Who’s creating the buzz in the NFT space?
There’s an undeniable buzz regarding NFTs that’s engaging the world right now. NFT stands for “non-fungible token” and can be described as a digital asset that shows ownership over unique items. These items can either be digital or physical and can take the form of art, videos, and music (and surely others that we don’t even yet know about!). If you are still intrigued to know more, take a look at our previous article to get an intro to NFTs.
We are also still learning and happy to share whatever we discover on our journey of exploring the NFT space.
Who would’ve thought that NFTs would have the potential to turn into something big? It’s surprising to see the pace at which it is growing and gaining popularity. The world’s take on NFTs is subjective as it means different things to different people. For some, it might be a platform to express themselves through their creativity and art. For others, it is an investment or something that gives them a sense of exclusivity.
We see all sorts of people engaging in the space, from businessmen to artists, marketers to A-list celebrities; NFTs bring them all together. With every passing day, more people are becoming aware of their potential and are intrigued by it. Why wouldn’t they be?
After all, everybody wants to feel like they belong to a wider community and a cause greater than themselves.
Who’s involved with NFTs?
The NFT space is proving to be very diverse as it has become the main focus of all kinds of people. We loved reading this very insightful Forbes article by Rebekah Bastian who writes that this new way of creating and collecting art could also promote diversity, equity, and inclusion in historically inequitable spaces. It shows that the use of blockchain is way more than a technological upgrade. From what we understand, the NFT space seems to be dominated by three kinds of people: artists, creators, and collectors. They are the ones who are exploring this space to its capacity, and it is because of them that more people — like us — are being drawn to it.
The Artist
For an artist, the NFT world is a blank canvas that is ready to be painted with their imagination and ideas. This platform serves as a medium for artists to express themselves through their art and gives them a way to sell their work online in one place. It gives them the exposure that they deserve. The NFT space has also helped them to discover themselves and find their style. It’s very often that the artists are the creators of the NFTs and it wouldn’t be wrong to say that the NFT space is alluring even more artists because of the popularity it is getting. Artists seem to spot this opportunity and use it to their advantage. As a result, the work of artists becomes more popular and acknowledged.
The Creator
Although creators are often understood as a synonym of an artist in the NFT space, a creator doesn’t necessarily have to be an artist, as NFTs can be literally anything. This title can also be used to describe people that create smart contracts on a blockchain, but we would like to look at it from a more general perspective. Creators are seen as developers of the NFT ecosystem. It’s important to stress here that, because NFTs work on blockchain technology, it is decentralized; there is no specific group of creators or developers but rather a network of dedicated people that make sure that this project goes ahead. Blockchain technology gives them many possibilities to influence the open-source ecosystem. In doing so, creators also encourage users to take part in decision-making processes through niche building communities around the NFTs.
The Collector
Collectors are the people who buy the NFTs. Every collector is different, so they will have their own reasons why they collect them. This is a special case for NFTs, as not everyone understands what they are and what makes them so attractive. The NFT space is unpredictable and projects appear like mushrooms after the rain. Telling which projects will rock the internet isn’t easy, if it is possible at all. That being so, it might be an investment for some that could give a much greater rate of return, while others just enjoy the fact of holding authentic and rare digital collectibles that no one else has on the internet. For new collectors entering the space, NFTs are often associated with profits, because they operate on decentralized blockchain technology that is secure and open and, at the same time, allows them to make a high return in a short time. Everyone has an equal chance to profit from this.
The NFT space is full of opportunities for anyone and everyone
The main thing that we have learned so far is that the NFT space is for everyone. No matter which role you play — whether you’re an artist, creator or collector — anyone can come in, explore and find their way. This is certainly in part due to the welcoming and friendly communities waiting for you to join. Those who are more experienced are so open and willing to help newcomers understand the space.
The future of NFTs can shape up to take any of the multiple possibilities. Let’s appreciate the work of art, decode what it conveys, grab the chance to make a change, and grow from it together.
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