Why are NFTs so popular?
By Staff Reporter
Lately, NFTs have been making headlines, with some selling for millions of dollars. For example, artist Beeple recently auctioned off an NFT at Christie’s for a whopping $69 million. Eric Ma, CEO of BTCU (https://btcu.io)
‘The significance of NFTs lies in the ability to securely value, purchase, and exchange digital assets, particularly art, using a digital ledger’. ‘This ledger is stored publicly, accessible by anyone, and ensures
that the NFT can’t be copied or tampered with. Without the NFT’s metadata attached to the image, these copies cannot be sold on as they cannot be verified as authentic’- adds Ma.
NFTs are also being used by many more online content creators, especially after the release of popular trading card games CryptoKitties. Historically, when a content creator puts their content online, much of their earnings are taken by the platforms hosting their work. An artist publishing their work in social media makes money for the platform that sells Ads to the artist’s followers. Artists get exposure, but very little profit. The development of NFTs has allowed creators to keep one hundred percent ownership of their work. When they sell their content, funds go directly to them, with no commission or advertising fees. If and when the NFT gets sold by the new owner, the original creator has the power to automatically receive royalties. This is guaranteed every time it’s sold because the artist’s details and credentials are part of the token’s metadata, which can’t be modified.
Aside from being a popular way of buying and selling works of art, more and more NFT marketplaces appear, as businesses of all kinds realize the potential of NFTs. Each blockchain has a unique NFT token standard, wallet services, and marketplace. Many platforms allow digital artists to connect their wallets and upload their images. Some of the biggest names include OpenSea, Mintable and Rarible, and it is with organizations like this the BTCU is building relationships and creating an accessible decentralized experience for buyers and sellers alike.