What Are NFTs Used For?
An NFT, or a non-fungible token, is information stored on a blockchain. Most often this information takes the form of art and digital content. Images, videos, and audio can all turn into non-fungible tokens. The term non-fungible refers to something that isn’t interchangeable. This means that, unlike a unit of cryptocurrency, no two NFTs are the same.
In simple words, NFTs cannot be reproduced or replicated. In general, all digital content can be copied or downloaded. However, in this case, by owning an NFT, you become the sole owner of the original work.
Some real-life examples
The creator of Twitter, Jack Dorsey, sold his first-ever tweet for $2.9 million to an anonymous buyer. Also, let’s not forget LeBron James, that did a slam dunk in a video which sold for $200,000. Have you heard of the exclusive collection of simian avatars, better known as the Bored Ape Yacht Club? This virtual club made up of AI-generated digital apes took the world by storm. What started off as a small start-up, turned into Universal Music’s next-generation label.
The notorious reputation of NFTs
From the examples above it is easy to see how NFTs gained their notoriety. This has led many to believe that NFTs are nothing more than a ridiculous modern phenomenon. One that does not have any application besides separating people from a significant portion of their money. But there are more ways of viewing this new technology. Especially, when it has so many potential benefits.
NFTs revolutionise the digital world
NFTs transform digital works of art into unique collectables. Anyone can create, buy and sell these verifiable assets. All you need is a digital wallet and an NFT marketplace. There are many websites where artists upload their best work. Once you buy a one-of-a-kind crypto asset, you can then resell it for profit, or keep it in your digital wallet. There are many ways to assert your digital ownership using your NFTs. For example, you can help revolutionise the music industry by supporting your favourite artists or even helping the environment.
NFTs fight against climate change
At Coorest, we use NFTs to create a better, more sustainable future. We call these “NFTrees” and they are a great way to help the environment. NFTrees are non-fungible tokens linked to physical trees that absorb carbon dioxide. Over time, the NFTrees generate $CCO2 tokens that match the amount of CO2 absorbed by the trees in the real world. Our NFTrees and $CCO2 tokens make carbon compensation transparent. They also create an economic incentive for effective action against climate change.
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