NFTs are rapidly expanding their purpose in both online and offline realms. More and more people are picking up on the trend, and this is just the beginning.
How can we use NFTs?
NFTs are mostly known as digital imageries, such as avatars and profile pictures. Think of the Bored Ape Yacht Club collection, that sell for more than 100K a piece. In a broader sense, NFTs are about the ownership of a certain digital asset, rather than the asset or image itself. This means that we can also use its technology for much more than selling digital images.
If the hype is true, NFTs are about to revolutionize the art world, altering not only how art is purchased and sold, but also what kind of art we value and whose artists we support. This does not only apply to digital art. By integrating contracts in NFTs, any artist can be rewarded with resale royalties.
A decentralized autonomous organization (DAO) is a blockchain-based program that has a built-in paradigm for collaborative code management. Traditional organizations, which are governed by boards, committees, and executives, are not DAOs. DAOs are governed by a set of rules defined in code and enforced by a network of computers running shared software, rather than by a small group.
When people think of NFTs, most of them will think about the profile picture collections you can buy on sites like OpenSea. Think of themed collections like the monkeys of Bored Apes, the robots of Humanoids, or the immensely adorable Sappy Seals. PFPs are not just about the avatars themselves, but rather about the large communities behind it on platforms like Twitter and Discord.
POAPs (Proof Of Attendance Protocol) are Ethereum-based NFT badges that you can get for taking part in or attending special events. The events can take place in the real world, on the internet, or in the metaverse. Each badge is one-of-a-kind, which means that the only way to obtain a specific POAP is to attend the event.