NFTs Are No Longer Just GIFs and JPEGs

Most of us have heard about Beeple’s Everydays: The first 5000 days selling for a whopping $69.3 Million dollars but most of us don’t realize the significance of that astronomical number. To put it into perspective, compared to traditional art, only 100 paintings have sold at a higher price than Everydays. That is all paintings sold ever! The investors in the art world have been around for centuries and NFT investors are just getting started. There is no doubt that NFTs are changing the way we think about art, but this paradigm shift is not restricted to GIFs and JPEGs as the popular news might suggest. NFTs mark a turning point for digital transformation, as applications and integrations are spilling to various sectors: from music and gaming to energy and supply chains. Understanding the true applications of NFTs In essence, NFTs are a unit of data on a blockchain, where each NFT represents a unique digital item such as art, audio, videos, items in video games, and other forms of creative work. Transactions in which ownership of something changes hands have usually depended on layers of middlemen to establish trust in the transaction, exchange contracts, and ensure that money changes hands. None of this will be necessary for the future. Transactions recorded on blockchains are reliable because the information cannot be changed. Smart contracts can be used in place of lawyers and escrow accounts to automatically ensure that mo...