nft

What the heck is an NFT? The NFT craze has continued to hit mainstream media lately. All this talk about NFT’s and cryptocurrency has probably got you feeling a bit out of the loop. Unless you’re a really hip, tech-savvy entrepreneur, in which case this is old news. If so, skip to the bottom to see how virtual assistants play a role here. But for those of you who want to get in the know of this very hot and controversial new technology first, read on! We’re giving our subscribers a very easy-to-digest breakdown of everything you must know about NFT’s. What exactly is it and why does it exist? How is it relevant to your business? Should you be involved? How does a virtual assistant factor into NFT technology? Let’s start answering those questions.

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What is an NFT?

The abbreviation stands for “Non-Fungible Token”. Fungibility is when a good’s individual units are interchangeable and indistinguishable in value. So non-fungible means something that has unique properties, making it have a different value from other similar tokens/goods. Here are some examples: a fungible token would be the $10 bill in your pocket. If I handed you a $10 bill from my wallet, and you gave me your $10 bill, then nothing has changed. Those bills are identical in their creation and their value, and thus interchangeable. A non-fungible example might be a house with a terrace. The house across the street is similar but doesn’t have a terrace, and therefore looks different and is worth a different amount. We couldn’t swap houses and still be equal in what we possess. They are not interchangeable. 

 

Are they safe/secure?

NFT’s are cryptographically secured tokens with their history of ownership and value stored on a blockchain. The most popular place for storing and trading NFT’s is Ethereum; a platform powered by blockchain technology that’s best known for its cryptocurrency. You’ve probably heard of Bitcoin? Well, “ether” is a close second in popularity and value. It’s a secure place on the internet for storing valuable digital content, and thus very popular for the management of high-value NFT’s. 

 

Blockchain: is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible(house, car, etc) or intangible(intellectual property, copyright, digital content, etc).

 

What’s the point of an NFT?

To start, you can think of an NFT as a kind of certificate of authenticity for digital items. For example, a video clip recorded by a celebrity could be “minted” as an NFT and sold for $10,000 to someone who might be a big fan of that celebrity. By owning that NFT they have a digital paper trail that leads right back to the celebrity themselves. Say that celebrity never records a video like that again, or even passes away, now that little video is worth more. Sure, just like an image on a website it could be re-recorded/copied and uploaded across YouTube for anyone to watch and even download to their device. But that original video is the only one with the digital signature of the celebrity who made it. 

 

It’s just like a work of art hanging in a gallery. You could take a photo of that art and print it out on a canvas, frame it, and hang it. That’s cool and all but it’s not the original so it has no value whatsoever because it has no proof it’s an original piece. Basically, more and more companies are now exploring different ways of utilizing NFT technology to add value to their goods. For example, the rock band Kings of Leon recently announced their next album would come in the form of multiple NFTs. All would include the music of course, but some would come with exclusive album art and even lifetime passes for front row rickets at future concerts. 

Currently, the NFT space has three key branches of interest and use…

  1. Art and digital collectibles. (Generative art, music, video clips)
  2. Video games. (in-game content, used games)
  3. Metaverse (Digital real estate, avatars, and their customization)

nft

Why should I care about NFTs?

Because it’s a controversial new technology that doesn’t appear to be leaving anytime soon. And if there are two things that pique a consumer’s interest, it’s new tech and a dash of controversy. Everyone wants to be in the know and to be a part of the conversation. No one wants to be left behind, and NFT technology may very well become a common part of our digital lives. So it doesn’t hurt to dip your toes in and see how it might benefit you, because there’s nothing quite like getting in on the ground level of something big. Imagine trying to sell a house, and you sweeten the deal by including an NFT in the form of digital art. You display it on an LED monitor, hanging on a wall in the home. The house now comes with art that may be worth as much as the house itself someday.

Real-World Application

You can think smaller and more practical too. Perhaps you create NFTs that act as digital “club member cards” for your customers, giving them access to exclusive perks and promotions. Or maybe it’s a virtual clothing item that they can show off in their favorite game or chat room. It could even be a branded backdrop for their Zoom meetings! As extravagant or as silly as it may be, it can be tokenized and turned into a unique item of value, that will always and forever link back to you or your brand. NFT’s are still being explored as a way to tokenize and enable the digital transfer of real-world assets like houses or physical art, too. A QR code on the back of a painting, or the tag of a t-shirt, when scanned could link back to the original owner/creator. It’s all in the name of easier proof and exchange of ownership. Which lends itself to a marketplace platform quite well.

 

How does a virtual assistant factor into this trendy NFT stuff?

Imagine having a remote assistant creating digital assets for you, and connecting them to NFT’s tied directly to your company. One of a kind assets that you set the value. High-end membership tiers, marketing materials, social media assets, event tickets… the list goes on. Even physical items like I mentioned before; have your virtual assistant doing inventory management on your physical goods and assigning an NFT to each. They can manage your marketplace too; processing transactions and handling all of the accounts payable and receivable. Your own little digital storefront. You could be spending very little to earn a lot, with very minimal first-hand effort. The possibilities are damn near endless. 

 

So if you want to get at the forefront of financial technology before you get left in the dust, reach out via the link below. Let’s get a conversation started about how we can supply you with the help you need to be a digital powerhouse, on the cutting edge of tech. We’ll get you on a call with one of our experts, who will first hear you out and then pitch an idea that involves our virtual assistants. No obligation, no risk. Nothing to lose, everything to gain. 

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