NFTs - A Path to Ownership
To explain what an NFT is, let us start with an example of a house you own. You can live in it. Your relatives can visit it. Your friends can view it. Sure, there might be a lot of houses out there that look like yours, but they are different. Why? Because your house has an original identity (in the form of an address), and only you own it. NFTs are somewhat similar.
They are crypto-assets, each one of which is unique and cannot be replicated, or in other words - they are “non-fungible”. Hence, their name, non-fungible tokens. NFTs help content creators monetize their work. As the world is digitalizing - becoming more virtual and relying on tech - so are creators who want to make the most of it. Instead of walking into exhibitions or galleries, you can now buy their piece, whether be it artworks, games, music, or any other form of digital creation, digitally in the form of NFTs.
Let us say, you visit our website, www.formosart.io, to view and buy artworks from the platform. You like a painting and want to buy it, so you click on the ‘buy’ button, which takes you to your digital crypto wallet to make the purchase. (Remember: You need to have your own digital wallet set up to make this possible.) Upon purchase, you are issued the digital version of that painting, which is in the form of an NFT!
You, as an individual buyer, have unique rights. The NFT is immutable, it cannot be duplicated or replaced. Something that your right-click download button does not give you is ownership. Sure, you can download or copy any artwork, picture, or video you see online, but you do not own them. Through NFTs, it becomes possible for you to own an original piece of that work.
Now, that piece of the artwork you are issued or the “NFT” exists on a blockchain, a digital ledger where your transactions are recorded. If you are a collector, it is like any other investments you make - like buying stocks. You buy them, hoping to get a good return in the future, and more importantly, you own a piece of what you love that echoes with your soul.
If you’d like to learn more about FormosArt or have ideas about how we could collaborate, join our Telegram group to be a part of the community or get in touch at heyevolet@formosart.io.
Love, the FormosArt team
