What are NFTs and why is it beneficial to implement them

NFTs, short for Non Fungible Token, were born in 2017 during the boom of Bitcoin and cryptocurrencies. Initially, NFTs were nothing but a digital drawing which differed from normal paintings and art mainly thanks to the concepts of digital ownership, individuality, and non-replicability. Indeed, the hardest concept to understand is that a single NFT is by definition unique, irreplaceable, and non-cloneable thanks to the structure and the functionalities of the blockchains. However, the rapid advancements of technologies have created a wide range of applications for NFTS. 

 

Companies can find great utility in NFTs. Primarily, they are an excellent means of marketing, as they have unlimited reach and are becoming increasingly popular in every country and in all age groups. Secondly, they prove an excellent source of revenue - through cryptocurrencies - at a very low production cost, therefore amplifying return on investment. 

 

The implementation of NFTs allows companies to explore new trends, provide an outlet of portfolio diversification and are an entrance into the world of Web3.0, which is inevitably the future of the internet. 

WYC™