So what exactly is an NFT (Non-Fungible Tokens)?
NFT Definition
The technical term for an NFT means Non-Fungible Token; in simple terms, it means something that can’t (Non) be replaceable by another identical item (Fungible). Generally, that item is an asset (Token) and can be anything digital from a song, picture, story, license, legal document – you get the gist! In fact, almost anything that can be created with a computer can be classified as an asset. So long as it is unique and not ripped off from or by another asset – Similar or not.
History
So why all the rage? What makes NFT’s so important? A straightforward answer – Digital Ownership. Your assets should belong to you and only you if you choose to do so. Before blockchain, if you produced or created some form of digital work or asset, you would need to register it to a governing or holding body which would ultimately charge you a one-off or annual fee to keep your registration active. That registry would contain the name and rights to an asset and, in return, provide rights for others to use it.
This has proven to be cumbersome and limited in the extent of where and how that asset could be used and how it can be used under specific country and state laws. Although the asset includes an ID to reference ownership of rights and use under particular rules, the work’s creator also has no way of telling who is using their asset and to what extent (think music, images, music).
Next-Generation
Enter blockchain. Blockchain is a technology that can allow events and transactions to be recorded on a public ledger (like someone recording every transaction in a book) that anyone can access at any time. It provides transparency and ease of use and a means of verifying an asset from anywhere in the world without being bound to a governing or holding body. Now NFT’s fit into this by acting as a unique ID with metadata that describes its properties, owner, and asset location, which is recorded on the blockchain forever immutable (unchangeable).
So you can do extraordinary things like give rights to people to use your assets, place a royalty fee that is paid directly to you if someone wants to use it, and make a percentage of the price at which it is sold if you decide to trade it with someone else!
IRL NFT Examples
So NFT’s are great for digital assets like music, pictures, movies etc. But what about the real world? Can we use NFT’s for our homes or cars or even in communities? The answer is Yes! Let’s look at a few examples.
Car Registration:
Your car’s registration is similar to an NFT in that it uniquely identifies your vehicles make, model, and VIN number. It takes all these properties and records them against a license plate linked to your name (in most countries). However, all this can be made into an NFT, which is owned by the car owner and registered on a blockchain.
As the owner of your car and your registration (NFT), you can link your NFT to numerous city databases and insurance companies and even simply transfer your registration to someone else if you decide to sell your car. All securely kept on a blockchain and owned by you.
Communities:
Many institutes view themselves as communities simply by having several members who both pay and/or contribute to their cause and generally gain something in return. Communities record their members’ names down, allowing them to access things like a center, events, rights to vote, or even a treasury. Members can be permanent or temporary visitors who are invited or want to try out the community before joining.
When we view community membership, we generally have a key pass or a name tag that identifies that member as who they say they are. We can link members access to a community through an NFT. Remember that an NFT is both a token or an asset. By providing a member with an NFT when they join the community, you give them access through the physical sense and digitally.
The NFT, from a physical sense, is ownership of their membership apart of that community. The member can sell their NFT to a person who is not a member, transfer it to a family trust, or simply use it as a means of identifying themselves.
However, from a digital sense, we now open a world where communities can be accessed online. An online community can provide its members with an NFT that acts as a gateway to many incredible perks only accessible by the holders of that NFT. For example, it gains them access to certain websites, private messaging channels, voting rights, or even a crypto treasury in which community members can be paid portions of asset sales, Defi staking, or paid for work completed for the community. We’ll get more into this later!
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