It was a great lecture by @levycore. Now I see a future where a content creator of either art or music can have full ownership of their hard work and own their royalties at the same time.
Taking the class,
Non-Fungible Tokens are tokens that are used to represent unique items. Things like art, music, games, real estate and others can be represented with NFTs. They are unique and belong to a single owner. It can’t be used as a currency of trade. It’s coded with only one owner and only that owner can access and have full control over it. Its ownership can’t be modified and a duplicate can’t be made through copy and pasting. The first NFT was brought in 2012-2013, and it was colored coins.
The NFTs are kind of not known in the system. We have our normal day internet where we get our videos, mp3, arts and others. These give us a copy of the original. This doesn’t help the artists. Comparing the NFT to our internet today
A copy of NFT can’t be made but in today’s internet, a copy of a mp3 can be same as the original.
Again, in NFTs times, content creators still have ownership rights and reclaim resale royalties directly while in today’s internet medium such as music streaming claim most of the profit on their products.
The NFTs are good and should be looked into. If an artist wants to make money, then he should consider owning one.
For today’s lecture, I will like talking about Yellow Heart as a Non-Fungible Token.
Yellow heart was founded by Josh Katz in 2018. The aim of Yellow Heart as a NFT is they want to help bring whatever is happening the crypto world to the art and ticket world. They are creating an asset of class to help creators get paid a portion of future profits of their work they created. Considering music these days, music streaming platforms makes a lot than artist. They even claim future benefits than the original creators. With this issue, yellow heart as a NFT is coming to bridge that and acknowledge the work of anyone willing to create one.
Yellow heart is using blockchain to exchange tickets with tokens. Tokenizing tickets is a technology with knowing. They didn’t stop there. It helps to make sure anytime an art is being sold, a percentage of profit is given to the creator.
The Yellow heart was sold for $87.57 a month ago. The details of the yellow heart NFT are as follows.
|Token Name||Yellow Heart|
|Registry contact address||0xd07dc4262BCDbf85190C01c996b4C06a461d2430|
|Issuance date||October 9,2020.|
NFTs are aiding people make money. It’s a tremendous way of retaining a digital asset for your work. Songs, art, games and stuffs now have value on the crypto market. Yellow heart being one of the NFTs is helping the music industry. They recently established partnership with King of Leon which is undoubtedly helped them in selling their album to the world. Not only did they get money, they were also able to raise funds for Crew Nation. It has been the first to be sold on NFT and its really big. I think the NFTs have future and we should expect more from them.
Thank you for having time to pass by.
To the attention of @levycore!