What are NFTs?

You are currently viewing What are NFTs?

NFTs have been riding a wave of popularity over the last year, but few understand the true potential of the platform. If NFTs are truly to live up to the technology behind them, they may revolutionize entire industries by changing the way we share and consume digital and physical goods.

However, we are in a very early stage of adoption. This moment has been compared to the late 00s/early 10s, before Facebook, Snapchat, Instagram, Twitter, and LinkedIn had really gained global adoption. At the time, people were skeptical about their usage. The thought was, why would anybody care what their friends have for lunch or dinner? Or why would people enjoy the insight into the days of others? But, we know now how that story ended.

Though right now it’s easy to see NFTs as just a marketplace for art or even see it as gambling, this is not the case.

What Are NFTs?

NFT stands for Non-Fungible Token. It is a unique digital asset such as art, trading cards, memes, gifs, video, music/audio clips, tweets, an ebook, or really anything that can be created, stored, and sold on the blockchain. Once these are tokenized, the assets can be traded using cryptocurrency.

It’s easy to see this all as an artistic endeavor. However, there is much more that can be made using NFT technology. Digital rental contracts, land deeds, access to private conferences, exclusive events, podcast interviews, and much more.

Copying NFTs

There has been a running joke outside of the NFT community regarding copying NFT art. The idea is that the image can simply be right-clicked, and saved to a computer, making the person who saved the image the “owner”. This is not the case, however. The Kiss by Gustav Klimt or the Mona Lisa has millions of copies made of them, but if I hang a canvas of Mona Lisa on my wall, that doesn’t make me the owner of the original in Paris.

The original piece will always remain in the museum, or in this case, the blockchain. Only the owner has the right to use them for commercial purposes.

Due to NFTs being stored on the blockchain, a public record of the ownership is accessible by anyone, which adds to the security. The value of the piece is within that blockchain address.

How to buy NFTs?

There are several ways to purchase an NFT. These are usually on bought, sold, and traded on websites called the marketplace. It is entirely up to the artist which website they decide to sell an NFT on, as some use a different cryptocurrency than others. Most commonly, Ethereum/ETH is used. Solana, Polkadot, and MNFT have also emerged as popular cryptocurrencies to buy NFTs with too.

Firstly, you need a wallet to purchase cryptocurrency. Many of the marketplaces offer some form of hosted wallet or integration with the likes of metamask to help newcomers get started.

There are many popular NFT marketplaces, including:

The future of NFTs is indeed interesting, and we may very well be about to see industries undergo dramatic changes. NFTs are still in a nascent stage, and trading them can be risky – Though profitable, the market is extremely volatile. Like any investment, it is critical you do your own research before jumping in.

Protecting Your Cryptocurrency and NFTs

Cryptocurrency and the blockchain stand to be a major driving factor in the technology of the future. However this popularity has attracted an element of cybercrime. There are several tools internet users should use to increase their online protection. One of these tools is SaferNet.

SaferNet is the perfect solution to the cybersecurity issues that individuals, families, and businesses face today. It not only connects every device using a secure, 24/7 always on, military grade VPN, but it also stops outside cyberthreats, malware and viruses as well. On SaferNet, all users are protected anywhere in the world, all the time, on any cellular or Wi-Fi network. In addition to SaferNet’s VPN and cyber protection, it also offers a range of employee or parental/family internet controls including internet filtering, monitoring, scheduling, and blocking access to websites or even entire website categories

Typically, a user would need 3 separate services for a VPN, Malware Protection, and Internet Controls; SaferNet offers all 3 features in one service. SaferNet truly is an endpoint security presence that can be implemented in minutes around the world, on phones, laptops, tablets, and computers at an economical price point that caters to all internet users. SaferNet guarantees a smooth setup and installation process that takes only minutes, and an easily accessible control hub for you to monitor all your employee’s or family members devices; including activity, time spent online, and threats blocked.

Leave a Reply