What is a NFT?
GM Patrons! Today we’re going to delve into NFTs, exploring what they are and why they’re important.
Why NFTs are unique:
NFT stands for Non-Fungible Token. NFTs are unique tokens on the blockchain that cannot be altered. This uniqueness is the essence of what makes them different from other tokens or coins, which are fungible i.e. identical to one another and therefore replaceable, and are used primarily as a currency. The fact that NFTs are unique assets means they can serve as certificates of ownership, housing deeds, contracts, music tracks….the possibilities are endless.
NFTs and ownership:
NFTs can be used to represent real-world assets like fine art, a crucial element of our mission — to democratise the art market and make it available to all.
But how did this innovation come about? It evolved from the ERC-721 standard and smart contracts, making transferring ownership easier and safer by removing the traditional intermediaries and connecting the artists to their communities.
How NFTs are opening up new markets:
NFTs potential for creating new markets cannot be underestimated; while it’s true that up until now, they were primarily focused on collectibles, the market is now buzzing with innovation and use cases that promise to grow this new sphere of crypto further.
How PatronageDAO is using NFTs:
We are fractionalising works of art with NFT technology, making them more affordable and accessible to the broader public. This, in turn, will reinvigorate the fine art market by democratising it and giving each of us a fair shot at owning a piece of some of the world’s most famous works of art! Our artNFTs will provide a solid use case and make them a mainstay of the crypto and art community.
From NFTs function of proof of ownership of a fraction of a work of art, to their future utility as a ticket to galleries where art is exhibited, their potential is endless!
Become a patron and be a part of this exciting movement!
