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NFTs : Everything You Need to Know

Lately, you can’t go anywhere on the internet without stumbling across tweets, memes, or newspaper articles about NFTs. They seem to be all the rave these days, and almost everyone has something to say about them.

But what exactly are NFTs? If you find yourself asking this question, keep reading! In this article, we break down everything you need to know about NFTs, including what they are, how they work, and how they differ from cryptocurrency.

What Is an NFT?

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata. These codes and data distinguish them from each other. NFTs digitally represent real-world objects such as music, gaming perks, art, and videos. They can be bought and sold online with cryptocurrency.

NFTs are usually encoded with the same underlying programming as cryptocurrencies, such as Bitcoin or Ethereum. However, that’s the only similarity between NFTs and cryptocurrency.

How Does an NFT Differ from Cryptocurrency?

Cryptocurrency is fungible, meaning that they are equal in value, and you can trade them in exchange for another. For example, if you trade a bitcoin for another bitcoin, you still have the exact same thing. Cryptocurrency’s fungibility makes it a trusted medium of exchange for commercial transactions on a blockchain.

NFTs, on the other hand, are non-fungible, meaning that they are unique and cannot be replaced with something else. NFTs have a unique digital signature that makes it impossible for them to be valued equally. This also means that you can’t exchange one NFT for another. If you want to exchange one video clip of a dance routine for another video clip of a dance routine, you can’t if they’re both NFTs.

How Does it Work?

NFTs exist on a blockchain, usually the Ethereum blockchain, although other blockchains support them too. All NFTs are minted or created from tangible and intangible objects such as art, music, GIFs, videos, collectibles, designer sneakers, video game avatars & skins, tweets, and much more.

NFTs are digital collector’s items, where the buyer obtains exclusive ownership rights, But instead of having a tangible charcoal portrait up on your wall, you’d get a digital file. Two people cannot own an NFT at the same time. An NFT’s unique data makes it easy to verify ownership in case of a dispute. If you created or own an NFT, you can also store metadata within the NFT, such as an artist’s signature.

How to Buy an NFT?

If you’d like in on the NFT scene, the first thing you need to do is set up a digital wallet that helps you store NFTs and cryptocurrencies, such as Ether. Most NFT providers don’t accept other cryptocurrencies.

Once you stock your digital wallet, you can shop from a large number of NFT trading sites, including OpeanSea, SuperRare, and Rarible.

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Metaverse Marketing: Opportunities and Strategies for Brands

Traditional marketing approaches are no longer sufficient. Marketing methods are evolving, and marketers must adapt to the new environment. Through metaverse marketing, companies and brands have a chance to reach a global market.

Some of the world’s most well-known brands have already begun to integrate and build their digital presence in the metaverse.

Is there anything else it entails? Keep reading to find out what marketing in the metaverse is all about, and what opportunities it offers.

What is the Metaverse?

The metaverse is a persistent, online, three-dimensional universe that integrates numerous virtual spaces. It can be compared to a future version of the internet. The metaverse will allow people to work, meet, play games, and socialize together in these 3D places.

It combines multiple elements of technology, such as augmented reality, virtual reality, and video where users “live” in a digital world. In the metaverse, users will work, play and stay connected with friends through everything from concerts and conferences to virtual trips around the world.

Metaverse Marketing: Opportunities

Although the metaverse has been around for some time and some companies have even experimented with metaverse marketing, the guidelines for mainstream marketing for most brands have not yet been established.

As new technologies are introduced almost daily, it is still unclear how to make the most of metaverse marketing by creating the perfect marketing plan.

Establishing these rules and developing appropriate strategies might just be the key to achieving success in the metaverse for a brand. Here are a few strategies being pursued by some brands.

Accessibility and Availability of Virtual Venues

The earliest websites were able to take their brands and businesses to the next level by simply being there first. Today, brands enjoy the same opportunity, but on a much larger scale.

Brands can now design fully immersive and engaging virtual venues, universes, and locations from scratch using 3D virtual reality technology.

Creating virtual venues, worlds, and spaces in which to hold events and experiences is instantly possible in the metaverse for brands.

Virtual Ownership Made Simple

Since people spend a lot of time online every single day, there is a higher value placed on digital assets and the showcase of acquiring virtual ownership rights.

In the world of virtual ownership, non-fungible tokens (NFTs) are the most popular because they make it possible for individuals, businesses, and creators to own these virtual assets and to transfer them with other virtual entities at will.

Real World and Virtual Entertainment Redefined

Whether we like it or not, the line between real and virtual interactions is getting more and more blurred, resulting in new forms of entertainment and immersive virtual reality experiences.

New experiences are frequently participatory and shared by a group of individuals nowadays, resulting in the transfer of physical behavior to all sorts of digital platforms and creating an entirely new reality.

Establishing a Brand Presence Everywhere

A lesson that brands and retailers around the world realized as a result of the pandemic was that their digital presence cannot be ignored any longer.

The pandemic caused the whole world to shut down, forcing merchants to create digital versions of their businesses since real-world versions could no longer be accessed.

When customers can’t physically visit you, you must bring the brand’s 3D experience to them online.

What are your thoughts on the metaverse? Comment below!

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Meet The Black Woman Rocket Scientist who is Building in the Metaverse

Mary Spio is a deep space engineer, tech innovator, and entrepreneur. She is also the CEO and Founder of CEEK VR Inc, a blockchain based streaming service for virtual events and other virtual experiences.

The CEEK VR platform includes a patented VR headset currently available at major retailers like Best Buy and Target. In addition, CEEK VR features artists like Ziggy Marley, and much more.

The platform simulates the communal experience of attending a live concert, being in a classroom, attending a sporting event and other ‘money can’t buy’ exclusive experiences with friends from anywhere at anytime.

ceek vr

In this interview, with Mary, we discuss:

  • Creating several patented products.
  • Presenting the idea of the metaverse to Facebook in 2015.
  • The role of NFT’s in the metaverse.
  • How her cryptocurrency, CEEK coin helps creators monetize their content.
  • CEEK’s role in the upcoming Black-In Festival.

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Tony O. Lawson

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