Would you like to know what NFTs are, why NFTs are here to stay and will change investing forever ? So let’s do the right thing together and start with the basics. An NFT is a digital asset that represents real-world objects like art, music, in-game items, videos and many more. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. Although 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. You see NFTs have become the latest collector ‘must-have’ and demand has driven the prices of NFTs to astronomical levels, with one digital image by artist Beeple fetching $69 million at a Christies’ auction.
What makes NFTs so attractive and easy to get is that anyone with a digital wallet can own one. As an owner of NFT you can have it forever and sell it at any moment. With prices for NFTs ranging from pretty much $1 to millions of dollars, anyone can own an NFT. Since NFTs are so new, it may be worth investing small amounts to try it out for now. The value of one Bitcoin was $0 when it was first introduced in 2009. We all know how much Bitcoin is worth now and the potential of price in the future.
Although the NFT craze is relatively new, Uhive, a social network that released in beta, early last year, and already has 489,000 registered users, 250,000 active monthly users and 15 million posts, have been working towards launching its own NFT marketplace. What makes Uhive different is that rather than a one-size-fits-all approach to building an NFT marketplace, they’ve first designed an entirely-new digital formula for what can constitute an NFT, and then built a marketplace around this.
Up until now, for the most part it has been digital ‘art’ or digital media that’s being minted and sold as an NFT. What Uhive has done is build into their social network the ability for any user to turn their own personal profile or page, all of it’s content, and data into an NFT! You’re able to create an experience entirely customised by you, not an advertiser’s agenda. It’s absolutely huge ! Imagine owning your profile and its data on any legacy social media platform, and being able to say how your data is used, and if it’s used to generate revenue, you will earn the lion’s share. What Uhive have effectively done, is deliver on multiple empty promises made by other social media to hand over some or all of the controls to users, but in a way that would be impossible without NFTs.
What will the world’s first social media profile be sold as an NFT fetch? Want to be one of the first 1000 users to get access? We’ll soon find out as Uhive’s Marketplace launches this week. Be a part of our family and please remember that you’re in control, not us !