For some people, the concept of non-fungible tokens, otherwise known as NFTs, is completely new and somewhat mysterious. Though many of us in the Tezos community are still trying to fully comprehend the NFT phenomenon, it is becoming clearer that we are on the verge of a paradigm shift.
Indeed, it takes some immersion in the NFT environment before one begins to realize the potentially mind-blowing implications for development in this environment.
Essentially, NFTs are unique assets, represented by data on the blockchain that can be purchased and sold like property. The owner of an NFT holds the token that proves ownership of the asset.
The NFT data is stored on the blockchain and its existence can be publicly verified back to its origin. In this way, items such as digital artwork can be traced back to their origin and easily authenticated. Additionally, the creator of an NFT can program their work to pay them a portion of the sales price every time it is sold into perpetuity.
Ultimately, NFTs have potential to change the way that all types of media are bought and sold. Artwork, music, books, comics, video games, sports and game collectables and much more can be “commoditized” with NFTs.
In the coming years, we can expect NFTs to have many new use cases, some of which we haven’t even imagined yet. For the purposes of this article, visual art will be the primary focus, which reflects the primary use case for NFTs, at least so far.
As a non-developer and non-artist that appreciates art, one might come to understand NFTs as an extraordinary convergence of art and technology.
On a basic level, NFTs expand the accessibility of artwork to a much wider audience, while supporting the creative process on a previously unimaginable level. Art consumers gain access to an entirely new universe of previously unexplored artistic creations and artists acquire a massive market of new art connoisseurs craving more fantastic content.
Suddenly, millions of people worldwide can participate in the art world in ways that were previously only accessible to a select few. With NFTs, the world of art creation, collection and curation has opened to people that may have never taken an opportunity to experience an art exhibit, or an art museum.
An exhilarating world filled with new ideas, vibrant colors and breathtaking images is captivating new audiences the world over.
On some level, NFTs have blurred the lines that once separated art from technology. Perhaps these concepts limit our understanding and have outlived their usefulness?
NFTs have a fascinating ability to confound our attempts to bind reality to concepts, while giving us glimpses of and perhaps allowing us to participate in exotic experiences that were previously beyond our reach.
One could say that Tezos is the Holy Grail when it comes to NFTs and blockchain technology. Significantly lower gas fees and drastically lower energy requirements make Tezos the most logical choice for artists, curators, collectors and consumers alike.
Given that Tezos is currently one of the best alternatives to Ethereum for creating, curating and collecting NFTs, in terms of both cost effectiveness and a reduction in environmental harm, it is reasonable to believe that we will continue to see a significant migration of artists and art consumers in the coming months.
Therefore, it is important that the Tezos community participates in the discourse surrounding NFTs so that we can continue to be a strong positive influence in the cryptoart ecosystem and in the broader field of blockchain technology.
One could imagine Tezos as an evolving ship that has the capacity to upgrade, so that it can best face the constantly changing conditions that it encounters.
We are the voyagers on this vessel that will help to guide its evolution and participate in its growth that projects into the foreseeable future. What an exciting time to be alive!
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