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NFTs - Monetising madness

So what is an NFT? A word that is often met with controversy and outright confusion. You may associate them with illustrations of monkeys that sell for hundreds of thousands of pounds, or low-quality pixelated faces which have sold for millions, so yes, we understand why many are apprehensive and downright outraged.

However, beyond the ridiculousness, NFTs are "Non Fungible Tokens" and are in their relative infancy. NFTs are somewhat similar to cryptos in the fact that they are digital assets stored and recorded on blockchain technology, where they differ is that NFTs are unique, there is only one unique token of that asset, whereas with cryptos there are often millions of each token with a common price attached to that token. NFTs allow for proof of ownership of any unique asset on decentralised technology.

"To put it simply, NFTs are digital tokens of assets which represent ownership of something unique. They are non-fungible."

Currently, the NFT space mostly consist of digital art collectibles, often as part of a collection or sometimes as stand-alone items. Incredible hype, and profit, has grown over avatar-based art collections, but there is no reason why NFTs could not extend to all other types of art, writing, fashion, music, and videos. It also could extend out to all forms of collectibles, especially natively digital artefacts like in-game items, traditional art-based mementos like tickets, or even documents like Web 3 Intel.

So even beyond art, we are starting to see real utility with NFTs with real value creation. There is a multitude of ways digital tokens can be used to create value for your business, whether it be art, or beyond this, with a bit of imagination, anything is possible.

Ideation is at the heart of what we do, if you would like to hear how we think NFTs could figure in your business, please do get in touch.


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