The Future of Non-Fungible Tokens (NFTs) in Pakistan

Non-Fungible Tokens (NFTs) have rapidly emerged in a few years and are now considered the forefront of modern culture. There are several types of these tokens but before getting into that, one should draw a thorough understanding of what these are and how they are used in the modern-day world.

What NFTs Are?

NFTs are digital assets different from the local currency or market shares that can be easily exchanged for other currency or shares in any country. These digital assets represent real objects like music, art, videos, games, fashion, etc. When it comes to the extent of their value or weighing them in terms of their worth, some believe that NFTs are a form of bubble that won’t last forever whereas some believe that these are the future of today’s world.

NFTs have increasingly become popular. To help you better understand the concept, let us take an example of purchasing a digital artwork. In this case, you will buy the digital item in terms of its ownership rights. These digital assets are unique in nature and formed through the same technology used to create cryptocurrencies.

According to CoinDesk, almost $174 million has been spent in the form of NFTs since November 2017. Hypothetically, NFTs are all around us. From any official content of a music production house to a digitally created piece of art, everything has its ownership rights and only the real owner can claim it.

For example, Mike Winklemann who is a digital artist created made a composite of 5000 drawings and then sold it for a staggering amount of $69.3 million. Yes, it is true that his artwork is available online for the public and they can view it for free but he owns the real rights of this artwork which is why only he can use this anywhere and for any purpose but not everyone else.

How NFTs Are Different From Cryptocurrencies?

NFTs are undoubtedly made through the same programming that is used to create Bitcoins, Ethereum, etc but the similarity ends here. The major difference between the two is that cryptocurrencies are fungible which means they can be exchanged.

On the other hand, NFTs are digitally signed assets that are unique in nature and cannot be exchanged. For example, a video clip of a match series can never be equal to another clip from the same match which means they do not have similar values in nature. Whereas, one dollar is equal to one dollar and one bitcoin is equal to one bitcoin.

Use Cases of NFTs

NFTs provide artists and content creators with a unique opportunity to monetize their work. For example, art experts no longer have to depend upon galleries or famous auction houses to sell and earn from their art. Instead, they can sell their artwork directly to the customer as an NFT, which also allows them to keep on making huge profits. Along with that, artists and content creators can also take interest in royalties so that they can keep earning a specific percentage of sales whenever their art is sold to a new customer. It is an attractive feature as the content creator do not receive do not get future proceeds after the first sale.

But don’t think that only art can be traded as NFT. There are many other ways that can help you to earn an unimaginable amount of money through NFTs. Top brands in the world auction their branded themes as NFTs to raise funds. These branded pieces of art sell in minutes and return huge amounts of money.

How To Buy NFTs?

First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.

In the first step, you will need a digital wallet that allows you to store NFTs and even cryptocurrencies. If you are willing to purchase an object as NFT then you should have the equivalent amount of digital currency in the wallet which you can use to make the purchase.

What’s Going on in Pakistan?

In Pakistan, it is undeniably true that a huge number of people have taken interest in NFTs. While talking about some of the famous Pakistani artists who are known for their digital artwork, the name of Ayesha M Ali, who is a brilliant Visual Artist and Creative Director is worth mentioning. She is currently working at Oshii Brownie which is a tech-art startup and creates digital paintings and art direction work. All her efforts are devoted to promoting different cultures and traditions in the form of art.

She is also the co-founder of Cosmic Tribe which is an interdisciplinary project that promotes the study of artistic expression, technology, material exploration and the impact of much more. Just like what fashion designers design and offer, her creative work is also one of the most common examples of those objects that are traded as non-fungible tokens or collectables.

Always remember that NFTs exist virtually which means that instead of having a piece of artwork that can be hanged on the wall, you will get only digital ownership rights of the desired object. So, all you will get is a digital version of the object, not a physically existing object.

If NFTs interest you and it seems like you can make great money by investing in these virtual and digital collectables, then don’t wait anymore and explore the world around you. You are sure to find an indefinite number of these digitally signed collectables that can be worth millions.

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