In this week’s lecture video Johnathan and Quinn discuss NFT’s and how they are more than digital art. NFTs are non-fungible tokens; they represent ownership mostly of art and digital art that is not considered interchangeable. The word fungible means mutually interchangeable, so if two people had the same $1 bill they would be open minded to exchanging them. The word non-fungible means unique or non-interchangeable, so if one person owned a hut and the other person a mansion the person with the mansion would not be as open to exchanging houses. The word token means the identifier. It shows all the transactions and details behind them making them very transparent. Throughout the lecture Johnathan and Quinn share the ways NFT’s have grown beyond the one category of digital art. We can now find NFTs being used through these categories shared by the couple in this video; music, fashion, the metaverse, games, membership, and sports.
NFTs can be considered highly unique because they are not interchangeable with one another. They are all very distinguishable because of the unique metadata assigned to each one. Another reason is because they are built on blockchain technology which helps keep records of important information such as the creation, ownership, and history of the NFT. Whoever becomes an owner of an NFT they can be sure that their purchase is safe and secure because the blockchain won’t allow changes without the owner’s permission. Lastly a reason for NFTs being so valuable is because they are created in limited numbers. Each NFT is rare and can be considered a prized possession to own.
The metaverse is still in the very beginning of its growth potential. It is only considered to be at point A. Individuals are working on the constant development and advancement of the metaverse. One of those of those ways is Decentraland is one way it is beginning to grow. Rather than fashion or art there is now actual land ownership opportunities. OneCyber is another way that the metaverse is growing. Through this new program, artists get to show their NFTs through a fully immersive experience. Another very new phase of growth us pay to play games. The money that individuals earn from this can be transferred into cryptocurrency or used to purchase other items in games.
Membership with NFTs is a huge part of the process, it can be considered an asset to all the token holders. In the lecture they talk about the Bored Ape Yacht Club, which is one of the most influential and well-known collections in the world. Membership through something like Bored Ape Yacht Club is a great representation of how NFTs have grown outside of digital art. How it works is when someone becomes a member of this club, they receive not only a digital image but also rights to unique NFTs. One example of a unique NFT could be a special event hosted by the club the member is a part of. Members also get merchandise, additional NFT opportunities, and access to privately held events. Through all these benefits there becomes a special community among those who get to hold the status of being a Bored Ape Yacht Club member.
Through the advancement of NFTs, we can see another step into our future. NFTs will better change digital ownership opportunities, intellectual property license’s and how those are managed, and it can inspire more artists. NFTs can create space for new and creative expression from artists all around the world. NFTs are not just an upcoming trend for our society, they are impactful changes in the way society will use technology, interact with communities, and pave the way for changes in the metaverse.
