Updated: Mar 26, 2022
Before we get deep into the Power of the NFT community, let's remember what NFT's are. NFT's which means non-fungible tokens, are unique digital identifiers that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it). A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they're not a currency. With NFT's, there's a unique and non-interchangeable unit of data stored on a digital ledger using blockchain technology to establish proof of ownership.
ENTER NIFTY CASTLE
We took time to explore how communities are being built around NFT's and the way its allworking out. That takes us to Nifty Castle. Host Albert Gibbs & the Tech Team at IN FOCUS TV is joined by Rich Beeman, Co-Founder of Nifty Castle, and NFT building an artist community organically..
When it comes to the creative world, NFT's could represent a disruptive element to the status quo. The way this is supposed to work is; NFTs give artists opportunities to create art and distribute it through online channels, bypassing traditional gatekeepers who for centuries dictated what art is and who has access to it. Blockchain transactions also allow artists to be directly supported by their audience and control their own careersExperts in the area say that most NFTs are built on the ethereum blockchain, which is notoriously inefficient. .
The more people using ethereum, be it through trading altcoins or buying NFTs, the higher the fees. The average monthly trading volumes of NFTs jumped from $64 million in the first half of 2021 to more than $750 million in the second half. Keep your eyes peeled for more news on the metaverse and the NFT environment, you won't want to miss it!
The process of creating a nonfungible token is called minting. The term refers to the process of turning a digital item into an asset on the blockchain. Similar to how metal coins are created and added into circulation, NFTs are minted once they are created.
NFT's like the collection Nifty Castle has crafted are more than potential investments. They are becoming a community for collectors and creators alike. For more on NFT's and how they work, wnat's new and urgent, stay tuned for more future web shows, blogs and social media posts on the matter.