{"version":"https://jsonfeed.org/version/1.1","title":"Stephen Ajulu","home_page_url":"https://ajulu.netlify.app/","feed_url":"https://ajulu.netlify.app/tags/art/feed.json","description":"Hello, I'm Stephen Ajulu, a seasoned multidisciplinary tech professional with over a decade of experience. I build impactful solutions using design, tech, and engineering in the pursuit of impact.","icon":"https://ajulu.netlify.app/images/me.jpg","authors":[{"name":"Stephen Ajulu","url":"https://stephenajulu.com","avatar":"https://ajulu.netlify.app/images/me.jpg"}],"items":[{"id":"https://ajulu.netlify.app/posts/exploring-the-use-cases-of-non-fungible-tokens-nfts-in-various-industries/","url":"https://ajulu.netlify.app/posts/exploring-the-use-cases-of-non-fungible-tokens-nfts-in-various-industries/","title":"Exploring the Use Cases of Non-Fungible Tokens (NFTs) in Various Industries","summary":"Non-Fungible Tokens, or NFTs, are a revolutionary new technology that is changing the way we think about digital ownership and authenticity. These unique digital assets are being used in a wide variety of industries, from art and entertainment to real estate and gaming. In this article, we\u0026rsquo;ll take a deep dive into the use cases of NFTs, exploring how this technology is being used to create new opportunities and revolutionize traditional business models.\n","content_html":"\u003cp\u003eNon-Fungible Tokens, or NFTs, are a revolutionary new technology that is changing the way we think about digital ownership and authenticity. These unique digital assets are being used in a wide variety of industries, from art and entertainment to real estate and gaming. In this article, we\u0026rsquo;ll take a deep dive into the use cases of NFTs, exploring how this technology is being used to create new opportunities and revolutionize traditional business models.\u003c/p\u003e\n\u003cp\u003eOne of the most exciting use cases for NFTs is in the world of art and collectibles. NFTs allow artists to create one-of-a-kind digital pieces that can be sold and traded just like physical artwork. This opens up new possibilities for artists, as they can now sell their work to a global audience without the need for physical galleries or auction houses. For example, digital artist Beeple sold an NFT of his work for $69 million at Christie\u0026rsquo;s auction house, making it the most expensive NFT ever sold.\u003c/p\u003e\n\u003cp\u003eAnother industry that has been impacted by NFTs is the world of gaming. NFTs allow developers to create unique, in-game items that players can own and trade. This has led to the emergence of a new type of game, known as \u0026ldquo;play-to-own\u0026rdquo; games, where players can purchase NFTs that represent in-game assets such as weapons, vehicles, and even virtual real estate. For example, the game Axie Infinity, is a blockchain-based game, where players can buy, breed, and battle fantasy creatures called Axies, and all the in-game assets are represented as NFTs.\u003c/p\u003e\n\u003cp\u003eNFTs are also being used to create new opportunities in the world of real estate. Using NFTs, developers can create digital representations of physical properties that can be bought, sold, and traded like traditional real estate. This opens up new possibilities for investors, as they can now invest in real estate without the need for physical property. For example, the company \u0026ldquo;Propy\u0026rdquo; is using NFTs to digitize commercial and residential real estate, making it easy to buy, sell and transfer properties on a global scale.\u003c/p\u003e\n\u003cp\u003eIn the music industry, NFTs are being used to create new ways for artists to monetize their music and connect with fans. For example, musicians can create NFTs that represent exclusive access to concerts, merchandise, or behind-the-scenes content. This allows artists to create new revenue streams and foster deeper relationships with their fans. The band Kings of Leon made history by selling their album as NFTs, which were bought by fans for cryptocurrency.\u003c/p\u003e\n\u003cp\u003eIn conclusion, NFTs are a revolutionary technology that is changing the way we think about digital ownership and authenticity. These unique digital assets are being used in a wide variety of industries, from art and entertainment to real estate and gaming. NFTs are opening up new opportunities for artists, developers, musicians, and investors to monetize their work and create new revenue streams. As the technology continues to evolve, we can expect to see even more innovative use cases for NFTs in the future.\u003c/p\u003e\n","date_published":"2023-01-19T20:53:00+03:00","image":"https://ajulu.netlify.app/images/nfts-in-museums.png","tags":["nfts","blockchain","digital ownership","digital assets","art","gaming","real estate"," music","cryptocurrency","digital art","digital gaming","digital real estate","technology","authenticity","collectibles","play to earn","play to own","investment","monetization","innovation"]},{"id":"https://ajulu.netlify.app/posts/what-are-nfts-non-fungible-tokens-explained/","url":"https://ajulu.netlify.app/posts/what-are-nfts-non-fungible-tokens-explained/","title":"What are NFTs? Non Fungible Tokens Explained","summary":"Hi there! Today i\u0026rsquo;d like to talk about NFTs and all the hype surrounding them right now. To begin, we must first know what they are. So,\nWhat is an NFT? An NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.\nAlthough they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.\n","content_html":"\u003cp\u003eHi there! Today i\u0026rsquo;d like to talk about NFTs and all the hype surrounding them right now. To begin, we must first know what they are. So,\u003c/p\u003e\n\u003ch3 id=\"what-is-an-nft\"\u003eWhat is an NFT?