LONDON–(BUSINESS WIRE)–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 forged, and it’s only transferable from one owner to another through explicit consent. Sound familiar? Well, you can certainly liken an NFT to a precious piece of art, or even trading cards, but without the vulnerability that comes along with them. You see NFTs have become the latest collector ‘must-have’ and demand has driven the prices of NFTs to astronomical levels, with one digital image by artist Beeple fetching $69 million at a Christies’ auction.
But what makes NFTs REALLY interesting is that anyone with a digital wallet can own one. With prices for NFTs ranging from $20 to thousands of dollars, almost anyone can own an NFT. Whether or not the ‘investment’ pays off is anyone’s guess, but many individuals are already snapping up any unique NFT that they think will hold more value in the future.
Although the NFT craze is relatively new, Uhive, a social network that released in beta, early last year, and already has 489,000 registered users and 250,000 active monthly users, have been working towards launching its own NFT marketplace. What makes Uhive different is that rather than a one-size-fits-all approach to building an NFT marketplace, they’ve first designed an entirely-new digital formula for what can constitute an NFT, and then built a marketplace around this.
Up until now, for the most part it has been digital ‘art’ or digital media that’s being minted and sold as an NFT. What Uhive has done is build into their social network the ability for any user to turn their own personal profile or page (space), all of it’s content, and data into an NFT! The implications of which are huge. Imagine owning your profile and its data on any legacy social media platform, and being able to say how your data is used, and if it’s used to generate revenue, you will earn the lion’s share. What Uhive have effectively done, is deliver on multiple empty promises made by other social media to hand over some or all of the controls to users, but in a way that would be impossible without NFTs.
What will the world’s first social media profile sold as an NFT fetch? We’ll soon find out as Uhive’s Marketplace launches this week.
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