Blockchain technology is still relatively new, and many people are still trying to get their heads around it. However, a new player has just emerged, storytelling NFT.
If you’re still trying to get your head around Blockchains beyond the trading of cryptocurrencies like Bitcoin, Ethereum, and others, we prepared a blog post on How Blockchain may aid Non-Profits that describes how this digital accounting record works and its potential advantages. This, in essence, is what a Blockchain is when down to its barest essentials. A record-keeping system for digital assets. The term “NFT” refers to the fact that NFTs, like digital currencies, are tokens.
What Is An NFT Exactly?
An NFT is a digital token that cannot be exchanged for other tokens. This implies that the value of any one token is completely independent of any other token. It’s possible for the values of two tokens to coincide at any given moment. Since no two residences, once acquired, have the same fixed value, they would be considered non-fungible tokens under the old system. The same holds true for a vehicle or any other item having resale value.
Bitcoin, on the other hand, is a completely fungible token. Each bitcoin is worth exactly the same as every other bitcoin at the current market price. Similarly to modern currencies, traditional currencies may be exchanged for other currencies. The value of my one hundred Rand note is the same as the value of your one hundred Rand note if we trade them.
This explains why most references to NFTs, if any at all, have been made in the context of digital media or art. Like Bitcoin, an NFT’s transaction history may be looked up on a public distributed record called the Blockchain. It’s for this reason that digital media and/or art seem to be the vanguard of the plethora of potential future applications of NFTs.
So, if a creator of digital art wants to prove the authenticity and provenance of their work, they may register their NFT in a public ledger. There is widespread scepticism of the notion of an NFT since it is easy to copy and distribute digital artworks by simply taking a screenshot or photographing them with a smartphone.
In this way, it may be more easily grasped. The original Mona Lisa is at the Louvre Museum in Paris, France. The Mona Lisa is not yours to claim just because you visited the Louvre and snapped a picture of it or downloaded an image of it from the internet. As its cultural significance develops, the value of NFT-registered digital art increases as it is copied or shared. Although there is a lot to take in, the NFT idea has much more potential than merely giving value to digital art, much like cryptocurrencies, which have yet to achieve critical mass in this new, virtual world.
Storytelling NFTs And Narratives: a Look Into the Future
Generations Y and Z, the focus of much attention, has been claimed to be significantly more conscientious shoppers with different expectations than earlier generations. You may find some of the pieces we’ve published on the topic by scrolling down to the very bottom of our site. The widespread use of social media and mobile devices has also resulted in another major paradigm shift: the desensitisation of consumers to conventional forms of advertising.
Most of these strategies rely on annoying you while you’re trying to go about your day, including pop-up banners, TV advertising, YouTube video ads, and ads on your Facebook or Instagram timeline. Without sounding too utopian, visual storytelling is the next step away from annoying commercials. Brands who invest in telling their own story via media see a significant drop in audience guard when they do so. Trust, affinity, and brand loyalty all increase when consumers don’t feel like they’re being marketed to.
What is the connection to Storytelling NFTs, then?
The spread of false information has had and will continue to have significant consequences in the online world. The business sector isn’t immune to this risk, however. False narratives are meant to provide an unfavourable impression of a company’s offering on purpose. One such example is the widely circulated news article claiming that a boy’s Xbox One killed him. Think about the harm to your brand’s reputation that this may have created.
One way to confirm and monitor tale ownership that is long needed is data privacy and user privacy enhancement. Increasing the genuineness of a viral narrative may need a digital regulator, and storytelling NFT might be precisely that.
Safeguarding computer data is essential.
As a secondary function, storytelling NFT serves as a trading platform where digital assets may be listed for sale and purchased using crypto. If the digital asset in question is a video, for example, the creator would sell the buyer this token, attesting the latter’s legal title to the film.
Since the original item is documented and trackable through the blockchain ledger, it protects both the inventor and the buyer. Neither the original owner nor the new one may resell the storytelling NFTs without also transferring ownership of the asset. If you want people to trust the internet again, you need to implement a solution like NFT storytelling, which is a giant leap forward in authenticating digital assets and eliminating media piracy or abuse via verified ownership.
All investment/financial opinions expressed by NFTMetaverse.news are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.