NFT’s
Launched with BMinted
Friends close to me know all too well my interest in developing technology and I do like to keep up with new and evolving trends as much as possible. Which is funny to some people as they see me frequently disconnecting from computers and technology deep in the mountains or the ocean. But for me a true balance is key.
So when B Minted approached me a couple of years ago to see if I was interested in working with them on selling my images through their new platform about to be launched, I was more than happy to give it a go.
B Minted is a community-centric platform built on the decentralised power of blockchain and the ownership of NFT’s. And what is an NFT I hear some of you ask…well NFTs, or Non-Fungible Tokens, are a type of digital asset created using blockchain technology, which is a kind of decentralized digital ledger that records transactions across many computers.
The term "non-fungible" essentially means that each token is unique and can't be replaced with something else. This is in contrast to "fungible" assets like traditional currencies (Swiss Francs, euros, etc.) or cryptocurrencies such as Bitcoin or Ethereum, where each unit is exactly the same as every other unit.
To put it in a simpler context, think of an NFT as a digital collector's item. Just like someone might collect physical baseball cards, art, or other unique items, you can collect digital art, music, virtual real estate, and more as NFTs.
Each NFT has a digital signature that verifies its authenticity and ownership, and this information is stored on the blockchain. This means that when you buy an NFT, you're purchasing a piece of code that proves you own a unique piece of content.
However, owning an NFT doesn't necessarily mean you own copyright or complete control over the content. For example, if you buy an NFT of a digital artwork, you own a "token" that proves you possess a "unique" version of that work, but the artist can still retain the copyright and reproduction rights.
So why buy an NFT then? I’ve asked myslef the same question a million times. Why would someone want to buy one of my digital image files?? The question is a common one and touches on some of the complexities of NFTs. While it's true that owning an NFT doesn't generally give you the copyright or exclusive control over the digital asset, there are several reasons why people might still choose to buy an NFT.
1. **Digital Ownership:** NFTs provide a way to officially "own" digital art or assets in a way that's verified on the blockchain. It's a bit like owning a signed print. Others might still be able to view or copy the image, but you have the authenticated version.
2. **Supporting the Artist or Photographer:** Buying an NFT can be a way to support an artist or creator you like. Some people buy NFTs for the same reason they might buy merchandise or subscriptions—to financially support creators they appreciate.
3. **Investment Potential:** Some people buy NFTs hoping they will increase in value over time. Like with physical art or collectibles, the value of an NFT can go up or down based on various factors, including the reputation of the artist or creator, the uniqueness or desirability of the item, and overall demand in the market.
As with any investment, it's important to do your own research and understand the risks before buying NFTs. The market for NFTs is relatively new and can be highly volatile, with values fluctuating greatly. But saying that, if we never took risks or tried new things, where would we be today? I’m excited to be part of it, and even more, I am excited for the team of B Minted who have helped me understand a great deal this marketplace and the founder has devoted much of his precious time on the phone to me educating me and guiding me on his platform. I look forward to the ride!