LONDON–(COMMERCIAL THREAD) – So what exactly are NFTs and why should you care? Let’s start with the basics. NFTs or non-fungible tokens are a unit of data stored on the blockchain (a digital ledger). This makes the data they store unique, it cannot be tampered with, and it is only transferable from one owner to another by explicit consent. Seems familiar? Well, you can certainly compare an NFT to a valuable work of art, or even collectible cards, but without the vulnerability that comes with it. You see NFTs have become the latest ‘must have’ for collectors and demand has driven NFT prices to astronomical levels, with a digital image of artist Beeple retrieved $ 69 million at a Christies auction.
But what makes NFTs REALLY great is that anyone with a digital wallet can own one. With NFTs prices ranging from $ 20 to thousands of dollars, almost anyone can own an NFT. Whether the “investment” pays off or not is a guess, but many people are already getting a unique NFT that they believe will be more valuable in the future.
While the NFT craze is relatively new, Uhive, a social network that came out in beta early last year and already has 489,000 registered users and 250,000 monthly active users, is working hard to launch its own. NFT. market. What makes Uhive different is that rather than a one-size-fits-all approach to creating an NFT marketplace, they first designed a whole new digital formula for what can constitute an NFT and then built a market around it.
Until now, this has largely been digital “art” or digital media that was minted and sold as NFT. What Uhive has done is integrate into its social network the possibility for any user to transform their own personal profile or page (space), all of their content and data into NFT! Whose implications are enormous. Imagine owning your profile and its data on any existing social media platform, and you could say how your data is used, and if it is used to generate income, you will win the lion’s share. What Uhive has effectively done is deliver on several empty promises made by other social media to hand over some or all controls to users, but in a way that would be impossible without NFT.
What will be the world’s first social network profile sold as NFT? We’ll find out soon when the Uhive market launches this week.
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