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How NFT's have changed over a period of time - Coggle Diagram
How NFT's have changed over a period of time
The Blockchain
Before 2008, there were lots of illegal activities done by banks with the clients money. That is why the Blockchain was created.
The blockchain was made so that the transactions could be monetized by everyone and not just a group who takes care of it and makes all the decisions.
A lot of things were created on the blockchain. The first thing created was Bitcoin. A digital currency as we call cryptocurrency.
After that came etherium. The came Nft's which could be bought with these crypto currencies.
The blockchain has been created out of blocks. Each block has 3 parts, Data, Hash and Hash of the previous block. The Data is the transaction information. The hash is a digital signature of the block and if changed the hash changes. Each block has the previous bock's hash so if the blocks are changed it can be detected. This makes a chain which la theft is very unlikely.
Why NFTs came and how people know
Ntfs only started coming into the view of people when people started earning a lot from it. An example is, a person called Beeple sold his artwork for 69 million dollars.
Traditionally a normal art can be copied over and over again and the creator of it can do nothing about it. This even takes all credits from the creator.
NFTs solve this problem. The digital art created and put on the market gives credit to the creator and it can not even be copied. The NFT markets even help poor artists to make it on a larger scale faster.
How NFTs bring a change
Because of NFT's a lot of companies have started to work in this ecosystem, such as Twitter, Nike and Facebook. They are now earning a good amount from this.
Another big change is the Gaming World. People spend hundreds and thousands of dollars in their games but only for better items and gameplay. The new Play to Win model was created. This lets gamers play the game and win some money in real life too. With those game currencies you can even buy game assets which are NFTs.
Even the social world. We can now even not only create digital but even physical art. This helps creators who can not create digital art or can even afford to make it.
Another thing is the Metaverse. Companies are live working on creations in the metaverse. Here they create games, markets, ect. which helps for both the consumers and companies to earn from these ways.
The Future of NFTs.
One prediction for the future is that for nearly every artist this will become a one stop way for earning and having a career in this.
Another prediction is that we might discover more cultures and traditions through this way. It can this way create the biggest opportunities for the smallest artists.
It could be possible that the art and digital assets can be seen and looked through VR and AR. This way buyers and creators will be able touch and actually play with the digital assets.
It can also be so that people marketing and using bands and such things to advertise their products can through these NFT market. It can help companies and businesses.