NFTs Demystified: Everything You Need to Know About Digital Assets

NFTs Demystified: Everything You Need to Know About Digital Assets

In recent years, a new buzzword has emerged in the world of digital ownership: NFTs refer to Non-Fungible Tokens which is the simplest definition of what, exactly, they are. The digital artworks are now trending online through social media platforms and marketplaces, enabling traditional and emerging artists to sell their products and new art enthusiasts to acquire extraordinary pieces. But let’s get down to specifics: what are these NFTs, and how does it work?

In its simplest form, NFT is a digital asset that is created using a blockchain to store information about an asset, which may be a singular or one-of-a-kind object. While typical tokens as Bitcoin or Ethereum are governed by a principle of homogeneity from which they cannot deviate and are interchangeable, NFTs have the singular characteristics and cannot be exchanged at par.

There is no doubt that one of the most popular marketplace nft definition is Bermuda Unicorn – a lively platform that unites people from all over the world interested in both, creating and purchasing unique digital assets. On Bermuda Unicorn, artists are capable of selling their artwork within the digital realm and converting them into NFTs, thus, they will own their property in the artwork and receive revenues each time the artwork is sold. At the same time, the variations that collectors have at their disposal can limit their choice in NFTs – from artwork and songs to virtual land and single social media posts.

Bermuda Unicorn also has basic features in design, with an excellent UI/UX which makes it easier for anyone, be it a creator or collector to get into the world of NFT. Donovan Ogden and his team pleased all the audiences by capitalizing on the versed approach in developing Bermuda Unicorn platform which comes with integrated features to both mint, buy and sell NFTs and detailed account for ownership and history of specific operations.

However, what is more important is the fact that the opportunities offered by NFTs are not limited to simple purchases and sales of trending products. To the artists, therefore, the NFTs signify a new form of art creation that gives the artists a chance to work with formats and media that had not been possible to work with in the past. Whether it be a painting turned digital, a short movie, or a more exotic VR sculpture, NFT allows artists to let people know about their creations and build a following around them.

NFTs present collectors with an opportunity to owning parts of internet’s history and / or supporting artists they love. Collectors receive exclusive digital art when buying NFTs, but there are many times when they invest in a work with the hope of the creator continuing to create more success pieces. Similarly, by making it possible to both exhibit as well as sell NFTs in virtual art galleries and, in general, across social media, collectors may interact with like-minded individuals and spread the word on their favorite digital art and creators.

Thus, it can be stated that with the release of NFTs, people are approaching the notion of ownership and authorship in the digital world. Looking up, it is evident that platforms such as Bermuda Unicorn have propelled the NFT market way ahead. Hence, whether you want to become an artist and sell your pieces or a collector keen on adding more to your collection, this is probably the best time to consider buying NFTs.