“What is the Internet?” Our answer to the question was different in the 90s, and different in the 2000s and 2020s. Our answer to the question of what is NFT (Non Fungible Token) is also changing and will change rapidly.
Basically NFT is a digital asset. They are unique digital assets with limited supply. What makes it valuable is that its supply is very limited. Of course, the most important feature is that it is non-substitutable.
What does that mean? For example, if I give you 10 TL and you give me 10 TL, or if I give you 1 Bitcoin, if you give me 1 Bitcoin, it can be substituted. In NFT, on the other hand, there is no substitution. This digital asset often includes a media element; It can be a video, animation, or game-related character.
For NFT to be grounded, it has to be in a virtual universe of digital assets. This is where the “metaverse”, another concept we’ve heard a lot lately, comes into play.
Take ownership of the digital asset
For example, Dark Blue Magazine opened a place in the metaverse universe. A virtual character can buy NFTs of the magazine when he adds NFTs of his old issues there. In this way, the publishing community can also enter the metaverse universe.
Or a clothing brand can sell their products with NFT and buy people to dress their characters in the virtual universe. We can see this in all industries. We’re basically looking at two things. Firstly, which digital asset might people want to take ownership of, and secondly, how will the trust mechanism in this virtual universe be? For example, even if there are NFTs in a meta-universe created by Facebook, Facebook will own them. So we will have a sense of trust towards Facebook.
In other metaverse projects, there will be no central authority and we will not trust a single authority. For this reason, we protect our digital assets. Otherwise, if the ownership is on Facebook, it can remove that asset at any time.
Next Page: A 3D social network: Metaverse
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