NFTs are a revolutionary new technological advancement that is redefining the way we think about art, music, and media. Completely unique and impossible to reproduce, NFTs are hugely valuable assets that are being sold for millions of dollars and making headlines across the globe. At first, the concept may seem difficult to understand, but the reality is much simpler: read on for our comprehensive guide, and learn about how CyborgFi can create, market, and sell your NFTs.
By far the most popular form of NFT is digital art. Thousands of digital artworks have been minted and sold as NFTs, with many fetching prices in the millions. The popularity of digital art made into NFTs lies in the promise of authenticity: NFTs allow digital artworks to become truly “original” in the sense that a famous painting such as the Mona Lisa is original. It can be copied and printed, but there is only one original version. This has made digital artworks extremely valuable.
Music and Video
An increasing number of music artists and producers are now transforming songs and albums into NFTs, while are redefining fan-to-artist relationships in the process. Artists such as Deadmau5, Tory Lanez, Jacques Greene and Kings of Leon have sold their music in NFT form, with some auctions reaching final sums in the millions. Videos can also be sold as NFTs – digital artist Beeple sold a 10-second clip for over $6 million, and NBA Top Shot uses blockchain to sell video highlights from NBA games.
Other popular forms of NFT include digital “collectibles”, GIFs, and virtual real estate in simulated online worlds. Recently, a one-of-a-kind “digital concert experience” was sold by a DJ, opening the doors for NFTs to become integrated into the live music sector. There has even been talk of NFT-based technology being utilised in ticketing for live events.
Experiential NFTs bring together digital assets with real-world experiences, creating a package that offers the benefits of NFT ownership alongside an experience to remember forever. The experiences that accompany the sale of the NFT will vary depending on the celebrity involved, but could encompass anything from meet-and-greets to in-studio sessions to training days with top athletes. Images from these events can then be turned into NFTs, giving fans a one-of-a-kind piece of memorabilia that’s completely unique.