Facebook and Instagram are up to their antics AGAIN. As a business owner, it can be hard to keep up with the ever-changing information circling the web. Don’t panic though, 24fingers are here to break it down so you can see if NFTs are right for your business.
Crypto coin has really made their mark in the last few years. NFTs are the latest example of digital crypto assets making headlines. In May NFTs began making an appearance to select users and these “digital collectibles” doesn’t appear to be going away any time soon. It may surprise you that NFTs have been around longer than you think. The first NFT was minted on May 13, 2014, by Kevin Mccoy and has since led to many weird and wonderful NFTs on the market. Even Charmin is getting in on the trend with work dubbed as “the world’s first Non-Fungible Toilet Paper”. Bids have reached over $2,000 simply for the fact it is an NFT. Bids are so competitive, that we are getting traumatic flashbacks to the great toilet roll shortage of 2020 (What a time to be alive?).
It has recently been reported that Mark Zuckerberg CEO of Meta created has promoted the sale of his own Little League Baseball card to celebrate NFTs reaching 100 countries around the globe. But that begs the question why do people collect? Some may begin collections for sentimental reasons such as childhood nostalgia, some may have an affinity to a certain music genre or sports team for pleasure and enjoyment and some may simply appreciate the recognition and the community it creates. Whatever the reason for starting a collection, many collectors find tremendous satisfaction when finding a new treasure. Instagram is all about community and building an NFT community could be just the thing you need to spark engagement with your following.
What is an NFT?
So what the F is an NFT? NFT stands for “non-fungible token” it is a special digital asset that cannot be copied. It is possible to trade NFTs but a lot of fans enjoy the thrill of the chase when collecting and prefer to keep them. They are made using the process of minting and you will require a Meta mask wallet to make your first investment. One way to create your own NFT without programming knowledge is to use a service like OpenSea or NFT showroom. If this isn’t your style it is also possible with a little bit of coding to do it manually.
Popular NFT use
NFTs are the best way of securing digital provenance. Many creators are hopping on the trend such as digital artists, sports teams, game designers, and musical artists. The rise of blockchain and digital assets has created an enormous shift in personal branding. NFTs help artists monetize in a whole new way. What is even better are the new experiences and privileges – front row concert tickets anyone? Artists such as Kings of Leon have already offered this money and can’t buy experiences. Who doesn’t love a good perk? After all, no one wants to experience FOMO.
One of the main benefits of NFTs for digital creators is the ability to track ownership and originality. This feature has saved many artists the hassle and headache of fighting expensive legal battles. This exciting new market appears to be far more profitable with a boost in revenue from 10% to 90% adding an increased value.
Here at 24fingers, we will be keeping a close eye on this new trend. If you have something that you think could smash it on the NFT market slide into our contact page.