Non-Fungible Tokens (NFT) are cryptographic tokens that represent a unique asset; a non-duplicable certificate of authenticity and ownership.
Retailers, brands and verified users have the opportunity to mint NFTs using APX and display them in their profile, allowing them to buy, sell and own digital assets, music, goods, tickets and other various assets. On the APX NFT marketplace, content creators can turn their content (pictures, music, dance moves etc.) into NFTs and display them directly in their profile inside the APPICS app. This is a new way of combining social media with the NFT market, allowing anyone to display NFTs as content and engage with the community.
Some of the benefits for artists include:
Fraud-proof ticketing for live and virtual events: NFTs can be used to create smart tickets that are non-transferable, making them impossible to counterfeit, providing a secure solution for event organizers and attendees.
Indefinite income: NFTs allow creatives and artists to set fixed royalty rates through smart-contracts, providing a source of recurring income. Artists can also use NFTs to sell digital art, dance-moves, music and other forms of content, becoming their own publisher and distributor.
Building fan engagement: NFTs allow artists to offer collectibles to their fanbase, providing a more meaningful and direct interaction with fans. This allows collectors to own a piece of the artist's history and future success.
Proof and transfer of ownership: NFTs provide a much easier, quicker and more secure way to prove and transfer ownership of digital assets through smart contracts on a public blockchain.
Raising capital: NFTs can be used as a way for creatives and artists to raise capital to fund their production costs, by selling digital assets to investors.
NFTs provide a solution for authenticity and ownership issues in digital content. But the potential of NFTs extends far beyond just digital art and collectibles. Imagine a virtual world where every object and location is represented by an NFT, providing true ownership and scarcity to the digital realm. This is the vision of the Open Metaverse, a decentralized virtual reality where users can buy, sell, and interact with unique digital assets. NFTs are the backbone of this vision, providing the foundation for true ownership and value in the digital world.
The integration of NFTs and the Open Metaverse creates a new frontier for digital content and commerce, where users can not only consume but also create and own their own digital experiences.