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NFTs and Social Impact
Looking at NFTs as a social responsibility tool
Non Fungible Tokens or NFTs have been all over social media and I believe you haven’t been able to escape this abbreviation in the past few months . One of the most popular reasons to bring it up and elaborate on the topic of NFTs is actually the investment aspect of them. Just like with all things crypto, the hype started with looking at NFTs as an investment product that can increase in value over time. You probably heard of Beeple, and if not — here’s a podcast episode from Planet Money where they speak with the digital artist himself.
Once the online community of investors heard that NFTs can be worth as much as $69 million they immediately got involved in the space on a large scale. I think there is a lot bigger and more meaningful potential in NFTs, especially in their social and environmental impact.
But firstly let us look into the basics of this new word — Non Fungible Tokens. NFTs essentially are digital art pieces that are unique and, as the name suggests, non fungible. This means that they are used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership. NFTs are a helpful innovation not only because they help musicians and artists have a more…
