Informing and inspiring you on the NFT and metaverse spaces.
Exploring consumer appetite. Reviewing the good, the bad and the thought provoking projects currently out there. And making a case for a principled approach to navigating this world.
4. Observation::
NFTs and the metaverse offer new opportunities and experiences for
brands (though the full realisation is still to be seen!)
However, we are seeing a lot of hype, bandwagon jumping and money
grabbing in this space that is eroding trust (particularly with NFTs!) .
7. Opportunity::
Support this space with education and guiding
principles for any projects and campaigns that
bring real added-value and utility to consumers.
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NFT - in a nutshell…
NFT stands for non-fungible token; if something is
non-fungible, it’s demonstrably unique and one-of-a-kind.
When you exchange money for one of these tokens, you’re
buying a specific position on a blockchain (if you think of a
blockchain as a big decentralized database, your “token”
represents a line in that database).
Pieces of digital media can be linked or associated with
specific points on a blockchain. For example, if you take a
photo of your cat, you can have that photo “minted” as an
NFT, which essentially involves paying a company to link
your image to a unique spot on a blockchain.
You can then sell ownership of the cat photo to someone
else. The buyer won’t be purchasing your photo, exactly, but
rather the unique digital token that represents the
blockchain position associated with that photo.
An NFT – non- fungible
token – is a digital asset that
represents a real-world object
like, for example, the Charlie
Bit My Finger video that sold for
£500,000 back in May.
NFTs are bought and sold
online, frequently with
cryptocurrency, and are
generally encoded with the
same underlying software as
many cryptocurrencies.
A non-fungible token (NFT)
is a non- interchangeable unit of
data stored on a blockchain, a
form of digital ledger, that can be
sold and traded.
Types of NFT data units may be
associated with digital files such
as photos, videos, and audio.
Because each token is uniquely
identifiable, NFTs differ from
blockchain cryptocurrencies,
such as Bitcoin.
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Role to play to help debunk and explain simply but not wrongly define either