NFT stands for non-fungible token. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties. As everything becomes more digital, there’s a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership. Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties.
Social Media has given birth to a Creator Economy, a class of economy that is further expected to become a Creator-as-a-Business direct monetization economy. However, the current social media giant will not let that happen. They need to become central intermediaries by exploiting user data to implement efficient advertising models, leading to non-sustainable and misaligned incentives in the creator economy spaces. Innovation and a new business model for the creator economy are needed.
NFT is expected to disrupt many industries, and we believe that the creator economy industries are one of them. There are many Non-fungible categories such as gravity, music, video, painting, digital art, logo, domain name, photos, profiles, goods, character, sports, etc. That is why we created Artsky NFT, a decentralized social media NFT platform to help fans get an authentic relationship with their favorite influencers.
“In Artsky NFT there are place for many artist”
An NFT is a unique token with decentralized ownership. The media attachments and properties are stored in cloud servers such as AWS, Cloudinary and Digital Ocean. The metadata or collectively called “NFT Metadata” will be decentralized using Interplanetary File System (IPFS) and Filecoin when created on the platform. The hash code of the metadata will be storing and modifying directly on smart contracts. Otherwise, the media’s attachments are not implemented for blockchained, due to the gas costs. Without decentralization, collectors can’t count on the integrity and immutability of a token’s metadata.
The fundamental answer to consider while examining the NFT ecosystem is its definition. A non-fungible token is a digital asset with unique identification codes and metadata that distinguish it from others. It is impossible to exchange or trade it for a comparable unit. Photographs, music, films, apps, games, and other works of art are examples of NFTs.
- Indivisibility- It is impossible to divide these tokens into small denominations.
- Authenticity- It is simple to prove and verify that every non-fungible token belongs to someone.
- Non-interoperability- NFTs are never the same as one another. As a result, they are not as straightforward to swap as famous cryptocurrencies such as BTC and ETH.
- Tradability- You can trade tokens on a variety of cryptocurrency exchanges. Owners benefit from better trading platforms. Capabilities are nearly limitless.
- Cross-functionality with a variety of Ecosystems- The creation of non-fungible tokens for digital collectibles is possible, thanks to two standards: ERC 1155 and 721.
- Liquidity- NFTs can be traded in a non-stop mode.
- Complex Programming — Non-fungibles are associated with complicated mechanics like forging, making, and generating in many people’s imaginations. This niche offers an infinite number of possibilities and variations. It’s a fantastic place to be creative.
- Rarity — Programmers can impose a variety of specific qualities that are impossible to change after they’ve been deployed.