The latest buzzwords NFT and blockchain have most likely slipped into a few of your latest conversations. The second coming of the internet age is among us. Through our experience consulting for disruptive technologies, we have accumulated an immense amount of information that we would like to share with you. Omni Public specializes in introducing our clients’ concepts and ideas into the marketplace by navigating media, government, and industry. This information helped us and now we have the opportunity to help you.
Let’s break down the basics.
NFT (non-fungible token)
Fungibility is the ability of goods to be interchanged. For example, money is fungible – $1 can be 4 quarters. Non-fungible tokens are unique assets that are specifically made to not be interchanged. The tokens data shows the uniqueness, rarity and individuality that differentiates each separate token within the blockchain. Creating value through authenticity, NFTs have become popular due to sole ownership or a limited supply in the market – NFTs can’t be recreated.
Many people have emerged as digital art collectors, like this guy, who owns a PNG file pet rock NFT. That rock, which you can Google for free, is worth around 30 ETH roughly $100,000 and expected to keep climbing into the millions (ETH is the cryptocurrency for blockchain platform Ethereum).
Anybody can create, buy and sell NFTs thus, establishing endless opportunities for creatives. Our first NFT client, Unsigned Artist, created uniquely designed comic book concepts that can’t be found on Google. Unsigned Artist also secured over eight celebrity partnerships on its highly distinguishable Meta Wolves NFT collection.
Blockchain?
The main goal: To record and distribute, with the inability to edit, digital information.
Blockchain is a decentralized immutable database often serving as a ledger of transactions and proof of ownership. Decentralized means the data entered in the blockchain is irreversible, permanently viewable and collectively controlled. Blockchains store information electronically while being shared among network nodes. Nodes are data connection points where information is stored, redistributed or created; PCs, phones, printers, etc. are considered nodes.
What’s the difference between blockchain and a regular database?
Structure.
Visualize this: Information grouped together in chunks, aka blocks. This is the first unique step in the blockchain. Blocks have capacity limits. When full and closed, any new information to be added forms a new block and is linked to the previous group of information, therefore forming a chronological chain. This differs from regular databases’ table-style information structure. Blockchain creates a visual immutable timeline that has never been digitally done before. Blockchain technology enables the existence of crypto therefore guaranteeing trust and proof of ownership for each unique NFT.
Ok, but how do I pay for an NFT?
Cryptocurrency, such as bitcoin, Ether, Dogecoin, etc. Trade your American dollar for cryptocurrency with “wallets” or cryptocurrency exchange platforms like Coinbase. Cryptocurrency operates on a blockchain due to security and safety. To scale, the Texas government proposes paying mortgages with blockchain and Miami even introduces MiamiCoin (which operates on a blockchain) pushing the future of cryptocurrency into reality. Blockchain technology creates the platforms that enable the trading of digital art collectables (NFTs). Even the famous “Legally Blonde” star, Reese Witherspoon, is riding the NFT wave in which celebs post their most recent NFT creation or purchase as their Twitter profile photo.
Why do I care about NFTs?
Your favorite celebrities are selling digital art for millions as NFTs. Senators are advocating for mortgages to be paid with cryptocurrency and online rock collections are appreciating. Do you want in yet?
Economic value is created with the public creation and exchange of NFTs on blockchain platforms therefore, supplying a brand new arena for creatives to sell art. Blockchain has unlocked an abundance of safety and protocol standards that have never been done before. As the power of the internet expands, new markets are created and emerging tech markets have begun to soar.
Creators, artists, entrepreneurs, collectors and people like you reading this, are all uniquely responsible for the growth of a new ecosystem. If you are a crypto entrepreneur and yearn for more national media coverage, see our article on “How to pitch to national media outlets.”
To learn more about Omni Public and the amazing clients we represent around the world, check out some of our case studies and/or reach out to our community affairs team at cm@omnipublic.global.
