For those of you who don’t know, NFTs are Non-Fungible Tokens. They’re like a digital contract for unique items. It’s cool because it doesn’t matter what happens to the item, whether someone steals it or damages it, even if it becomes too old and broken down to use.
If the item is given an NFT at some point in its life cycle, then the token will always represent that same unique object, no matter what. If you’ve never heard of NFTs before, you can learn more about them here.
Today I will discuss the current state of NFTs, what’s being done with them, and where they’re headed. It’s a great time to be in the crypto scene because a flood of new tokens is coming out daily besides BTC and a few other major cryptocurrencies.
So many tokens are being created now that it can take much work to track what’s happening. It’s hard to know where to look and what we’re missing as new Initial Coin Offerings launch each day.
Even more, it’s sometimes unclear what the value of these tokens is and whether they will succeed or fail. But first, why is this important? First, let’s break down what NFTs are and how they work.
What is NFT, and how it works?
Many different kinds of tokens are available today and for many different purposes. Some are used to power the blockchain, some have a voting system, and others act as a currency within an ecosystem. But if you’re looking to get your hands on one of these rare items, it sometimes takes work to know where to look.
First, let’s start with the basics. NFTs are created on Ethereum, the blockchain that most ICOs launch now. It’s a decentralized platform that allows people to build their smart contracts and tokens on top of it. You can use Ethereum’s blockchain to start your token or build a new ecosystem (such as CryptoKitties, which I’ll talk about in a moment).
If you start building your token on Ethereum, you will use ERC-20 tokens. ERC stands for Ethereum Request for Comment. These are designed to be easy to build, so new users can jump in and start building their projects on top of the Ethereum blockchain.
These tokens provide value to the chain by allowing users to build applications on top of it. For example, people will use ERC-20 tokens to start their own ICOs and crowdfunding projects.
The distillers William Grant and Son, who are also the owners of the Glenfiddich whisky brand, recently sold 15 bottles of an extremely rare 46-year-old whisky for a price of $18,000 a bottle. Each bottle also came with its very own non-fungible token (NFT).
The NFT is utilized in this scenario to trace the origin of the bottles as well as the contents of the bottles, which were offered for sale as investments to collectors.
The actual bottles are kept in safekeeping by the corporation, and the purchaser can get their money back once they hand possession of the non-fungible tokens to the seller again.
When future buyer purchases the NFT for themselves, they will have the peace of mind of knowing that they are obtaining the genuine product as a result of this. My chat with Will Peacock of William Grant and Sons and BlockBar, the business that offered the technological solution, contains additional information about this topic, which you can find out for yourself.
The North American music festival accepts applications for NFTs to serve as lifelong passes. Ten people who own tokens will be granted free access to the festival for as long as they keep those tokens and access to any of the virtual events the festival brand organizes.
In addition, they include a variety of VIP privileges, such as access to the front row, dinners prepared by well-known chefs, and the opportunity to meet and greet the performers and artists.
It has been said that the NFTs were developed so that if they are resold to new owners, royalties are distributed to the artists and designers who were part of creating festival experiences.
Kevin Smith’s Killroy Was Here
The director, who is famed for cult hits like “Clerks” and “Jay and Silent Bob Strike Back” has stated that he plans to release his next movie, which is going to be a horror comedy, as a series of “Next Friday Themes.”
The project will be comprised of 5,555 distinct NFTs, each of which will contain the film and the corresponding bonus and behind-the-scenes stuff when it is finally made available later this year.
Owners will likely be able to utilize their NFTs to impact the way the universe depicted in the movie will evolve in the future.
The specific details of the distribution mechanism have yet to be released, but it has been suggested that this will be possible. In addition, owners will have the right to their exclusive version of the main character in the film – “Make your movie, convert it into a cartoon, license him for lunchboxes!”. Smith himself stated it. Whatever the interpretation of this turns out to be, there is a good chance it will be interesting.
This one is advertised as “the world’s first NFT restaurant,” It intends to provide owners of its NFTs with exclusive and one-of-a-kind eating experiences through the medium of a real-world New York restaurant. There are two tiers of membership available: Flyfish and Flyfish Omakase.
