job.
