THE FUTURE OF DIGITAl
NFT is an acronym which stands for: non-fungible token. If you are scratching your head, I’m sure there’s one word here that’s causing the problem. Fungible. Now that may sound like a made-up word but it’s not a new a new term. In economics, fungible refers to a commodity whose units are interchangeable and indistinguishable from each other. Currency is a simple example of something that is fungible. Say you had a hundred-dollar bill and changed it for 5 twenties. You’re in the exact same position. A friend borrows a $20 and then repays it? Same deal. He gave you back a different $20, but it doesn’t matter. The value is exactly the same.
Now let’s talk about something that is non-fungible, like a one-of-a-kind work of art. The Mona Lisa, for example. You can’t break her down into smaller units without destroying the artwork and its value - and while she could technically be duplicated through prints or attempts to paint a reproduction, they wouldn’t be worth anywhere near the same amount. There is only one original, the ownership of which is well documented and undisputed.
Now let’s take time for T, the T in our acronym: Token. The token in this case is actually a unit of data stored on a digital ledger called a blockchain which can be sold and traded. The token is often directly associated with a digital asset like an original drawing, photo, song, video or even a meme. The ownership of the token and any of its transactions are authenticated within the blockchain and these records are unchangeable.
Are you seeing how this comes together? You purchase the “token” which is directly associated with the “non-fungible” asset. You own the token, so therefore, you own that asset and although there could be copies, yours contains a tamper-proof digital signature which proves it is the original.
Putting the "fun"
Hockey cards are a beloved part of my childhood, but a static picture on a thin piece of cardboard is headed the way of my VHS machine. Kids are already collecting digital sports cards and living in a virtual world. Wouldn’t it be cool for those same kids have a dynamic collectible to share and trade with their friends within that world? And don’t you think every hockey mom would be excited to show off her child’s completely original memorabilia to her friends and family?
Here at Growler Media Group, we are excited to offer a new spin on traditional sports cards with an eye on the future. We create unique digital collectibles in 3D space that feature photos or videos of the next generation of superstars. Whether delivered as a fungible, reproducible asset or “minted” as an NFT, these eye-catching treasures are sure to inspire and delight.
We’d love to tell you more!
Please contact us directly to discuss details, book a meeting or just say “hi!”.