NFT stands for ‘non-fungible token’ which means it is a digital asset that has an exclusive feature about them which cannot be replaced or replicated. They’re popular in today’s society and widely regarded as a revolution for digital assets like art, music or even a Tweet (Jack Dorsey, Twitter CE0 and Co-Founder sold his first ever tweet as an NFT for over $2.9 million).
What is different about NFT’s to other digital creations is the sole ownership and the bragging rights of the person or entity that owns it. Furthermore, it encloses built-in authentication which verifies the ownership. That explains why collectors and people are spending, in some cases – millions – on artworks and music they could alternatively screenshot and download for their own personal use. It’s not uncommon for NFT collectors to value the ‘ownership bragging rights’ over the actual NFT sale price.
Uhive social network has its own digital token to reward its user base and generate revenue and has already launched the world’s first social media profile-to-NFT feature. This basically grants its users the right to mint their profile or content into an NFT token and either store it in their digital wallets (own it) or sell it on Uhive’s Marketplace.
The implications of minting your social media into an NFT are huge and demonstrates a true creator-first approach much more so than any other attempt at this by existing social media, especially legacy social networks. Uhive has incredibly elevated the playing field to provide their users complete ownership of their profiles by allowing them to mint their space into an NFT. Everything on the platform is completely tradeable and users can buy and sell each other’s spaces, meaning that all their hard work is rewarded with crypto tokens.
NFT’s are different from other cryptocurrencies because they cannot be substituted or equivalent to one another unlike Bitcoin or Ethereum. Each NFT has its own unique identification which links to its name (non-fungible). NFT’s operations occur on a blockchain which documents transactions taking place.
More digital items that can be NFT’s are GIFS, designer sneakers, online figurines, video, and sports highlights. Furthermore, before the NFT is sold on to a new owner, the original creator can program in royalties so the creator can receive a fee each time the digital asset is sold on. Very popular platforms to buy and create NFT’s on are OpenSea.io, Rarible and Foundation are host to thousands of NFT’s creators and amassers.
Uhive mints its spaces into NFT’s which can purchased utilising Uhive’s own cryptocurrency – HVE2. In addition, patrons and consumers can purchase Uhive’s cryptocurrency on LATOKEN using Tether or Ethereum. Uhive spaces can naturally increase or decrease relying on many aspects such the position of it in relations to the Oasis and the rate of engagement a space can gather. Moreover, the number of followers matter as well as the quality plus worth of the followers considering the social scale. It’s likened to owning properties and assets within the social network which makes the future exciting for Uhive.