What are NFTs?
Ground-breaking digital assets
NFTs (Non-Fungible Tokens) are essentially one-of-a-kind digital receipts of ownership that cannot be tampered with. They transform pretty much anything into a unique, verifiable asset that can be bought and sold on the blockchain.
If you’re not familiar with a blockchain, it’s basically a ledger maintained by thousands of computers (nodes) across the globe that records who owns what in terms of cryptocurrency, such as Ethereum, which is used to purchase an NFT.
Unlike NFTs, these cryptocurrencies are fungible, meaning they can be exchanged for an identical equivalent of the same value in the same way a pound coin work. NFTs, meanwhile, are not mutually interchangeable.
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How do NFTs work?
It's all about the community
NFTs are a great opportunity to engage an audience and enable them to earn from their involvement with a brand. As scarcity of an NFT increases, so does its value.
The beauty of NFTs is there’s much more to them than simply being digital assets. Ownership of an NFT can provide material perks such as signed shirts, access to venues and lifetime benefits, which in themselves can grow in value. This is where the real marketing potential comes in – an NFT project is as much about the brand, and the journey it can take you on, as the token itself.
Whether an NFT is purchased because of affiliation with the brand, benefits associated with the token or simply as an investment, there are many reasons why interest in your NFTs can grow and become more valuable. Whatever is driving up the value, sellers can generate additional income in the form of smart contracts.
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What are smart contracts?
Guarantee long-term, passive income
Smart contracts secure future earnings from the value of an NFT after sale. Even though you don’t own it anymore, you could still take 10% of its value at each sale.
There other elements you can tie in to smart contracts which are digitally stored and, again, immutable. These could include commercial elements, rights ownership and future opportunities.
Nifty is currently working on two NFT legacies that will be launched in early 2022. As the digital realm expands each day, Nifty continues to be at the forefront of the latest tools and techniques in building engaged audiences.
Get in touch if you’d like to find out more about creating NFTs and the power they hold for both brands and their fans.
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