Early 2021 – What exactly are NFTs?
Early 2022 – You haven’t heard about NFTs? How is that possible?
We are on the threshold of a decentralized future. We have seen the phenomenal rise of cryptocurrencies and decentralized applications, and we are now witnessing the same with collectibles. Who would have thought of “The Merge and Beeple’s The First 5000 Days” selling for tens of millions of dollars?
NFTs took off in 2021. From Cartoon apes to video clips, by the end of 2021 nearly $41bn had been spent on NFTs, making the market for digital artwork and collectibles almost as valuable as the global art market. Auction houses like Sotheby’s, Christie’s sold $65 million and $100 million of NFTs last year. These sales account for roughly 5.5% of the houses’ contemporary art sales, according to Art Market Research data.
What makes NFTs so special? For one, NFTs are unique cryptographic tokens that exist on a blockchain and they cannot be replicated. NFTs can be used to represent real-world items like artwork and real-estate. Since NFTs are based on blockchains, NFTs can remove intermediaries, simplify transactions, and create new markets. NFTs can be used to connect artists with audiences or for identity management.
Blockchain is going to change the world. We now have a way to record authenticity and ownership. Technology has a way where ownership can be defined 100 per cent. Since it is a digital certificate of ownership that, because it is stored on an encrypted, distributed database (a blockchain), cannot be forged, tampered with, or altered by anyone apart from its owner, a lot of people believe that NFTs will bring value, security, transparency and innovation to myriad industries. From gaming to education, insurance to health care, real estate to art, music industry to Metaverse, messaging apps, NFT wallets, credit cards, NFTs are in the limelight this year.
NFTs will be an important part of the Metaverse. The digital ecosystem will have a place for NFTs, just like rare and unique items have a unique place in the real world. We are already buying digital art or unique artwork to showcase it in virtual reality art gallery. Recently Nike recently sold 600 pairs of shoes as NFTs – making itself over $3 million in the process. These are nothing but pictures of shoes that can be looked at. Of course in the future these shoes will function as virtual shoes for our digital avatars.
iCryptoWorld is all set to launch a collection of 10,000 unique seal NFTs; which will be unique digital collectibles. With NFT becoming a rage, iCryptoWorld aims at creating a marketplace platform where designers, photographers, and marketing companies or professionals who want to use designers’ digital art can connect.
The designers can create digital art that can be converted into NFTs and they can sell it or lease it without worrying about copyright issues. The NFT platform will enable marketing professionals to enter smart contracts by leasing or buying rights for designs using the iCW tokens. They can use these creative designs or pictures for digital marketing and so on. This will also aim at solving the copyright issue, wherein, if someone is using a design without paying, then the software will detect unauthorized use and ban the content.