Unless and until you’re living under a rock, you would have not heard the term NFT.
NFTs are the new form of tradeable digital assets. These virtual goods can be anything from a photo to an in-game character and more. They are made possible by blockchain technology, which is used to keep track of all ownership rights.
NFTs are a new kind of digital asset that you can also use in online games and social media. You may have heard about NFTs by now because they're being used more often as time goes on. They have been around for a while, but it's only recently that they've taken off in popularity and usage among the general public.
So, now that we know that NFTs are the new hot thing, let’s get going forward. NFTs stand for
Non-Fungible Tokens and they are virtual assets on a blockchain that have different properties than fungible tokens.
NFTs, or Non-Fungible Tokens, are tokens that have unique and specific characteristics. They are different from other digital assets because they cannot be replicated. This makes them a hot commodity in the crypto world. They also differ from fungible currencies as they are not interchangeable and cannot be broken down into smaller units.
Alright, so that was a pretty big introduction to the NFT world. By now you must have a decent enough idea about what NFT really is. So, now you must be wondering, what is exactly the point of this article?
Well, my friend, in this article you will understand:
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The Basics of NFT
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Why NFTs Are Important
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Awesome Idea’s For NFT In 2023
Let’s go further, shall we?
The Basics: What Is NFT, Exactly?
Let’s assume you really didn’t understand what NFTs are till now. It’s alright. I will assume my introduction was utterly bad.
So, this time, I’ll explain NFT to you with an example.
Let’s say you are an artist and a pretty good one at that. You have now designed a digital cover, a digital painting, or a digital avatar. Basically, it has to be digital.
Now you might call this digital painting, a “digital painting” but nerds will call it an “Asset”
Now this “Asset/art” only exists in the digital world, but if you have ever played an RPG game then you will know that trading is always the game plan.
As this is your art, you get to choose how the transaction takes place. You can trade your art for currency and voila. You have an NFT.
Don’t worry. We will link you to more articles if this is still confusing for you. But in the meantime, let’s keep rolling forward to the juicier stuff.
What Is The Big Deal With NFT?
No, like seriously. How did they become so important? NFTs, just like Caesar, just came and conquered everything.
No kiddo, this is not what happened. Kind of.
Now, in NFT defense, it’s not a new concept. The idea has been for ages, but the barriers to transaction acted like a complete killjoy all the time.
Luckily, this is not the case today.
Today, physical assets are converted into digital ones without any problem. NFTs have completely streamlined the entire process. No more do we need agents to act as mediators. If you're a designer or an artist, then today you can directly connect with your audience.
This simple, streamlined process improves commerce on almost every level.
The scary part and that's also the good part is that NFTs bring about new and different investment opportunities to all. This is the best thing about being a decentralized form of finance. All the heavy bureaucratic affairs are now broken down and simplified thanks to unique NFT.
Now, with this phase done, let’s go to our main talk of the town, which is:
Unbelievable NFT Business Ideas For 2023
1) NFT Business Ideas For Artists:
You don't have to be a struggling artist anymore (probably). Since olden times, the middlemen used to act as barriers to entry for new and upcoming artists. Not only would this act detrimentally for the artists, but the huge amount would discourage many from following their passions.
2) NFT Business Ideas For Gamers:
Can we all just accept that this is the best time to be a gamer? As of today, it is a good-paying and respectful profession! And you can do that in your PJs without a care in the world.
And yeah, I am not talking about streaming, we are here talking about NFTs. Now again, let's go back to our MMORPG. In-game trading is a huge deal for many online games. Some games dislike and ban it. others don't care. But the thing is, the
NFT game development aspect of a game will only be as good as the "Trading factor" of the game.
Every in-game asset will be represented by a specific NFT that will be traded with each other.
3) NFT Business Ideas For Musicians
Even as we speak, NFT is hitting it big in the music industry.
Just like our artist problem, the music industry is plagued by scores of middlemen whose presence disincentivizes new musicians to come out of the shadows.
But with NFT, this problem will be solved again. An
NFT of music art will reach a very wide audience. Thus, cutting out the middleman again.
This is what we call "For the people, by the people, to the people" In NFTs of course.
Conclusion:
NFT are still in its nascent form. We still have a long way to go to implement them in more businesses. But the future looks bright.
