Please enable JavaScript.
Coggle requires JavaScript to display documents.
Non-Fungible Tokens (NFTS) - Coggle Diagram
Non-Fungible Tokens (NFTS)
Definition: NFTs are one of a kind digital trading cards for literally anything digital (music, visual art. photos, video games, tweets etc.)
Social Aspect
Redefining Art Collection
NFTs are designed to give you something that can’t be copied: ownership of the work but adjusted to a digital space
Changes the way we value art and which artists we value
The "Clout"
The ability for people to say that they own a specific NFT is a flex, and some people have wayy too much money to spend in the first place
Society run on consumerism: the more "things" you have the better
Economic Aspect
Billion dollar marketplace
Open Sea
: the "amazon" for NFTS, $13 billion
The global art market was valued at 50 billion U.S. dollars in 2020. NFTs give a chance to dip into this market through the digital realm
Benefits Artists
It gives artists a chance to sell digital work that may not otherwise have a place to sell (ex. imessage stickers, gifs etc.)
Get paid a % every time the art gets sold or changes hands
Art Collectors: the increasing value of NFTs as an investment
Possibility to integrate it to the physical marketplace
Nike has patented a method to verify sneakers’ authenticity using an NFT system, which it calls CryptoKicks.
Stoner Cats: uses NFTs as a sort of ticket system.
Emphasis on income inequality
How it Works: Most NFTs are apart of the Ethereum blockchain that keeps track of who is trading and holding them.
Environmental Impact
Blockchain technology requires a lot fo energy to stay running which generate a lot of greenhouse emissions
Used for social responsibility and sustainability
EX. Apocalyptic Apes: focused on helping clean up the Earth through ocean cleanup and carbon offsets
Typical Tigers: proceeds going to support tiger rescues based on the direction given by their holders.
But what's the point: Owning an NFT doesn't mean you have exclusive rights to it, someone else can just download it as well
Where might it have come from?: corporate social responsibility ("CSR") as companies began to see consumers look for a deeper reason to connect with a brand.
