What is an NFT?
NFT stands for ‘non-fungible token,’ which really means ‘unique’ or ‘can’t be replaced.’ For example, dollars are fungible — you can trade one dollar for another. You can’t, however, trade signed Kobe sneakers worn in a championship game for other sneakers. They would never be the same.
An NFT can be anything digital like a picture, song, video, etc. with a unique identifier code that exists on the blockchain. Many people think NFTs are just digital artwork, which they certainly can be, however they can be much more than a piece of art also. NFTs can also have real-life utility, like memberships to specific clubs, tickets to concerts, and access to exclusive lists or events.
For example, an artist can give her NFTs that grant them early access to listen to a new album, VIP access to her shows, or an exclusive, top-tier fan communication channel. And because they’re on the blockchain, they are virtually impossible to counterfeit (think fake scalped concert tickets😤).
Take a look at Coachella Festival’s incredible NFT collection: Coachella says, “[They] are a first of its kind opportunity to own lifetime festival passes, unlock unique on-site experiences, physical items, and digital collectibles. Embrace new technology to connect & discover.” [nft.coachella.com]
NFTs can become the future of memberships, access, perks, and opportunities that will help pave the way towards web3, ownership, and the creator economy! You bet Geojam will be incorporating NFTs in a number of ways into our platform!
Members of our team will also be participating in the NFT Expoverse in Los Angeles this summer as well as other blockchain events worldwide like ETHDenver happening now!