NFTs- Our creative digital future?
The whole talk around NFTs has taken over the internet, and it has left the world either excited or perplexed.
What is an NFT?
They’re simple, really. Before getting to NFT, let’s understand what asymmetric cryptography is.
In the usual symmetric cryptography, there is one key that the sender of a message uses to encrypt a message, and then the recipient uses the same key to decrypt it.
Whereas asymmetric cryptography is a bit more secure - the sender encrypts it using a key, the recipient decrypts it using another key.
NFTs or Non-Fungible Tokens are just this. Each person has two keys - one is a public key, one is private. Obviously, public keys are known to the entire world, private keys only to you.
How to create an NFT?
- Now say you want to CREATE an NFT from a photograph you clicked. To do this, you use your private key to encrypt the “token” (a unit of blockchain which contains your data - the photograph). This is called a digital signature.
- Now anyone in the general public can use your public key to decrypt the token. If the decryption succeeds using your public key, that proves that this token is yours.
- Why this works is that, let’s say I go around telling people that Cool Gai clicked that photograph, while in actuality, you did - then it’s a he-said, she-said situation. Now, people can simply check it using public keys - mine won’t be able to decrypt it, but yours will
- This is how a digital signature works. When the token is signed is on the blockchain, it becomes “non-fungible.”
- So, an NFT is simply a file on the internet that is uniquely yours and can never be deleted. Interesting, isn’t it?
- A picture, music, designer sneakers, videos, tweets- the scope of what an NFT can be expanded as far as the horizons of the digital world.
NFT- Non Fungible Tokens or Nonstop funds transfer?
It is no surprise, looking at the hype, that NFTs have helped in generating a lot of income for many people. They are typically sold in markets, with various methods varying based on the platform. One can basically post your stuff to the marketplace, convert it to NFT, and then wait for it to sell. It's a lot like the mainstream online marketplaces like Amazon or Etsy.
- Select your marketplace.
- Link your cryptocurrency market.
- Sell. Buy. Collect. Make money!
Fun fact- In 2021, the global sale of NFT reached 25 billion dollars.
NFTs and Social Media- A Saga
The online world shook when Twitter launched the NFT profile pictures. Since then, social media can’t get enough of NFTs and vice-versa!
YouTube has been distributing personalised NFTs to the influencers.
Reddit has launched a first test for changing profile pictures with an NFT.
Users in the United States, Canada, and Mexico can now beam their virtual selves across applications via stickers, profile images, and feed posts thanks to the launch of 3D Avatars for Facebook, Messenger, and Instagram.
The future of NFTs
It is believed that NFTs have the potential to expand outside the realms of art and gaming, especially if affluent investors and more people continue to invest. These aspects that can represent proof of ownership, give social status, grant exclusive access, manage to license, and confirm authenticity have also contributed to NFT's growth. It is predicted to flourish more in the near future.
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aashu2022-12-28
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