NFT conference NYC
At NFT NYC Conference is a platform where industry leaders, influencers, developers, and fans meet in New York City for all things Non Fungible. Enjoy debates thought leader talks, workshops, and industry briefings from the leading names and brands in the blockchain.
Not so long ago, most marketers brushed off NFTs as comically fringe, and probably destined for a short lifespan. But NFT sales skyrocketed during the pandemic, and now a number of eminent public figures and brands have begun to invest in them. This most recent NFT.NYC, which ran from June 20-23, reflected not only the enormous diversity and variety of NFTs that have come into existence since they hit the radar of mainstream culture, but also the vibrant enthusiasm for the future that much of the web3 community seems to feel – despite the fact that the crypto market has recently come on hard times.
What is NFT? Non-Fungible Tokens:
An NFT is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership of a specific digital asset and specific rights relating to it. This digital asset is usually an image, audio, or video file. The NFT is not the asset itself, rather, it is a one-of-a-kind digital marker assigned to the asset as code stored within the blockchain. NFTs are themselves considered to be digital assets.
NFTs are stored on a blockchain, meaning they are individual tokens with additional information stored in them. As they have value, they can be bought and sold, and, like other types of art, their value is determined by market demand.
What Is Driving the NFT Market?
Digital scarcity: Back in the days when music was primarily bought and sold on vinyl, cassette, and CD, it was easy to prove you owned an official copy of a song or album. Now that most media is consumed online, it has become easier to copy and distribute content over the internet, often without any recognition for the original creator. Since NFTs are based on blockchain technology, an immutable record of ownership can be clearly identified.
Fair compensation for creators: The ability for Internet users to download, copy and distribute digital audio, video, and image content has meant that creators of original content often cannot fully reap the benefits of their work. For example, the artist known as Beeple sold a piece titled “CROSSROAD” for $ 66,666.66 in October 2020, which then resold in 2021 for $ 6.6 million. Despite the change in ownership, Beeple earned a 10% commission on each sale and will continue to earn a commission each time the NFT is resold.
