What's a "Non-fungible tokens" or NFT?
Well, NFT's are unique, digital items on a blockchain that you can create, buy, sell and own.
Examples include collectibles, game items, digital art, event tickets, domain names, and even ownership records for physical assets.
If you’ve been in the crypto world for a while, you’ve likely heard of the term “Non-Fungible Token”, or “NFT” before but may not have fully understood what they are, how they are created, what you can do with them or why they are interesting or important.
The NFT ecosystem is a tight-knit group - currently - of innovators that include collectors and enthusiasts to developers and gamers to entrepreneurs to and artists.
It's currently a rather small community but it's growing every day and could become huge and there's a lot of money to be made.
That's why I decided to focus this course as an introduction to opportunities, rather than the standards behind NFT's.
I do get into the technical anatomy of an ERC721 but only for background information.
More interesting is the current state of the NFT market and I reveal resources that should be on your watchlist, including one that tracks primary and secondary sales across the NFT ecosystem.
I think it will be relevant to anyone who is new to the space, as well as those who already know about NFTs but want to better understand the challenges and opportunities.
Just like we had digital transactions (think airline points, in-game currencies) before cryptocurrencies were invented, we’ve had non-fungible digital assets since the dawn of the internet.
Those non-fungibles included domain names, email addresses, event tickets, in-game items, even handles on social networks like Twitter or Facebook: are all non-fungible digital assets. They just vary in their ability to be traded, liquidity, and interoperability.
And some of these older non-fungible items are incredibly valuable.
According to one observer regarding non-fungible's in the NFT space Epic Games made $2.4 billion in revenue selling costumes in their free-to-play game Fortnite in 2018 alone, the market for event tickets is projected to reach $68 billion in 2025, and the market for domain names continues to see solid growth.
The issues has been: We have tons of digital stuff, we’ve just never really owned it.
Previous to NFT's NOT on the blockchain was "ownership". To what extent do we “own” these digital things like in-game weapons, images or digital art?
According to Devin Finzer, founder of Opensea, "If digital ownership only means that an item belongs to you and not someone else, then you own them in some sense. But if digital ownership is more like ownership in the physical world (the freedom to hold and transfer indefinitely), this doesn’t always seem to be the case with digital assets. Rather, you own these assets in specific context, which may or may not make moving them around easy. Try to sell a Fortnite skin on eBay, and you’ll discover the difficulty of moving digital assets from one person to another."
Blockchains are the solution to verifiable digital ownership. Blockchains provide the trust layer for digital assets, giving users actual verifiable ownership and access permission.
Blockchain adds several unique properties to non-fungible assets by creating immutable ownership records (provenance), limited availability and trustless ecommerce.
Enroll now and discover the new opportunities in this emerging market.
Welcome to Opportunities in NFT's
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