A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
In 2021, there has been increased interest in using NFTs. Blockchains like Ethereum Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one of a kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.The NFT market value tripled in 2020, reaching more than $250 million.
The NFT market has seen rapid growth recently with its value tripling to $250 million in 2020. In the first three months of 2021 alone, more than $200 million were spent on NFTs.
When it comes to music,Blockchain and the technology enabling the network have given the opportunity for musicians to tokenize and publish their work as non-fungible tokens. This has extended the list of options for musicians and artists alike to monetize and profit from their music as well as other content surrounding the themes of the music and the artists public image.
Additionally, NFTs have provided the opportunity for artists and touring musicians to recuperate lost income due to the 2020 COVID-19 Pandemic which resulted in music industry revenues falling nearly 85%.
Music mogul Akon, whose birth name is Aliaune Damala Badara Akon Thiam, announced the Akoin team behind the cryptocurrency AKN has partnered with Taqo.oi to launch the Akoin NFT platform for NFTs.
It has been a challenging time for creatives, with many unable to resume activity due to the COVID-19 pandemic. In response, NFTs have seen growth by creating opportunities for struggling artists and their fans.
NFTs are cryptographic assets that can have variable features. They have been used to represent a wide range of unique tangible and intangible items, from art to collectible sports cards to virtual real estate and even digital sneakers.
The Akoin NFT platform will be used for the creation, design, minting and distribution of NFTs for artists who are keen to capitalize on this latest digital art movement.
According to Akon, he believes in artists of all talents. He support artists for artists and are in a better time to put the power back in our collective hands to create a greater connection with fans.
The Taqo team behind the technology and minting of the digital assets said its platform is built on Web3 architecture, the decentralized web adopted by the Ethereum ecosystem.
Akon announced his intention to launch Akoin and its cryptocurrency AKN back in 2018 as a means to bring about a “real-life Wakanda” (referring to the city prominently featured in the “Black Panther” film and comics).
A Kenya-based digital media company, Picha Images, is reportedly set to hold one of the first non-fungible token (NFT) auctions in Africa. The auction event, which is set to be held between April 26 through May 3, 2021, will initially feature the works of Rich Allela, the award-winning photographer and filmmaker from Kenya.
According to a report ,in return for purchasing the NFTs, the buyers will get a hacker resistant proof of ownership of a digital piece of art.Inversely, the NFTs give artists, who have been getting a raw deal, a chance to earn more.
Meanwhile, in its own statement, Picha Images claims the creation of NFTs shows that the company is “placing the wellbeing of their creative artists first by exposing them to a way to secure their work, maintain the copyrights to their creations and earn royalties in perpetuity.”
Osinachi, who grew up in Aba, Nigeria, produces drawings using Microsoft Word, where he utilizes the basic limited design palette of the word processing software to create narrative illustrations.
Africa’s foremost cryptoartist, Osinachi‘s works are further registered in the blockchain and sold as non-fungible tokens (NFTs).
In 2018, he became the first-ever Nigerian artist to showcase artworks at the Ethereal Summit, a conference in New York that seeks to bridge the gap between technology and art through blockchain.
Digital Art was an early use case for NFTs, because of the ability of blockchain technology to assure the unique signature and ownership of NFTs. The digital artwork entitled “Everydays – The First 5000 Days”, by artist Mike Winkelmann, also known as Beeple, sold for US$69.3 million in 2021.The purchase resulted in the third highest auction price achieved for a living artist, after Jeff Koons and David Hockney. Another Beeple piece entitled “Crossroad”, consisting of a 10-second video showing animated pedestrians walking past a figure of Donald J. Trump, sold for US$6.6 million at Nifty Gateway, an online cryptocurrency marketplace for digital art.
In 2019, Nike acquired a patent that allows for blockchain technology to attach cryptographically secured digital assets in the form of NFTs to physical products, such as a pair of Sneakers, under the name “CryptoKicks”
The NFT market has seen rapid growth recently with its value tripling to $250 million in 2020.In the first three months of 2021 alone, more than $200 million were spent on NFTs.
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