NFT’s More Than Digital Art Lecture Reflection

in #gradnium7 days ago

John and Quin Button, masters of entrepreneurship at OSU, and PHD in entrepreneurship. quit their jobs and sold their belongings to move to Nicaragua. Partnered with non- profits to help the local community. They were inspired by the lecturer, George Gilder, who spoke at OSU. A Non-fungible token is a unique digital identifier that cannot be copied, substituted, or subdivided. This token is recorded on a blockchain that certifies authenticity and proves ownership. This chunk of data includes specific rights such as who it was created by & who it currently belongs to. Fungible means mutually interchangeable. Token is the identifier which is transparent to the market. An NFT reflects the value of the thing it represents. A professor at UCLA partnered with Google to create art and sold them as NFT’s. Royal.il is a way for listeners to invest in artists and share their success. By allowing users to buy songs as NFT’s they will profit from artists as they succeed. Quin partnered with Coach to create a holiday drop of NFT’s. Those NFT’s are redeemable for a custom-made coach bag as a marketing tactic that proves value. Other brands can also tie an NFT to a physical product to further prove their authenticity on the secondary market. Decentraland is a 3D virtual world browser-based platform which allows users to buy virtual plots of land as NFT’s via the MANA cryptocurrency powered by Ethereum blockchain. OnCyber.io is the easiest way for artists and collectors to show their NFT’s in fully immersive experiences for free. NFT Memberships like Bored Ape Yacht Club are providing value beyond the digital asset by creating exclusivity. NBA Top Shot is a gamified way for users to collect digital cards. NFL All Day released NFT’s attached to ticketed seats as memorabilia and open to be used on the secondary market. Adidas is launching their own NFT’s, 30,000 units, where they provide early access to 20,000 owners for a clothing drop and only access to 10,000 public customers. The Button’s created an NFT related to OSU students to be added to their Ethereum wallets. They advise to learn more about the NFT technology because we are in the early phases. They believe the NFT space will lose a lot of participants in the next five years but those that stay will be greatly rewarded. Web3 is becoming more popular and is promising to free speech and ownership.

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