The world of crypto is changing all the time. We’re not just talking about new cryptocurrency tokens, but new technologies that push that specific market forward into a new era. NFTs are one of those things that have taken the crypto market a step further, giving crypto owners a new way to invest.
NFTs are the latest investment trend in the industry. Short for non-fungible tokens, they are only supported by a handful of crypto tokens. These are unique and can’t be exchanged with other NFTs. Non-fungible tokens refer to buying of digital files stored on the blockchain which can be done with the likes of Ethereum and most tokens on the ETH network.
While it all sounds pretty simple when you put it like that, NFTs are still confusing to many people. The NFT surge in 2021 gave rise to NFT drops, yet another term for the crypto faithful that seems to be causing confusion.
New Way to Invest
The term NFT drop simple refers to the date when a non-fungible token becomes available to investors. As mentioned earlier, NFTs are unique, which is why investors are draw to NFT drops. For example, popular rock band Kings of Leon recently issued its album as an NFT, building up the hype for it by announcing the drop earlier.
One of the unique things about NFTs is that you can create them yourself. If you own an e-wallet and an NFT marketplace account, you can easily shar your music or videos as an NFT. That’s what Kings of Leon did with their latest album “When You See Yourself”, becoming the first band to do so. The album came in three different types of tokens and three separate packages, containing the original album, a live show, and an audiovisual package as well.
And that’s only the beginning. Other music and video artists have announced NFT drops for the future. Potential investors can make use of NFT calendar sites where you can see upcoming NFT events and drops dates.
The Media Joins In
The NFT phenomenon really took off in 2021, and the media plays a large role in it. This new way of sharing unique digital art has got everyone excited. It gave many musicians and artists a way to make their name known. Your favorite artist may drop an NFT soon, since everyone’s following Kings of Leon’s example.
Popular Canadian musician The Weeknd dropped his first NFT earlier this year, and that’s said to be the first of many. It’s an indication that the artist industry is truly interested in crypto, eyeing NFTs as a way to promote their work. With non-fungible tokens, artists appeal to a whole new generation, expanding their art’s horizon.
The world should be ready for a slew of NFT drops this year and beyond. Non-fungible tokens gave artists a new way to present their music, videos, or digital art. It’s a whole new world of opportunities and quite a lucrative one as well, with the NFT market defying all expectations in 2021 after being valued at over $1.5 billion.
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