With the popularity of NFTs on the rise, Mediamodifier has decided to create a limited crypto art token that can be found on rarible.com.
The token is embodied by a 3D animation of a gold coin with the Mediamodifier logo engraved into its design. The NFT symbolizes our efforts in revolutionizing the design and marketing industry with creative tools and a proposed new tokenized revenue sharing system for designers and authors.
The NFT can be purchased at the price of 1ETH (or $1,815). The first 30 holders will be granted lifetime access to a personal premium account. For more details, please check out this page.
What is an NFT?
You have definitely heard of cryptocurrency before. NFTs are part of this world, just in a slightly different way than the classic Bitcoin.
NFT actually stands for “Non-fungible token”. It is a unit of data on a blockchain, representing a unique digital item. These tokens are not interchangeable. Simply, this means that they are unique and cannot be replaced with something else.
This is a new type of cryptocurrency. For example, a bitcoin is fungible: if you trade one coin for another, you will have the same value in your wallet. However, a ‘one-of-a-kind’ token is unique – if you trade it for a different one, you’d have something completely different.
An NFT could be any digital file, but a lot of the current hype is concerning using this new technology to sell art, such as drawings, music, video clips, etc.
This is due to the fact it acts as a ‘non-duplicable digital certificate of ownership for any assigned digital asset’. That means that owning a token is a smart contract. Digiday explained that these contracts use open source code that secures digital items.
What can I do with it?
Once the token is acquired, the owner has the right to resell, distribute or license the digital asset as they please. Unfortunately, the creator of the NFT can program limitations in the code in regards to its use. For example, the asset cannot show up on a specific platform, like a TV network, according to Shidan Gouran, co-founder of Gulf Pearl, a merchant bank in the blockchain sector.
Most NFTs are part of the Ethereum (ETH) blockchain. Ethereum is a cryptocurrency, whose blockchain supports these unique tokens. NFT tokens store extra information that makes them work differently from the ETH coin.
ETH currently supports virtually all of the existing NFTs. Nevertheless, it is important to note that other blockchains are trying to implement their own versions of non-fungible tokens.
If you are wondering why you should purchase one, there are different reasons people choose to buy NFTs:
- financial investment: similar to physical objects, it can be a compelling investment opportunity when you consider the art’s resale worth
- ownership of the work: buying collectible items or items with sentimental value
- supporting the creator: this usually comes with exclusive perks, in addition to financially supporting your favorite creators and artists