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Who is impacted?
When were you born? If you were born between 1946-1964, you may not have heard about cryptocurrency or much more about non-fungible tokens. However, being part of this generation called the Boomers, ages 57-75, you may have seen and heard about this new trend in the modern media today. These print media such as books, magazines, and newspapers, broadcast media such as television, movies, music, cell phone audio applications, entertainment such as video games, various kinds of software, are all over the Internet. Being so, you cannot be ignorant about this recent development in the landscape of technology and the information era.
What is this technology?
Cryptocurrency is a digital currency. A currency comes as coins, treasury notes, and banknotes that are in use as a medium of exchange. Virtual currency bitcoin started in 2014. It has allowed people to exchange cash for cryptocurrency, a secure digital payment. Following these developments, non-fungible tokens have emerged as the latest currency exchange. Unlike bitcoin, NFT is unique because its value is not the same as the value of bitcoins which is one is to one.
In recent months, NFT has become a byword as regards digital representations or artworks. Imagine a digital artwork sold for millions of dollars! Would you buy it? NFTs are the emerging trend in the cryptocurrency world! Judge for yourself if it is indeed worthy for these digital experts to go crazy about non-fungible tokens.
What are NFTs?
Non-fungible token (NFT) represents art, music, collectible which is stored on a blockchain. Unlike cryptocurrencies, these tokens are unique and irreplaceable or interchangeable with others of their kind. The unchangeable nature of these tokens has become the key to its success! It has reliability for the authenticity of original work in the digital world, where anyone can create, share, download and reproduce a piece of digital content. To put it plainly, it is a token a string of numbers and letters which may represent a physical or digital asset. Tokens are stored on a blockchain (a digital database containing information (records of financial transactions). Then, when NFTs are transferred to other users, the transaction’ record is permanent.
What motivated this development?
At the height of Information Technology as well the modern media hitting the world wide web, there have been tremendous changes in the buying and selling of goods, products, and other tangible materials in the online industry. As a result, the online gaming industry has become popular and several online games have been developed to meet the demands for entertainment purposes since the millennials (ages 25-40) have been involved in such luxury, for gaming has become an all-time favorite for the stay-at-home students who spend much of their time over the Internet. This situation motivated online developers and creators to focus on earning online in ways that we cannot imagine then, but have now come into reality through cryptocurrency.
How does NFT look on the landscape of modern media?
So, what does the landscape of modern media look like with non-fungible tokens? What is its impact on the landscape of modern media? Look up in the sky. You see it right. But can you hold it? No, you can’t. But it is there. Let us look a bit away from the sky. You see the clouds. Have you ever wondered why Google calls it cloud drive?” Like the sky and the cloud, a non-fungible token is real but not tangible. It is authentic, though.
Gentle wind and a storm impact
Non-fungible tokens have a major impact and influence on the landscape of modern media like the blowing of a gentle wind, a breeze for a start since it is still in its initial development like the start of a storm. Before the NFT takes the world wide web by storm, it has penetrated those artists, digital artists, the entertainment industry whose revenues have been on an up and downscale since the pandemic has affected our physical activity and even social mobility. Musicians looking for ways to increase revenues, the NBA uses NFT to feature highlights of the games, and the film industry has also been into NFTs by selling digital collectibles. These activities have been initiated by rampant copying and piracy. Since NFT offers a reliable check on the authenticity of original work, then it has escalated to its level now.
A sea of opportunities impact
The non-fungible token has a powerful impact on the gaming industry, digital assets, identity, and collectibles. Digital artists have been turning to NFT for copyright reasons. NFT’s use to prove identity includes making game tickets into non-fungible tokens! Conventional collectors are now onto digital assets. Thus, it has looked like a sea of opportunities among gamers, artists, creators, developers, marketers, and business owners like those in the entertainment industry. The following projects have proved the tremendous impact of NFT on the landscape of modern media.
- OpenSea – a marketplace for NFT art and collectibles
- Art – an artwork marketplace that allows you to not only buy and sell your NFT but also to create one
- CryptoKitties –It has brought the whole NFT game to the limelight.
- Ethereum Name Service (ENS) – a service project that came to life in mid-2017.
- Decentraland –participants buy virtual land and get a passport as an inhabitant
To conclude, the non-fungible token is changing the way and system of the marketplace over the Internet and it is attracting investors because of its unique characteristics of exclusivity and authenticity of products.