How Are NFTs Changing The Online World?

How Are NFTs Changing The Online World

The world is changing rapidly and with these changes comes technological advancements many of us are yet to experience. One of those advancements is non-fungible tokens, or NFTs as they are commonly known. In essence, an NFT is a financial security that houses digital assets and data. This data is stored in blockchains. And blockchains are a form of a distributed ledger. We know it seems complicated to understand, but we will unpack this later. You should also be familiar with famous NFTs going around (you can pretty much create your own NFTs) and even poker NFTs. Let’s look at how NFTs are changing the online world. 

What are NFTs?

To help you understand NFTs better, we tried to simplify precisely what they are. NFTs are a unique digital asset that can’t be replaced with something else. Look at it this way; bitcoin is fungible, which means you can trade one bitcoin for another, and you will have the same thing. Another example is trading cards. You are never going to exchange a card for the same card. So, this would make a trading card non-fungible. Because what you get at the end of the day is always going to be unique.  

 

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Everything is digital

History has taught us that nearly everything can be digitalized. Look at VHS, newspapers, and magazines, all prime examples of how digitalization has made our world a better place. With NFTs, the experience is similar. With NFTs, you can digitize everything from a house to a car and even your hair - yes, you can get quite creative. Furthermore, digitalization allows businesses, people, and just about anyone the opportunity to offer their consumers anything even before it’s hit the production line. Moreover, you can show off everything you own straight from your digital wallet, and everyone can see it. 

Let’s look at an example of this. You have just bought yourself a luxury car, one that everyone covets. Now, this luxury car also comes in the form of an NFT. This NFT includes various things, such as the pink slip to the vehicle, which is stored digitally in your digital wallet. The public can see everything in your digital wallet. This is a prime example of how NFTs can digitalize our world. You can quite literally turn anything digital, market it, sell it, and earn a living from it. Welcome to the new age! 

Decentralization

It is understood that a decentralized system is excellent. Since NFTs live on a blockchain (remember, the digital ledger that proves ownership), this blockchain tracks each transaction. This completely cuts out the go-between, aka either the government, central banks, or both. The crypto community has put a big focus on decentralization where individuals can consistently benefit directly, cutting out the go-between and offering a superb service to their customers. This also adds an extra layer of efficiency. A decentralized system allows for faster transactions and removes the wait for the go-between to process said transaction. We live in a fast-paced society, so this is a big plus. However, NFTs are relatively new to the decentralized economy, so many are trying to understand how sustainable they would be in the long term. 

 

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Accessibility - available to just about anyone with an internet connection

No matter where you are in the world, what time it is, or what digital device you use, you can pretty much transact 24/7, seven days a week, 365 days a year, and NFTs and blockchain afford us this. Why is this the case? Blockchain is continuously in operation, meaning people can transact at any given point in any country. With NFTs, you are selling your product to your consumers directly, and you can do it at any point you wish. In essence, NFTs are accessible because it offers you the opportunity to sell a product to anyone in the world, at any time, with a smooth transaction process without a middleman - accessibility, WINNING! This helps freelancers, especially in the arts and film industries.

But it doesn’t end there. NFTs can be used for multiple other things to make your transaction and overall user experience for customers a great one. You can offer rewards, contracts, and loyalty programs, all with your NFT. It is genuinely accessible and opens so many doors. It is the era we have all been eagerly waiting for. 
 

 

 

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