Like DeFi coins, and ICOs before them, non-fungible tokens, or NFTs, are officially the latest crypto ‘craze’. However, many artists and analysts agree that despite the short-term hype, NFTs do have long-term viability.
Indeed, NFTs have a number of promising use cases, specifically, NFTs have been identified as the future of the creative economy. However, the concept of NFTs is still so foreign to most of the world that many of the people who would benefit from creating them get lost at the utterance of the words ‘non-fungible’.
In other words, there is definitely a learning curve when it comes to entering the world of NFTs. Here is (almost) everything that you need to know.
Should You Make an NFT?
Who can make a non-fungible token?
Gagan Grewal, CEO of Mogul Productions, explained to Finance Magnates that the answer is “anyone,” really.
However, Danny Holland, Smart Contract Engineer at Vega, told Finance Magnates that: “some NFT platforms require artists to be pre-approved by the platform or the community, some do not. Rarible, for instance, is 100% open for anyone to create NFTs.”
Essentially, though, “anyone can create an NFT, including artists, musicians, entertainers, entrepreneurs, companies and platforms,” Grewal explained. “The important thing is for the creator to consider the value an NFT brings to them. NFTs are great for demarcating intellectual property and creative works that otherwise could be easily copied and disseminated online.”
Tal Elyashiv, Founder and Managing Partner of SPiCE VC, said that: “When you’re determining whether or not you should you need…