Traditionally, most people define NFTs as digital art, but there are many more potential applications. Let’s take a look at what’s happening next.
What is NFT?
Non-fungible tokens (NFTs) derive their name from one of the properties that can make up a crypto asset. Cryptocurrencies such as bitcoin, ethereum, or ERC-20 tokens are fungible, meaning that all units in supply are interchangeable with one another and retain their value when divided. In short, when you have 1 ETH in your wallet, you usually don’t care which of the over 117 million ETH currently exists.
NFTs on the other hand have special properties that make each token unique. In essence, an NFT gives you cryptographic proof that you are the sole owner of any virtual asset linked to the NFT. For example, these assets can be digital images, videos, music, but also intangible things like intellectual property, digital use licenses or insurance policies. Depending on the type of NFT, you can freely list the tokens on the online marketplace, or transfer the tokens to someone else’s wallet.
Influencers can convert their content to NFTs
One of the use cases for NFTs is the monetization of content. For example, influencers can convert their tweets, YouTube videos, TikTok clips or Instagram posts into NFTs and sell them. This can take many forms, such as adding digital memorabilia as a perk in exchange for a donation or Patreon membership. But with enough reach, your content can be worth a lot more to your ardent fans.
As one of the first examples, Twitter CEO Jack Dorsey converted his first tweet to NFT, which sold for about $3 million. But the possibilities extend far beyond these one-off listings. For example, content creators may create limited copies of NFTs from the most iconic moments of their online careers, or even mass-produce NFTs that sell at low prices and serve their average fans. target. Another option is to include intellectual property rights in their content in NFTs.
Finally, they can create exclusive digital art with their regular content. This both creates an additional source of income and can increase content creators’ reach in the digital arts community.
The problem is that there is no streamlined solution yet to make NFTs at the mainstream level. The NFT marketplace that currently exists requires users to have at least some knowledge of cryptocurrencies and blockchain technology. To make NFTs, you need a crypto wallet with at least some cryptocurrency to pay the transaction fee. The same applies when buying and selling NFTs. This means that the scope of NFT creators and buyers is still limited to crypto insiders.
E-commerce platform Uquid aims to combine the best elements of the world of decentralized finance (DeFi) and NFTs. At the heart of Uquid, is an online marketplace that offers thousands of items ranging from video games and software, mobile credit and gift cards to utility companies such as electricity, Internet and insurance providers.
In addition to traditional payment options, the market accepts various cryptocurrencies and crypto projects can also apply to add their own tokens to the list. This combination of DeFi and e-commerce allows buyers and sellers to cut out middlemen such as payment services, which makes the exchange of goods and services more efficient and leads to savings for customers.
Recently, Uquid launched its own NFT marketplace, which is specifically tailored to the needs of influencers and content creators. In September 2021, Uquid plans to increase the number of NFTs on offer from 40,000 to over 1 million tokens. With the Marketplace, users can convert the content of their social media channels directly into NFTs. At this time, Uquid is the only NFT marketplace that fully supports YouTubers, TikTokers, livestreamers, and other social media influencers.
Uquid hopes to create a simpler and more efficient process for creating and selling NFTs that does not require a crypto wallet. Instead, Uquid uses the same checkout system as its regular marketplace for payments. Also in September, Uquid will release a buy-now-pay-later feature for its checkout system. Buyers can then send the NFTs to their Binance Smart Chain wallet, which is a more cost-effective solution than Ethereum.
Image by Steve Buissinne from Pixabay