What's Next For Crypto Art. Will The NFT Trend Ever End?
June 3, 2021
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9:29Now PlayingWhat's Next For Crypto Art. Will The NFT Trend Ever End?
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as posted by the channelWith the recent announcement of Charlotte Hornets player LaMelo Ball releasing a limited-edition NFT, this only adds the subgenere of sports NFTs to a long list of the latest blockchain trend. Will we see NFTs go any further before their shelf life runs out?
Welcome back to Bold Business with Philip Michael! Be sure to like, subscribe, and hit the notification bell for top tech news and news headlines from the world of business, and for all things BOLD.
Joining Philip Michael today is Al Burgio, founder of Zytara & DigitalBits to give us his expertise on NFTs, NFT trends, and where this blockchain technology is headed.
What is an NFT and when did they begin?
We saw the beginning of NFTs back in 2017, but it wasn’t until 2020-2021 when artists are making millions of dollars when selling NFTs (like the Beeple NFT) that we begin to see the impact within pop culture. From there we’ve seen an explosion of different NFTs and NFT marketplaces. But something similar happened with the start of search engines, until Google came along. So, with that in mind, we might be seeing the Google of NFT marketplaces coming along very soon. But for now it’s early.
How can you explain “what is an NFT” to a fifth grader?
According to Al Burgio, imagine a poster on the wall. It might be a sports team or celebrity or musical artist. You can’t interact with the people in that poster, but it’s an image from that celebrity or musical artist. An NFT is a digital poster that is unique with a digital token, or a non fungible token, that they know you have, and you know you have. Through that non fungible token you can interact with that celebrity or famous musician directly.
Is there such a thing as an NFT ROI? Can you make money off of your crypto investment?
Yes! One way is through royalties that can be embedded in the digital code. So maybe there’s a percentage royalty that goes back to the creator every time some makes a crypto investment when exchanging that NFT.
What do you think? Do you see yourself making a digital investment, or making your own non fungible token anytime soon? Let us know in the comments below!
You can learn more about Zytara here
You can learn more about digitalbits here
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