What are NFT’s and how to save your digital assets?
Non-fungible tokens or NFT’s are the talk of the town and all you can hear about on the internet these days.
Today, we’ll be breaking down NFT’s for you and also what it means for your future portfolio and digital assets.
What are NFTs?
NFTs are “one-of-a-kind” digital assets that may be purchased and sold like every piece of property but have no physical form of their own.
How do they work?
Just as there can only be one Mona Lisa, there can only be 1 NFT of a specific piece.A record of who owns what, similar to crypto-currency, is recorded on a shared ledger known as the blockchain. The records cannot be fabricated since the ledger is kept in the blockchain indefinitely and is invulnerable to hacking.
Why should you care?
NFT sales set a record with $2.5 billion in sales so far this year, up from just $13.7 million last year. It is a new revolution in the world of art and no one can ignore it
How do they impact creators?
The people who create NFT’s on the internet are called creators. Creators is often referred to as an umbrella term to cover all artists who create art on the internet.
This NFT trade ends up forming an economy and this is called the creator economy.
Let’s take a look at the impact of NFT’s on the market.
The blockchain and cryptocurrencies were made to decentralize the system and give control back to the people. NFT’s work on the same technology and principle Furthermore, because of the blockchain the ownership stays with the creator and can be authorized at any point of time and they can even earn royalties if a contract is crafted in that way.
Although it does not sound like a huge deal, when you take into account the metaverse that’s soon going to drop like a bomb in our lives, it’s a whole different game.
Our prized possessions are soon going to turn digital and everyone will want a slice
There was just no way previously, to gather & collect digital art before the emergence of NFTs.
NFT’s aren’t just an internet trend anymore. Recently, at a Christie’s auction in March, a piece of digital artwork by Mike Winkelmann (aka Beeple) fetched $69.3 million.
Celebrity attention
Recently stars like Steph Curry, Lil Baby, Jimmy Fallon, Snoop Dogg, FUTURE and POST Malone are all shelling out top-dollar to be able to add the exclusive NFTs as their avatar on social media.’
There seems only an upward trajectory to all this as NFT’s and the blockchain market are estimated to value at $1.7 trillion by 2030 according to a report by PWC
Clocr- For Digital Estate Planning
We always think about our assets and financial planning for our family in case something ever happens to us. We get our lawyers to write detailed wills to safeguard our family but
what about your digital assets?You spend thousands of dollars on crypto and NFT’s but where will they go if something happens to you?
Clocr makes it simple to create and manage a Digital Estate Plan, allowing you to safeguard assets of personal and financial value to you and your family. With making the challenges regarding digital Estate Planning disappear, it is focused on satisfying the security and legal requirements of the user, the process of prioritising, organising, and drafting out your desires for your NFTs or Cryptocurrencies becomes very simple and you go to a sound sleep knowing your family is protected.
