21st-century technology has provided a breakthrough experience for artists, creators, photographers, businesses and virtually anyone that has access to a smartphone.
Non Fungible Tokens (popularly called NFTs) are one-of-a-kind digital items that can neither be copied nor substituted. In physical terms, NFTs can be compared with Leonardo da Vinci’s masterpiece painting, the Mona Lisa.
For many people all over the world, converting their works to NFTs is a great stream of income. This is because every time an NFT is sold, a percentage (typically 10%) is programmatically sent to the original creator’s wallet. This establishes provenance as the original creators are always linked to their projects and can share in any upside as their works get popularly known.
Digital provenance is groundbreaking for art collectors as it breaks the traditional barrier of relying on authenticity experts to determine if a piece of artwork is real or fake. By the provision of provenance records on blockchains, the immutability and authenticity of NFTs is guaranteed.
NFTs have awarded novelty and fame to many, one of whom is Adisa Olashile, a Nigerian photographer that became popular for selling photos of an old drummer for over $3000.
Olashile was kind enough to give the drummer 50% of what he earned, and being a smart art creator, he minted the whole video of their meeting as an NFT and sold it for 1.1 ETH!
Mayowa Alabi is another famous and wealthy NFT artist who makes a minimum of $4000 through his digital art every night while he sleeps!
NFTs do not just center around image art; they can be songs, text, videos and more. Their value lies in the artists, collectors or the works of art themselves.
NFT’s are the future for art and collectibles. Art is just a forefront; land, music, videos, etc. can be bought and sold. In recent times, digital artists are now accepted with warm hands into traditional art galleries. NFTs have also been embraced by Facebook, Instagram and Twitter (which allows users to show off their NFTs as hexagon-shaped profile pictures), thus enabling their promotion and sale, and contributing to their growing popularity.
How to Leverage NFTs as an Entrepreneur
There are many different ways that businesses can leverage NFTs; the possibilities are endless. NFT ideas and opportunities for businesses include:
Film production: Movie producers can fund an upcoming project by leveraging NFTs. America’s Mila Kunis and Ashton Kutcher have set a great precedent on how to do modern crowdfunding using NFTs. Their Stoner Cats project raised $8 million in 35 minutes to fund the creation of their animated series. NFT holders get early access to the show.
Music: Musicians can make collectibles for fans and sell them. A great instance of this was Nigerian singer, Buju selling headsbyBNXN.
He also created ticketing and token gating as NFTs were sold and used as tickets to his minting event, gate access to his VVIP club experience, comic book, apps, websites, videos, audios, streams etc
Leisure and Hospitality: Businesses in this sector can sell NFTs as tickets to get into a holiday party for instance. If a ticket holder can’t make it, they can resell the ticket to someone else.
In conclusion, being armed with the right knowledge and necessary information about NFTs could be all you require as a smartpreneur to make smart decisions that would lead to huge financial success. In addition to having this knowledge, it might serve you well to take photography classes, learn about buying and reselling art, and take courses on video and content creation in general as you look to leverage NFTs in your financial journey.