Non fungible token otherwise known as NFT is a popular digital asset that has captured the interest of both old and newbie in the cryptocurrency space.
NFT is a digital asset that represents real world objects like arts, music, gaming among others.
In economics, a fungible asset is something with units, which can be readily interchanged. For instance, you can easily swap a $100 for $50 and $50 or you can swap it for ten $10. In all situations, the value still remains the same.
On the other hand, non-fungible are unique properties which cannot be easily interchanged due to their uniqueness.
You as an individual cannot be interchanged because of some certain unique features that distinguish you from other people even if you are bearing the same name.
NFT is a unit of data stored on a digital ledger called the blockchain that certifies a digital asset to be unique and therefore cannot be interchangeable.
In recent times, NFT has witnessed a super growth having a value of $250million in 2020 while in the first first quarter of 2021, more than $200million has been spent on NFT.
On the 19th of February, an animated Gif of Nyan cat- a 2011 meme of a flying pop-tart cat- sold for more than $500,000.
Few weeks later, a musician sold some of her digital art for more than $6m.
Jack Dorset, the founder of twitter sold his first ever tweet with a bidding of over $2.5m.
With the recent upsurge in crypto, Africa NFT marketplace has not been fully utilized.
African NFT remains untapped and unlike the other developed countries where cryptocurrency has been accepted, the Africa community remains ambiguous about cryptocurrency thereby creating an imbalance.
In order to fully utilize the uniqueness of African community, Qlip, a decentralised platform built on the binance smart chain was launched so as to provide the African NFT a marketplace.
The solution in details
Qlip was launched with a special feature which cut across value for creator, collectors and mainstream artistes.
Value for creators
In the NFT marketplace, the creators are being marginalised and most creators are unable to bring life to their artworks, music and other unique properties because of how difficult the system was built. As a way of compensating creators, the following control measure are put on place:
This can be regarded as the cost of production.
No reasonable entrepreneur will love to maximise cost and minimise profit.
The only reasonable thing is to minimise cost and maximize profit.
The Binance Smart Chain is known for its low transaction fee which will reduce the minting cost of NFT on Qlip since it is built on Binance Smart Chain.
Poetry is not just an art but a lifestyle. It is a unique way of revealing mighty things which mere words can not explain.
It is a call on the logical reasoning and thinking faculty of the reader to decipher what the poet is saying.
On Qlip, poets can mint their poem and it will be conceived until the collector pays for it or what is the benefit of what you want to buy when you've read everything. Poems will be revealed upon purchase so poets are protected.
The digital space is so wide that you can only pick a niche and grow in it. You can be a graphics designer but you will have a niche.
On Qlip, there is an opportunity to collaborate with another artiste of your choice and you can produce a NFT as a result of your collaboration.
Is that now a good thing?
Value for collectors
What about collectors or is Qlip protecting only creators?
QLIP was created with everyone in mind and the following applies to collectors:
Navigation and sorting
QLIP NFT marketplace is sorted based on categories such as music, photography, abstract, visual art, meme, poetry among others.
This will make it easier for collectors to easily navigate the marketplace since their area of interest will be presented to them in form of categories.
Artiste verification level
How bad does it feel to purchase plagiarised items or NFT?
It feels so bad.
All artists on Qlip will be curated and will be given a badge based on their uniqueness and experience. A collector can easily verify WHETHER the artist is the original creator of the NFT or it is another NFT minted by another person which the holder does not have permission to sell it.
On qlip, collectors are not tied up to a particular cryptocurrency but they can buy any NFT with a cryptocurrency of their choice.
NFTs can be bought with qlp, which is the native coin of the qlip platform or any other cryptocurrency such as busd, eth, btc among others.
Value for artiste
Artists should also be given a reasonable level of protection and a means of increasing their worth for their creativity and uniqueness.
On the qlip platform, an artiste can tokenize himself or anything relating to such artiste which can be perceived as being unique and of greater value.
Fan loyalty can be as simple as listening to a particular song from an artiste, it can be by having countless pictures and following the artiste closely so as not to miss any update.
Users and collectors can buy tokenized items from their favourite artiste. This will be a sign that they are buying directly from the artiste and not some crafted work by another person.
It feels so awkward for an artiste to create a very valuable piece of art, music or anything and after being sold to a collector, the artiste will no longer enjoy any other benefits even if the collector made fortune from their work.
On qlip, there is a measure which gives an artiste the opportunity to earn royalty anytime their NFT exchange hands.
Useful links for further research