Recorem is here with yet another marvellous masterclass on the topic “Everything can be an NFT”. You may be totally dissolved in the world of NFTs but it is not necessary that you might know everything. Recorem brings to you this masterclass for getting a deeper insight in the world of NFTs.
Our guest speakers Fabian Ferno and Daniel Mark discussed all the relevant points relating to NFTs and made it really easy for the audience to grasp the crucial idea behind NFTs. Even an individual who has no idea of what NFTs are, can learn a number of things from this masterclass.
What are NFTs exactly?
NFTs are cryptographically reporesented and unique digital assets stored on a blockchain. The immutability and transparency of blockchain technology means that it is easy for NFT owners to prove that an NFT is stored in their wallet and nobody else’s
Hype vs Utilities
Utility NFTs are NFTs with use cases beyond just being unique digital assets. They are NFTs which grant their owner privileges, rights, or rewards which they would not otherwise be able to access.
Soulbound tokens and its Use-Cases
A lot of people in the SOLANA ecosystem were really hyped up about Soulbound tokens.
The NFTs which are bound to your account or to your wallet address are soulbound NFTs.
In any NFT, there are methods and functions that can be called to perform certain actions. In all these functions there is one such function called transfer function.This transfer function enables you to send your token from one person to another. In case of soulbound tokens this is not possible. The token gets bound to your account only.
Phygital NFTs
The term phygital is a combination of two words- physical and digital. So, a phygital NFT is a digital token that is actually backed by a physical item. Guest speaker Daniel gave a really amazing example which made the understanding of this concept easier.
Our speakers also focussed on points such as copyright over stolen art that has been converted to NFT and whether it is legal or not to provide Return on investment to the buyer. They gave some secret tricks to break into the NFT industry. We discuss about the next phases of this technology as well.
If you missed the session or wish to watch it again, head to our website link below and check it out.
Recorem: All About NFTs
If you are looking to step into the Web3 industry visit Recorem and start applying.
