Traditionally, most people define NFTs as digital art, but there are many more potential applications. Let us take a look into what’s coming up next. What is an NFT? Non-Fungible Tokens (NFTs) derive their name from one of the properties that can make up a crypto asset. Cryptocurrencies, such as Bitcoin, Ethereum, or ERC-20 tokens are fungible, which means that all units in the supply are interchangeable with one another and retain their value if they are divided. In essence, when you hold 1 ETH in your wallet, you generally do not care which one out of the over 117 million ETH currently in existence it is. NFTs on the other hand have special properties that make each token unique. In essence, an NFT gives you cryptographic proof that you are the sole owner of whatever virtual asset the NFT is associated with. These assets can for example be digital images, videos, music, but even more abstract things like intellectual property, digital usage licenses, or insurance policies. Depending on the type of NFT, you can freely list the token on an online marketplace, or transfer the token to somebody else’s wallet. Influencers can turn their content into NFTs One of the use cases for NFTs is the monetization of content. For example, influencers can convert their Tweets, YouTube videos, TikTok clips, or Instagram posts into NFTs and sell them. This can take many forms, such as adding digital memorabilia as a perk in exchange for donati...
