What is an NFT? (Explained)

What is an NFT? (Explained)

so if you’ve been breathing for the past couple of months you’ve probably heard of nfts nfts or nfts for those scratching your heads i got you an nft is a non-fungible token all right y’all thanks for watching so i should probably explain what that is a non-fungible token is basically a digital file that comes with a certificate of authenticity nfts are like what baseball cards used to be a personalized digital collectible now fungible is a word that often shows up in legalese so allow me to break it down for you something fungible can be exchanged for something else of the same kind think of um think of cash let’s say you borrow 20 from a friend when you pay that friend back you can pay them back with four or five dollar bills or two ten dollar bills or whatever other configuration gets you to that twenty dollar amount right because cash is fungible aka interchangeable the reason an nft is a non-fungible token is because due to the blockchain technology is secured to it has a little extra space that allows for more information to be stored to make it original non-fungible that extra information is you proof of your digital ownership a ledger that says this is mine and it’s been mine since this date which again means it isn’t interchangeable nfts are collectible unique and in a digital world of copies this allows you to know who actually now owns that clip of that flying dog you love so much nfts should raise your eyebrows for two words that’s right that ownership token can be applied to prove purchase of almost any digital asset in a series of digital marketplaces and people have paid a lot huge notable purchases have included this meme this tweet and this sandwich while collectibles and special editions are definitely nothing new hey remember pogs the reason these collectibles are in the news now is because one people are paying the big money and two it’s now easier than ever to access the platforms needed to actually sell and buy these pieces with marketplaces like wearable finally making an uprise the nft balloon is growing and while a good percentage of that air may be height it also includes some of the possibilities this is a taco that is a taco dipped in digital sauce this is taco bell’s nft that they put online for purchase to benefit their scholarship program and almost immediately sold out but that’s not the cool part for you as a marketer the cool part is what they’re actually doing consumer interaction driving insane brand awareness all while supporting a good cause which is something that is pretty important to about 83 of millennials out there if you care about that kind of thing yeah so if we’re being really real nfts are booming and people are still learning a lot about them they started off as a really cool way for artists to make direct money by selling their work without the middleman and now is ballooned into the place where we are now it also may not be the best for the environment nfts have a dirty secret non-fungible tokens share a harmful characteristic with cryptocurrencies in that they both use a lot of energy greenhouse gas emissions are tied to nfts while we’ve definitely seen some crazy examples if you’re in marketing when it comes to your brand think of this as a way to get more followers and beef up your social media with cool new promotions for example create limited memorabilia to celebrate special milestones then use them in your marketing campaigns around those special milestones you can give them away to the first x number of customers that sign up or even auction them off as standalone products they are way better served on that than making a quick three million dollars on that gift you made of yourself even though it’s a great gift that’s all the info do with it what you will until next time remember it all starts with a trend you

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