The latest buzzwords, NFT and blockchain, may be part of recent conversations. The Second Coming of the Internet Age is within us. Through our experience in disruptive technology consulting, we have collected a huge amount of information that we would like to share with you. Omni Public specializes in bringing client concepts and ideas to market by navigating the media, government and industry. This information helped us, and now we have the opportunity to help you.
NFT (non-fungible token)
Fungibility is the ability of goods to be interchanged. For example, money is fungible-$1 can be 4 quarters. Non-fungible tokens are unique assets specially designed to be non-exchangeable. Token data shows uniqueness, rarity, and individuality that distinguish individual tokens within the blockchain. Creating value through authenticity NFTs are popular in the market due to sole ownership or limited supply-NFTs cannot be reproduced.
Many have become digital art collectors like this guy who owns a a PNG file pet rock NFT. This free Google rock is worth about 30 ETH, about $100,000 and is expected to reach millions (ETH is the cryptocurrency of the Ethereum blockchain platform).
Anyone can create, buy and sell NFTs, creating endless opportunities for creators. Our first NFT client, Unsigned Artist, created a uniquely designed cartoon concept that Google couldn’t find. Unsigned Artist has also secured a partnership of more than eight celebrities for his signature Meta Wolves NFT collection.
Blockchain?
Blockchain is a decentralized, immutable database that often serves as a ledger and proof of ownership of transactions. Decentralized means that the data entered on the blockchain is irreversible, permanently displayed, and can be jointly controlled. Blockchain is shared between network nodes, so it stores information electronically. A node is a data connection point where information is stored, redistributed, or created. PCs, phones, printers, etc. are considered nodes.
What’s the difference between blockchain and a regular database?
Structure.
Visualize this: Information is grouped into chunks, also known as blocks. This is the first unique step in the blockchain. The block has a capacity limit. When completed and closed, the new information added forms a new block and is linked to the previous information group to form a chronological chain. This is different from the table-style information structure of a regular database. Blockchain creates a visual and immutable timeline that has never been digitally done before. Blockchain technology enables cryptography and guarantees trust and proof of ownership for each unique NFT.
Ok, but how do I pay for an NFT?
Why do I care about NFTs?
Your favorite star sells digital art as an NFT for millions. Senators are advocating for mortgages to be paid with cryptocurrency and online rock collections are appreciating. Do you want in yet?
Publishing and exchanging NFTs on blockchain platforms creates economic value and creatively offers a whole new field for selling art. The blockchain has unlocked a number of security and protocol standards that have never been done before. As the power of the Internet grows, new markets are created and emerging technology markets are beginning to skyrocket.
