Home Forums African Tokenized Digital Artworks (AfriSQuare NFTs) African NFT Project: What is the Meaning of NFT?

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    Sarah Tim

      The blockchain technology space has brought about trending happenings on a new and interesting subject matter called NFT. This bug has bitten the AfriSQuare family to bring out interesting digital art collections that will make up the African NFT project.  NFT which stands for non fungible token is massively taking the world by surprise as huge wads of funds are being used to trade and exchange them. From digital arts being sold for $6 million by Grimes to the $3.5 million successful deal on Beple series of digital artworks, NFT is now the most sought after investment by those who understands what it means at least to the basic level.

      Before you start itching to go into the NFT space to make millions, you should however understand the concept and be aware that not all NFT projects will be profitable in the long run. However, African NFTs are created to be valuable to holders and their unborn generations. So let us look at the meaning of NFT and what it really entails.

      So, what is the meaning of NFT?

      Non fungible token which is shortened as NFT is an asset class that cannot be replaced by another. A clear example and difference will be with money, using the dollar currency for instance; one hundred dollar note is one hundred dollar and two fifty dollar notes is still one hundred dollar anywhere in the world. Hence, money is a fungible token.

      The original piece of an artwork by Davinci can be considered an Non fungible because it cannot be replaced. When you take away an original copy of a specific artwork by Davinci from me, I can never get it back from anywhere else except from you and you cannot give me a different copy rather than the one you collected. So it is not replaceable. Same thing with Non Fungible Tokens.

      Basically, what is an NFT?

      A digital asset that mirrors real life objects such as art, music, in-game items and videos are known as Non Fungible Token (NFT). They are tokenized and made valuable and original with blockchain systems and cryptos like Ethereum.  NFTs are bought and sold on the internet, usually with cryptocurrencies.

      NFTs have been around since 2014 but gaining much popularity now because they are the best way to buy, hold and flip digital artwork.  This is considered an asset class although that will be dependent on the real value attached in the nearest future.  As at 2021, the market for NFT was valued at a whopping $41 billion.

      The first point of how valuable NFTs are is due to unique identifying codes attached to them alongside their storage on the Interplanetary file system (IPFS) on the blockchain. These NFTs can be confirmed from anywhere in the World to be the original piece even though they are copied.

      African NFT Project by AfriSQuare

      There are NFT projects inspired by Africa in one way or the other. The African NFT project by AfriSQuare is one of a kind and not just tokenized on the Ethereum project but holds a real world value that can be passed from generation to generation or can be sold from one holder to another.

      Currently, we are building a collection of African royalty NFTs that hovers around African tourism on a yearly basis. Meaning, when you acquire a given NFT that relates to a kingdom, you are entitled to a yearly trip to the related kingdom alongside other heritage sites.

      Join the AfriSQuare platform for more updates on the African NFT project alongside other conservations and activities inspired by the African way of life.

      • This topic was modified 7 months ago by Admin.

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