In today's Newsletter, we will talk about the tweet which went viral on NFT’s.
Considering the cumulative volume of revenue generated by the top 15 NFT platforms, they have generated around 2.5 billion dollars which is around whooping 16 thousand crores in our currency and this shows how far the NFT’s have been adopted. For those who are listening to the word NFT for the first time or confused about why it is valued crazily, I’ll give you a short premiere on why it holds that much value.
For what DEFI is to Money holds the same for NFT(Non-fungible token) to Media. The media can be anything digital, including art, videos, music, gifs, games, text, memes, and even code. NFTs simply can be thought of as files that live on the blockchain which means they cant be edited, deleted or even copy-pasted.
Just like this guy, you might be telling me that I can just save the photo or record the song without buying for the ownership. Yes, you can but that's not the whole point. NFT’s are those which will drive the creator economy further, it can activate the trend of creators directly monetizing with their fans.
Every day billions of images, songs, videos and media are shared on social media. When those files are posted, a copy of the media is taken from the creator’s device and pasted to the server of the platforms and yet the creators are not able to monetize it. Whereas NFTs enable the collectors to reap the benefits of owning them so the more a file is shared and seen online, the more cultural value it accrues, hence more value with a wider distribution. This provides value for both Creators and collectors. This is just a small part that kind of justifies the value but there's much more to it. Stay tuned for further issues