NFTs: Why Your Kids Are Obsessed
NFTs are more than just pretty illustrations
NFTs: Why Your Kids Are Obsessed
Cargo trousers, TikTok dances and NFTs. All things your teenage kids may have been obsessed with over the past year. Most notably, NFTs have become a topic of conversation among adolescent friendship circles with some speculating it to be a new wave of digital assets. This has been mainly driven by a skyrocket in prices and public figures such as Shawn Mendes, Snoop Dogg and Serena Williams either releasing their own digital collections and/or changing their profile pictures on Instagram and Twitter to an NFT they bought. The NFT space may be filled with teenage speculation, but beyond that, what are NFTs and what purpose do they serve? Is this just another phase your kids are going through?
What Are NFTs?
An NFT is short for non-fungible token. If something is said to be non-fungible, it means it is not directly interchangeable. In other words, it is unique.
An NFT is made to be unique due to the one-of-a-kind digital signature assigned to it. It is the ownership of the digital code that proves you own the NFT so next time someone says claims they screenshot your NFT to now own it, show them a photo of the Mona Lisa and ask them if they’d like to buy it off you at a discount rate.
These codes are generated using cryptography and are stored on a blockchain which makes them traceable. This includes records of all past transfers of ownership of a particular NFT.
As well as a digital code assigned to the NFT, attributes can be programmed into an NFT to give a better idea of rarity. This is similar to the grading system of Pokemon cards, a PSA 10 Charizard is worth much more than a PSA 9 one; the grade is an indication of rarity. Except with NFTs, the rarity is programmable.
NFT Uses Cases
One of the most common types of NFTs is in the digital art space. Some digital art projects have amassed strong communities to the extent where owning an NFT of a certain project makes you feel like part of an exclusive group. If you own a certain PFP, you are seen as the cool kid in town. The kids are flexing with their digital art, using them as their profile pictures for all their social media accounts. This is not a novel concept since it happens all the time in the digital world; a blue checkmark next to your name on Twitter tells people you might be someone influential.
Gaming items can be in the form of NFTs allowing your avatar’s clothes, house, or land to have real-life value. In traditional games, your kids could buy things either with some fake in-game currency that has no real-life value and/or they will buy something with real dollars except all that money goes to the gaming company while all your items are under the control of a centralised server. Imagine being able to trade your Fortnite Skins or FIFA Cards to level up in-game whilst also making money.
Musicians, actors and celebrities are able to create NFTs of their albums, songs, album covers and any sort of content for various purposes. If an underground artist releases 10 album covers in the form of NFTs, fans may buy them allowing the artist to earn some money while also being able to track who their loyal followers are. If the artist becomes mainstream, the album covers may increase in value and/or the artist could invite the 10 initial buyers to a concert with the chance to meet. NFTs remove the barrier to earning money in the highly competitive entertainment industry, allow to easily track loyalty and build a stronger fan community.
These are just a few applications that NFTs could be used for. Others include the following:
- Digital Identity
- Real Estate
- Licenses and Certification
- Supply Chain Transparency
NFTs are tokens which represent digital or physical assets and have many potential use cases beyond just being a JPEG. And you can start owning one, whether that is for you or your kids and be able to learn more about the space through the Doshi app so that you are always in the loop. Join our whitelist today to stay tuned.
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