Why are NFTs so important and why do we have an MA on the topic at ACS.
In May 2022, the Wall Street Journal stated that the NFT sales were flatlining. That meant many people were questioning whether or not the NFT sales would carry on. But the theory generated by that article was soon debunked as the recent analytics showed that the NFTs market is still stable and solid.
What are NFTs.
Before we begin, we’d just like to bring a brief explanation about what they are and how they work. So, the NFTs are non-fungible tokens registered in the blockchain system. They are ‘originals’, meaning they are one of a kind and are not replicable. Collections of all kinds much appreciate them, people who are into the metaverse, gamers and investors and traders.
The blockchain, on the other hand, is the system in which these non-fungible tokens are stored, and it is a secure system that stores certificates that verify the originality of an NFT. Moreover, the blockchain system is “ownerless,” meaning no one manages it.
Since its decentralised power, the blockchain allows, for example, artists to sell their art as an NFT on the blockchain with no additional expenses. Usually, for selling a piece of art, there are intermediation expenses between the bank(s) or the art gallery and so on.
Everything is protected and online, and the artwork’s authenticity is confirmed since the blockchain is decentralised, the artists and the buyer (or investor) can manage to seal the deal with no intermediation expenses.
If you’re interested in learning more about blockchain, please click here to read our previous articles.
The three pillars of NFTs.
NFTs may represent artworks, music, real-life objects or even metaverse real estate. However, usually, NFT collections concentrate on three main principles:
- community and
Not all NFT collections include all of the three above-mentioned values, and some of them may consist of two of these values and some others only one. For instance:
- Bored ape yacht club is all about the community
- Artblocks and CryptoPunks are connected to the cultural sphere whereas
- Gaming NFTs are an example of utility
The market fluidity.
NFT market cannot be foreseen. The rapid changes in the NFT market favour substantial projects by only making investors interested in the vital tasks. But this is a point in favour of investors who usually buy NFTs at low prices only to resell them at a much higher value. That is why many investors have gained so much from the NFT business in such little time.
People buying the NFTs would like to know more about their utility. They are interested in becoming part of a community or maybe in the metaverse’s uses of the NFTs. Of course, the NFT selling community will recognise these needs, and to answer them, they will also begin developing more utility-oriented NFTs.
Consumer satisfaction is now the priority of all modern businesses and organisations, including the NBFT marketers. That is why they are already designing NFTs with a broader range of utilities. For instance, some travel companies or entertainment organisations are selling tickets to their events or travels, which actually is a pretty useful function significantly because the intermediation fees are cut down.
Also, the metaverse is taking over and merging into the NFT sphere. Indeed, metaverse NFTs are much appreciated, and they are becoming more and more popular. That is because metaverse technology is evolving at a rapid speed.
Moreover, the interoperability of metaverse and NFTs make them a revolutionary tool for the future. Interoperability between different metaverses will be essential for creating fluid and virtual socio-cultural actions. All that, of course, goes beyond our physical world. The versatility of NFTs, in this case, will add value to them and the metaverse industry.
An MA in NFT at ASOMI College of Sciences.
NFTs are conquering the current scenario, and so is the metaverse. The NFTs are versatile and based on three principles: culture, community and utility.
ACS – ASOMI College of Sciences is one of the few colleges offering accredited MA programs in NFT. If you’re interested in having a higher education diploma attesting that you have an MA in NFT studies, click here to find out more.