NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger. But like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. Artists who want to sell their work as NFTs have to sign up with a marketplace, then “mint” digital tokens by uploading and validating their information on a blockchain (typically the Ethereum blockchain, a rival platform to Bitcoin). Doing so usually costs anywhere from $40 to $200. They can then list their piece for auction on an NFT marketplace, similar to eBay.
So what doe NFT's mean for both the private and public sector? How can IP be turned into an NFT?
How is the blockchain transforming business and redistributing wealth? And what is BitClout the new social media experiment?
Find out this and more in ParlayMe Tech Talk this Thursday 25th March @ 12:30 EDT
Join the conversation with us on Clubhouse - here's the link to join: