I put the “fun” in non-fungible tokens..

So what is “NFT”, exactly?

I’m sure you must have heard of NFTs at least once even if you are living under a rock ?? Now that NFTs have also made their entry on Instagram, other social media giants like Facebook, are soon to follow. Twitter had also previously rolled out an NFT profile picture feature for its users.

From art, music, tacos and toilet paper (yes that’s right), these digital assets are selling for millions of dollars.

So, this week let's learn more about NFT.

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NFT stands for non-fungible tokens.

In simplest terms: NFTs represent the digital ownership of an item such as art, painting, photograph, music, in-game items or videos.

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People tend to believe that NFTs are restricted to the gaming world. But there are several types of NFTs, including:

1. Art NFTs: These NFTs represent ownership of digital art, such as a painting, drawing, or photograph.
2. Collectible NFTs: These NFTs represent ownership of a collectible item, such as a virtual trading card or a digital toy.
3. Virtual Real Estate NFTs: These NFTs represent ownership of virtual real estate, such as a virtual land or building.
4. Event NFTs: These NFTs represent ownership of a ticket to a live event, such as a concert or sporting event. E
5. Gaming NFTs: These NFTs represent virtual items used in the game such as an outfit or gear for your game avatar or in-game currency.

But NFTs have a wider use case. Even the brands we use in our day to day life are exploring NFTs. Here are some examples of FMCG brands launching NFTs.

?Budweiser Brewing Group UK&I launched its first NFT with the Heritage Collection, featuring unique digital designs of beer cans.

?National Basketball Association (NBA) player, Stephen Curry with Under Armour released a collection of 2,974 NFTs featuring digital replicas of the shoes he wore when he broke the 3-point scoring record

?Nike launched NFT as 'Cryptokicks' virtual Sneakers.

?Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT.

?COCA COLA launched multi-sensory NFTs housed inside a Friendship Box (itself an NFT) packaged as a loot box, a play on the popular video game feature involving sealed “mystery boxes”:

?Ray-Ban launched its first NFT glasses designed by German artist Oliver Latta, also known by the pseudonym Extraweg. Best known for his 3D motion designs, Latta is “inspired by everyday situations often depicting ambiguous and uncomfortable vibes as a way to provoke sensations in the viewers.”

?McDonald’s created non-fungible tokens in celebration of the McRib sandwich’s 40th anniversary.

?Celebrities like Snoop Dogg and Lindsay Lohan are releasing unique memories, artwork and moments as securitized NFTs.

NFTs are essentially physical collector’s items, only digital.

So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

A lot of brands are now entering Web3 and NFT space with the launch of their digital collections.

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Imagine you are an artist. You rely on galleries or auction houses to sell your art. You open social media page to reach new audiences but you still have to physically send your art to the buyer. Also if the art is sold to anyone else thereafter, you don’t receive any proceeds.

Now imagine, you sell your art directly to the consumer as an NFT, which lets them keep more of the profits. In addition, you can program in royalties so you’ll receive a percentage of sales whenever their art is sold to a new owner.

???? IS AN NFT DIFFERENT FROM CRYPTOCURRENCY?

For the tech part, NFTs are built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.

Unlike cryptocurrencies, NFTs cannot be traded or exchanged for one another and do not equate to same value.

Give me ???? if you learnt more about NFTs today :)

Watch this space as I cover Metaverse, Web3 and Creator Economy in my next posts of this series.

Source: https://maketafi.com/coca-cola-nft, CoinTelegraph