LET’S GET THIS PARTY STARTED 🪐
You’re not alone if you don’t understand what an NFT is. Many prospective investors have been left wondering what these tokenized collectibles truly are as a result of the current hype.
According to Finder’s worldwide NFT Adoption Index, NFT ownership has increased throughout the globe, with Southeast Asian nations such as the Philippines, Thailand, and Malaysia leading the pack.
However, this survey highlighted how few people throughout the world are aware of this sort of money. Let’s establish the premise behind these one-of-a-kind crypto-collectibles before delving further into the survey’s findings.
WHAT IS A NON-FUNGIBLE TOKEN (NFT)?
Simply said, NFTs are one of a kind digital treasures and pieces of art. Each accessible NFT is a veritably separate token, unlike Bitcoin (BTC), which is made up of interchangeable units. Simply said, no two NFTs are the same.
The fact that these assets may be traded on an increasing number of internet platforms adds to their international appeal. However, the amount of NFT investors in several nations may surprise you.
QUOTE OF THE WEEK 💭
“Play by the rules, but be ferocious.” – Phil Knight
🔥 HOT TAKE
It’s no secret that the entertainment industry is in a state of flux. With the advent of new technologies, audiences are more engaged than ever before. One of the most exciting areas to watch is how NFTs are being used to create new forms of entertainment. From music to games, NFTs are changing how we interact with and experience media.
The entertainment industry is one of the main beneficiaries of NFTs. NFTs have the potential to revolutionize how entertainment is created, shared, and consumed.
🚨 BREAKING NEWS
Ultimately if we are going to make a transition to Web3, it will need to work for everybody, not just Big Tech. This is where NFTs come in and will hopefully bridge the gap between the hopes of Web1 and the reality of Web2 – combining the best of both worlds.
NFTs offer the possibility of commerce in the forms of buying digital land like what Decentraland has created; selling NFTs tickets for virtual concerts, art shows, or digital travel; or creating a unique souvenir or artwork to sell.
There is no doubt if Web3 is to fulfill the initial promise of the internet Big Tech will stand in the way as it is already fighting to adopt Blockchain technology and use it for its own purposes and solidifying control.
💵 QUICK TIPS
Let’s have a look at some interesting use cases for NFTs in 2022.
- Non-fungible tokens can be used as collateral for loans in Defi protocols.
- The non-fungibility of NFTs makes it easy to prove the exclusivity of assets.
- Since non-fungible tokens are pieces of data stored on the blockchain, this technology can be used for the management of sensitive medical records.
- NFTs have wider applications outside of JPEG-based art projects and crypto gaming
WHAT WE’RE UP TO 🚀
The first collection we’re working on as Empire team is Emperors of DeFi. We’re really looking forward to this project because we know we’ll see the results of our efforts. Another promise we made is being fulfilled.
Since the release of Empire Token’s whitepaper, our projects haven’t slowed down. There will be 10,000 NFTs in the collection and 13 of them are rare pieces representing various cultures. They’ll be the most valuable in our collection. The new collection will undoubtedly make a splash. Keep an eye out for more details.
Do artists have any sort of copyright over stolen art that has been converted to NFT? Share your valuable insights in the comment section below 👇
That’s all for this week. If you’d like us to explore a trend, topic, release, or tool, send us a DM and we’ll literally jump right on it. LITERALLY. For now, and forever, KEEP CLIMBING 🧗