What is NFT? A brief explanation for the local creatives industry
This is a quick overlook for local artists and enthusiasts in the Philippines — about how NFT works, how to get started, and about its fad.
What the hell is NFT and how does it work?
“NFT” stands for Non-fungible token. A non-fungible token is unique and its value can’t be penetrated or doubled. NFT is part of the Ethereum Blockchain, a cryptocurrency. Bitcoin and other start-up blockchain also supports NFT in a similar set up.
NFT is the digital evolution of art collecting. Kinda similar to collecting NBA cards or sneakers, but virtually. NFTs are literally anything that can entertain you digitally. Can be a digital art, digitally converted art, gif, music, anything you can imagine and do creatively.
How can I get started?
- You need to create a digital wallet for your cryptocurrency first. Setting up a digital wallet is more easier than getting your gcash account approved.
- Once your wallet is up, just find a marketplace. Setting up your wallet varies from different marketplaces. Tada! you can now create or buy NFTs.
- Anyone can buy or sell NFTs. You will integrate the value of your NFT With the public.
Why should I go cryptocurrency over actual money?
Cryptocurrency is also a currency and the new currency. Cryptocurrency is literally over fiat and has more value than fiat money. It’s not created and call Currency 2.0 for nothing.
A fad?
NFT let’s people to be more creative and definitely authentic. Changes from time to time is makes technology more incredible. There will be more friendships and connection in the community on a daily basis, just through art! The real deal about this is it lets people become who they are.
Art in need is a movement that provides a platform acknowledging art. Helping the local industry to adapt in technology from time to time. If you’re a creator or investor of NFT, feel free to send us a message to share your insights to the world.
Written by Bramwell Gonzales |Thank you so much for reading! Follow art in need for more similar stories: Facebook, Instagram, Linkedin
References and Readings: Ethereum, Popular Mechanics, The Conversation, The Verge, Widewalls