NFTs have been making waves in every industry we can imagine. Whether it be the world of art, real estate, or investing, NFTs are there, and they’re here to stay.
With that being said, NFTs are still largely a mystery, especially to the general public. They’ve had their time in the limelight on SNL and have been talked about extensively on social media, but many people do not know the true extent to which NFTs can be used.
We wanted to shed some light on the technology, so I talked with the experts at Click Clone Cash. Click Clone Cash is a group of professional market analysts, news curators, and project reviewers specializing in NFT projects and technology.
Click Clone Cash agreed to do an interview with me, and now we’re going to share that interview with you.
So let’s just start off with the basics; what is an NFT? Are NFTs the same thing as Crypto? If not, can you explain the difference?
NFTs are not the same thing as Cryptocurrency. NFTs are non-fungible tokens, while Crypto is a currency. Think of Crypto as the money you use to buy something, and NFTs are the things that you can buy.
NFTs are anything built on the blockchain. The most important thing to know about NFTs is that all are unique, which is amazing for digital files.
Usually, if you have a piece of digital art, you can copy and paste it to 1,000 places and have the same exact files. If that piece of art is an NFT, you cannot copy and paste it. There is only one, it is unique, and you can prove ownership over it.
Absolutely, NFTs can be anything. They can be MP3s, albums, art, even sensitive documents like contracts and proof of ownership documents. People have already started implementing NFTs in many creative ways.
There are also many expectations with the technology, and people believe the sky is the limit.
Blockchain is one of the most secure technologies in the world. It is almost impossible to hack without human error. NFTs and Cryptocurrency are stored in a crypto wallet, which is protected by a series of keywords in most cases.
In most cases, these wallets are more secure than bank accounts, which is another alluring factor of NFT technology.
Well, many corporations have begun using NFTs in their marketing. Nike, for example, uses Cryptokicks, where they give out virtual shoes with purchases of real shoes.
They also use the NFTs as sort of a proof-of-purchase. Taco Bell has released a project to fund a scholarship, and many venues have used NFTs in place of digital tickets.
Definitely, especially as NFT game developers start experimenting with the technology more. Some developers have tried and failed, while others are still going strong. Still, we will see what the future holds in that field.
The number of NFT artists and collectors is on the rise; I think it is inevitable that people will start insisting that their digital goods come in the form of NFTs because NFTs are tradeable and have real value compared to how current digital products work.