\u003c/h3\u003e\n\u003cp\u003eAn NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with \u003ca href=\"https://www.forbes.com/advisor/investing/what-is-cryptocurrency/\"\u003ecryptocurrency\u003c/a\u003e, and they are generally encoded with the same underlying software as many cryptos.\u003c/p\u003e\n\u003cp\u003eAlthough they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering \u003ca href=\"https://www.coindesk.com/what-are-nfts\"\u003e$174 million\u003c/a\u003e has been spent on NFTs since November 2017.\u003c/p\u003e\n\u003cp\u003eNFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.\u003c/p\u003e\n\u003cp\u003eThis stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.\u003c/p\u003e\n\u003cp\u003eBut many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.\u003c/p\u003e\n\u003cp\u003eFor instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a \u003ca href=\"https://decrypt.co/60971/beeples-nft-artwork-sells-for-60-3-million-in-christies-auction\"\u003erecord-breaking $69.3 million\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eAnyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?\u003c/p\u003e\n\u003cp\u003eBecause an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.\u003c/p\u003e\n\u003ch3 id=\"how-is-an-nft-different-from-cryptocurrency\"\u003eHow Is an NFT Different from Cryptocurrency?\u003c/h3\u003e\n\u003cp\u003eNFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.\u003c/p\u003e\n\u003cp\u003ePhysical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.\u003c/p\u003e\n\u003cp\u003eNFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)\u003c/p\u003e\n\u003cp\u003eHow Does an NFT Work?\u003c/p\u003e\n\u003cp\u003eNFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.\u003c/p\u003e\n\u003cp\u003eSpecifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.\u003c/p\u003e\n\u003cp\u003eAn NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Art\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e GIFs\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Videos and sports highlights\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Collectibles\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Virtual avatars and video game skins\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Designer sneakers\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e Music\u003c/p\u003e\n\u003cp\u003eEven tweets count. Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT for \u003ca href=\"https://www.cnbc.com/2021/03/22/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html\"\u003emore than $2.9 million\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eEssentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.\u003c/p\u003e\n\u003cp\u003eThey also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.\u003c/p\u003e\n\u003ch3 id=\"what-are-nfts-used-for\"\u003eWhat Are NFTs Used For?\u003c/h3\u003e\n\u003cp\u003eBlockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.\u003c/p\u003e\n\u003cp\u003eArt isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.\u003c/p\u003e\n\u003cp\u003eNyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly \u003ca href=\"https://www.nytimes.com/2021/02/22/business/nft-nba-top-shot-crypto.html\"\u003e$600,000 in February\u003c/a\u003e. And NBA Top Shot generated more than \u003ca href=\"https://www.usatoday.com/story/sports/nba/2021/03/30/nba-top-shot-dapper-labs-valuation-funding-round/7058307002/\"\u003e$500 million in sales\u003c/a\u003e as of late March. A single LeBron James highlight NFT fetched more than $200,000.\u003c/p\u003e\n\u003cp\u003eEven celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT bandwagon, releasing unique memories, artwork and moments as securitized NFTs.\u003c/p\u003e\n\u003ch3 id=\"how-to-buy-nfts\"\u003eHow to Buy NFTs\u003c/h3\u003e\n\u003cp\u003eIf you’re keen to start your own NFT collection, you’ll need to acquire some key items:\u003c/p\u003e\n\u003cp\u003eFirst, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.\u003c/p\u003e\n\u003cp\u003eYou’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.\u003c/p\u003e\n\u003cp\u003ePopular NFT Marketplaces\u003c/p\u003e\n\u003cp\u003eOnce you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://opensea.io/\"\u003e\u003cstrong\u003eOpenSea.io\u003c/strong\u003e\u003c/a\u003e: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://rarible.com/\"\u003e\u003cstrong\u003eRarible\u003c/strong\u003e\u003c/a\u003e: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e•\u003c/strong\u003e \u003ca href=\"https://foundation.app/\"\u003e\u003cstrong\u003eFoundation\u003c/strong\u003e\u003c/a\u003e: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices — not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.\u003c/p\u003e\n\u003cp\u003eAlthough these platforms and others are host to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission.\u003c/p\u003e\n\u003cp\u003eIn addition, the verification processes for creators and NFT listings aren’t consistent across platforms — some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings. Buyer protections appear to be sparse at best, so when shopping for NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.\u003c/p\u003e\n\u003cp\u003eSource: \u003ca href=\"https://www.forbes.com/advisor/investing/nft-non-fungible-token/\"\u003eForbes\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://unstoppabledomains.com/?ref=d066811aa8ea4f2\"\u003e\u003cimg src=\"/images/unstoppabledomainsad.webp\" style=\"width: 100%; height: auto;\"\u003e\u003c/a\u003e\u003c/p\u003e\n","date_published":"2021-11-30T18:36:00+03:00","image":"https://ajulu.netlify.app/images/nft-art-what-is-it.jpg","tags":["art","nft","nfts","non fungible tokens","non fungible token","tokens","digital art","cryptocurrencies","crypto","cryptocurrency","tech","technology","finance","blockchain","opensea","mint","minting"]}]}