Blog series : NFT for the uninitiated
Warning! Side effects include confusion, dizziness, and Inspiration!
Topic: Why is NFT relevant? Why is it a good time to understand the world of NFTs?
Let’s recap what NFTs are.
NFTs, or "Non-Fungible Tokens," are one-of-a-kind tokens that represent a digital asset. They can be created, collected, or traded. Trading NFTs is like trading ownership rights.
So why are they relevant and why now?
If we step back to connect the dots and look at the bigger picture, the answer becomes self-evident.
Platforms like iTunes, Spotify, SoundCloud, YouTube and the myriad of OTT and art marketplace platforms have handed the control back to the creator. They have broken down existing distribution channels for digital creations and made it easy for the creators to reach out to their patrons. Digital creators can now directly reach out to their patrons and monetize without having to convince intermediaries of the value of their creations.
Adobe, CorelDRAW, Logic Pro, Final Cut-Pro and similar tools have made it easy to create best in class content.
Online payment platforms have led to the emergence of multiple digital marketplaces that bring the creators and patrons together.
All these enablers have led to the rise of the creative entrepreneur - an individual armed with the skills to create, the tools to make it best in class, and the platforms to reach his/her micro market segment.
The only missing piece is the authenticity of the digital creation. If I am a collector looking to own an original piece of creation – I have no way to validate the creation as an original.
This is what makes NFTs a potential game changer. While the earlier digital technologies have enabled democratization of creation and distribution, NFTs bring in a level of authenticity in a chaotic world.
Are NFTs without any issues? I do not believe so. But every disruption creates its own journey to become mainstream and those who are early adopters, more often than not, are in the best position to maximize the gains.
Personally, I believe I should make this journey myself.
I will share my exploits in the next couple of blogs.
See you until next time….