Are NFTs the Next Big Thing?

Cryptocurrency has become a widely discussed topic among every type of social and professional circle. Whether you are new to the world of cryptocurrency and digital tokens or an expert building wealth, there’s one thing that has broken through as the next big topic: NFTs. 

What is NFT?

NFT – (Non-fungible token) is a token proving ownership of an item on a blockchain. 

NFTs differ from other forms of cryptocurrency. Generally,  cryptocurrency, and physical money can be traded for each other because the values are the same. NFTs vary widely, and each value is unique, so  currencies or items cannot be exchanged for one another.

NFTs in the News and on Your Mind

NFTs have been talked about recently because of major current events and media coverage. Recent transactions demonstrate the variety of industries in which we are seeing NFTs take center stage.

• Chisty’s recently sold Beeple’s NFT for $69 Million.
• Many A-List celebrities are putting large sums of money into NFTs and NFT marketplaces, and are creating their own NFT art, music, and more.
• Gaming platform Big Time Studios is raising $21M to bring NFT’s to game economies.

Like anything in the social consciousness, the topic of NFTs has become so mainstream that there are memes, and even a Saturday Night Live musical skit trying to explain NFTs to the general public.

More Than NFT Art

Although NFT art has been in the news more than anything, NFTs are more than just art. They can be sounds, files, or text as well.

Of course, while NFT art is in the current spotlight, there are many other things that can effectively become an NFT. Anything that requires authentication or proof of ownership can benefit from an NFT. 

This means NFTs can be used outside of just artwork and music. They can be used to verify ownership of any type of valuable unique data. That includes, licenses, ideas, legal, copyright, content, text, collectibles, gaming assets, certificates / degrees, and other metadata that needs to be owned by individuals.

So, Are NFTs the Next Big Thing?

NFTs have a long way to go to offer an efficient complete solution for collectable ownership and businesses wishing to leverage their benefits. Though there are a few vulnerabilities that need to be worked out, we are looking forward to the future of this technology.

Ally is also excited to become involved in the NFT space, contributing to the advancement of this tech in a significant way.

We are looking forward to announcing our own NFT Generator, implementing solutions for the marketplace to make NFTs more accessible for everyone.

If you need something with tamper-proof ownership, NFT can be a viable option, as long as you are aware of the growing pains of this new system.