NFTs open up a new realm of possibilities  

NFTs open up a new realm of possibilities  

An NFT can be created or coined from any digital object, tangible or intangible, including art, GIFs, video/sports moments, collectibles, virtual avatars/skins for video games, music and even tweets. NFTs function, like cryptocurrencies, based on blockchain, a process that acts as a distributed public ledger that records transactions. Blockchain makes it easy to validate NFT ownership by granting exclusive rights to the owner.
Thus, an original file, be it a JPG, MP3, GIF or any other, is an NFT that identifies its ownership and can be bought and sold like any other art form whose price is mostly determined by market demand.

What are NFTs used for?

NFTs provide artists and content creators a unique opportunity to monetize their work by selling their art directly to the consumer. By foregoing their dependence on art galleries and auctions, artists can have a chance to keep more profits. In addition, artists can program royalties to receive a percentage of sales when their work is sold in the future.
• NFTs also create new opportunities in in-game purchases in video games.
• In addition, NFTs are being used by brands as an attractive source of revenue.
• Musicians also sell the rights and originals of their works, as well as short video clips of their music, as NFTs.

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