NFTs 101: What are they?
September 22, 2022 — 5 min read
What's an NFT? What does it stand for? And why do people care anyways? Those are all great questions.
NFTs have become popular and are being integrated across many business and industry sectors including art, sports, fashion, and gaming - to name a few. They are and will become a more crucial part of our move to Web 3 as NFTs provide a complete history and proof of ownership for digital assets and any other asset. This also enables the consumer to freely buy or sell unique assets on a suitable marketplace.
If you are new to the world of crypto and Web 3, NFTs can seem overly complicated to understand. However, that's what we are trying to change - and don't worry, we got you.
NFT stands for 'Non-Fungible Tokens' and are blockchain-based assets which prove your ownership of a certain unique item. Non-fungible primarly means that the item is unique. There will never be another identical item.
For example, if you purchase a flight ticket, it will always be unique as it is under your name, and consists of a particular flight number, a specific seat, date and time. Only you will ever be able to use it and prove your ownership on that specific date, right?
Non-fungible tokens also have a set of unique attributes:
- NFTs are scarce, or limited in quantity - and that's an important reason that drives their value.
- The team and developers behind an NFT collection usually create only a limited number of assets.
- Your ownership of an asset of secured on the blockchain, and no one can modify or alter the record of ownership.
- The only way you can lose your ownership, is if you make the choice to sell your asset to someone else.
- Only the owner of the asset can make use of it, you cannot share it with someone else at the same time.
- For example, you purchase a train ticket, and that provides only you access to the train. Your friend cannot join you using your ticket as they will not have a seat.
- As NFTs are blockchain-based, all records created are decentralized and cannot be changed, meaning any transaction or activity, such as a purchase, can be publicly verified and the buyer can trust the specific NFT.
- Your asset can be made useful and compatible with any platform, and this adds a lot more value to the asset!
- For example, you own a character skin, your skin is not limited to any specific game, and you can use it on the next new game you start playing!
NFTs can be any kind of digital file, from images, music and videos, or even linked to physical objects. So today, we have a wide range of use cases where NFTs give you access to exclusive events, or merch, and much more.
There are many different kinds of project and each revolve around their own primary objective or goal.
Some projects are as simple as an artist trying to create and sell their work independently, and revolve around the artwork. Others are trying to build a game with a community involved in the process, and then integrate the NFTs into the game as playable characters, and even with benefits such as early access and additional rewards.
In our case, we are targetting a specific audience, and we are trying to push our initiative to spread knowledge, awareness and the integration of Web 3 in the Middle East region.
Global brands and tech giants are jumping on the bandwagon and making announcements of NFT collections, and Web 3 technology, but it is very obvious that the crowd is not prepared and need a helping hand to jump on.
So together we want to:
- Build an inclusive community where we:
- Host lots of fun activities and events!
- Guide you through this new journey
- Grow our brand together
- Establish brand partnerships and collabs, which will allow us to:
- Grow faster, spread the word
- Help other brands get into Web 3
- Provide a valuable utility back to our NFT holders - you will have exclusive access to offers with our partners!
We hope this helped you get a better idea of what an NFT is, what you can do with it, and what we are trying to provide you.
If you have any questions, drop us a message and we'll be happy to answer. Your feedback is also welcome, and we'll be sharing a lot more resources to help you get started!