What is NFT, and how it can benefit content creators
NFT (or Non-Fungible Tokens) are the next iteration of digital scarcity – and if you’re creating digital content, you should be taking note. If you’re an artist, writer, content creator, or gamer, NFTs can serve as both a source of inspiration and income. But what are they exactly? And how can you implement them into your content? Let’s take a look at the basics of NFTs, and why every creative needs to be thinking about them.
What is Non-Fungible?
Non-fungible tokens (NFTs) are digital assets built on Ethereum using ERC721 or ERC20. NFTs have specific traits that make them unique, distinguishable, and not interchangeable. If you’re a content creator in need of an additional revenue stream but don’t want to give up your copyright on your intellectual property—like photos, illustrations, or music—then using NFTs might be right for you. For example, instead of a gallery selling one photo at a time, they could sell limited edition prints based on that photo.
Value of NFT
NFT for content creators was introduced by CryptoKitties, a video game based on blockchain technology. Although NFTs are used as collectibles in CryptoKitties (you buy, sell and breed virtual kittens to get more valuable kitties), NFTs have many applications in other areas. Most people think of NFTs as ERC721 tokens—tokens that aren’t fungible.
Why should I use NFT?
There are many types of NFT for content creators, such as mentions for Twitter or Reddit posts. Mention-for-mention (M4M) arrangements or negotiated exchange arrangements provide reciprocal exposure for content creators. You mention them in your post and they’ll return the favor with a mention on their own social media account—that’s where you get to advertise yourself to their audience. There are also contests that feature NFT rewards for entrants like competitions hosted by CoinDesk to create an infographic that best explains blockchain technology.
How do I use them?
Not every token works in exactly the same way. Some are used to buying something; others have a fixed supply while others are infinitely tradeable. Some have an expiration date while others have an automatic burn option where tokens cease to exist after a certain period of time. While all of these functions work differently from one another, they do all exist under a standard known as NFT for content creators. This means that one day your ability to create new tokens for content could be built into any web browser or online wallet thanks to standardized smart contracts. This is just one example of what NFT technology could do for content creators like you!
Where do I get them?
If you are a content creator who creates digital assets (text, images, etc.) then using NFTs to prove ownership may be right for you. The way that NFT works to certify authorship of an asset is through 3 parts: proving that you own a certain set of keys; proving that those keys have been used to publish a specific message or information; proving that only those keys could have been published that message or information. This structure of trust allows users to know beyond a shadow of a doubt which author had created what asset at what time. To obtain proof from an authority (such as IPDB) as to whether or not your key owns/publishes what message or information at present would be trivially easy for anyone with access to said authority.
Tips and Tricks
In basic terms, NFT for content creators means no forced transgression. What does that mean? It means that a creator has only two options when creating content – to either create nothing or to fully complete their creation. They are not able to force people to pay for things that aren’t done yet because those things don’t exist yet.
NFTs are easy to use for content creators and that’s what makes them so important. NFT tokens are designed to be easily passed from one user to another using blockchain technology. Because of that, content creators have a way to monetize their work without going through a third party or relying on donations or ad revenue. Additionally, NFTs give content creators a way to manage their rights in real-time — meaning they can determine who uses their work at any given moment while still retaining control over its use later on.