Owners of the more expensive Omakase tokens are provided access to an exclusive VIP area of the restaurant and its even more special delicacies. At the time of this writing, the price of these tokens is 4.25 ETH, equivalent to just over $13,000 at the values prevailing today.
The goal is to use the proceeds from the sale of NFTs to finance various real-world projects that coffee enthusiasts will find interesting. These projects will include a real-world coffee shop in New York City and sustainability programs worldwide where coffee is grown.
Character non-fungible tokens (NFTs) with names like Sherlock Foams and Boba Bao will be sold to fund the company’s research and development of its coffees, which will then be submitted to awards competitions in the hope of receiving recognition.
The owners of these NFTs are granted entry to Gary Vaynerchuck’s business conferences and workshops, which go by the name VeeCon. Vaynerchuck is a wine entrepreneur and internet sensation.
People interested in creating their own business in the NFT or Web3 arena can think of it as a networking opportunity; holders of the rarest NFTs will be privy to one-on-one meetings with Vaynerchuck and his mentorship. Up to 555 owners of the lower-tier NFTs known as “gift goats” are eligible to receive one-of-a-kind presents from Vaynerchuck every six weeks throughout the year.
World of Women
This project of the NFT intends to raise money for female-led organizations and projects all over the world that are striving to address issues of gender imbalance and discrimination. Specifically, the project will focus on organizations and initiatives in developing countries.
It is one of several new socially aware ventures that utilize the visibility and finances that they are creating to take on significant problems. It didn’t take long for the first collection of 10,000 pictures to sell out after it was released a year ago, and now a second collection is almost ready to go on sale.
Clinique Meta Optimist
The cosmetics company launched its utility NFTs, which give holders access to free products. One of these products is the extremely hard-to-obtain Almost Lipstick Black Honey, which has become the subject of internet memes due to its scarcity and desirability.
Holders of the utility NFT can now get their hands on this product. The NFTs function as a sort of customer loyalty program by providing consumers with an incentive to post tales of “optimism” on the social media channels associated with the company.
Instead of being sold, the NFTs will be given away to the people with the most interesting stories. According to Carolyn Dawkins, senior vice president of customer engagement and product marketing, they are a part of an initiative to “modernize loyalty.”
Midnight Society Founders Pass
It has been suggested that Dr. Disrespect, a controversial figure in the gaming community on YouTube, is the man behind the upcoming video game Midnight Society.
Many people believe that gaming and non-fungible tokens (NFTs) are a natural pairing; however, owners of Midnight Society NFTs will have a say in the game’s design by “taking part in the advancement decision-making process.” Rather than simply representing unique collectibles or in-game items, NFTs will reportedly give owners a voice in the game’s creation.
It is not universally agreed upon that non-financial rewards are a suitable fit for the gaming business. Despite this, several game developers have retracted their plans to include NFTs in their products after receiving unfavorable feedback from players.
The Tarantino NFT Collection
Quentin Tarantino made the decision one year ago to make NFTs based on the screenplay for his groundbreaking film Pulp Fiction.
He accomplished this by utilizing a platform known as Secret NFTs, the primary objective of which is to improve the degrees of privacy and security surrounding tokens.
The unique selling proposition of Tarantino’s project was that each of the NFTs, in addition to containing the script of a key scene in the film, would reveal previously unstated secrets behind the story and characters of the cult hit. This was in addition to the fact that each of the NFTs contained the script for a key scene in the film.
However, the decision regarding whether or not the auction will take place is still in the air. This is because Miramax, the film’s original distributor, has filed a suit trying to claim that it is the party that has the rights to the script and not Tarantino.
Conclusion: Non-Fungible Tokens Are Here to Stay
Within the last year, the game of CryptoKitties has been responsible for several different things. The game was one of the first examples of how innovative multisig technology could be implemented as a play mechanic in a game.
It also introduced a new generation of people to crypto-collectibles, an idea that has been around the cryptosphere for years but has now had much traction. It also allowed us to connect with the crypto community and many cryptocurrency newbies.
It’s always hard to predict when big things will happen, but there are a few pretty clear things. One is that we’re about to see many more of these kinds of games. The reason for this is that there’s money involved, and as far as I can tell, people like money. It’s not just in video games; they’re also happening on desktops, game consoles, and smartphones.