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What are NFTs and what is the meaning

March 29, 2023
What are NFTs and what is the meaning

The concept of NFTs may be hard to grasp at first, but don 't worry, in StadioPlus, we want to make sure you understand what NFTs are and how they are changing the way we think about digital content.

The acronym NFT stands for Non-Fungible Tokens, but that doesn't help much either. The word ‘Non-Fungible’ basically means non-replaceable or a unique kind of thing. On the contrary, for example, a dollar bill or a Bitcoin can be replaced or broken up into pieces that amount to the same value. So, what are NFTs anyway? NFTs refer only to pieces of digital content such as art paintings, pictures, a meme of smiling cats, and just about anything digital that is tied to the blockchain supporting cryptocurrencies such as Ethereum or Bitcoin.

This link to the blockchain or ‘token’ provides you with proof of ownership and has some other implications as well. It means that you can make transactions with NFTs, buy or sell NFTs, and retain copyrights.   

Expensive NFT sold for 253 $ETH which in today’s value is over $566,854 dollars USD

What are NFTs good for? - The many upsides of NFTs

NFTs have opened a new range of possibilities for digital content. One such possibility is to become a collector of digital assets. You may be a fan of certain types of digital content and NFTs can make you the rightful owner of said content. As a collector, you may want to support the digital artists who create the artwork you like so much by purchasing NFTs.

There are communities built around different NFTs as well and some have become increasingly popular. People may join in to share, collect artwork, share memes or maybe look for a new cool avatar. In StadioPlus, we aim to create the number #1 community for sporting NFTs and not just a place to purchase them. Our safe platform provides a place where everyone can display, trade, and acquire NFTs based on iconic moments of sporting history.

NFT art piece of a historic sports moment at StadioPlus

Another possibility is to become an investor looking for an opportunity to buy NFTs that will hopefully go up in value. For the record, the well-known auction house, Christie´s, hosted its first NFT auction to sell digital artwork by the artist Mike Winkelmann and sold for a record $69 million USD. The jpeg named “5000 first days” is a collage of all the work ever made by the artist. Make sure to check out our guide on how to invest in NFTs.

As an artist, you may have stumbled upon a new way to display and gain some extra income for your work, and the truth is, there are not many options out there for digital artists. With NFTs, artists can access different marketplaces and communities to showcase and sell their work. NFTs even have a feature in which artists can receive a percentage of every transaction or change in ownership of their NFT.

Takeaway on what are NFTs?

Truth is, the concept of owning digital content through NFTs may be confusing a little. After all, digital content is prone to be copied and reproduced many times. But remember, NFTs are designed to give you something that is Non-Fungible or replaceable, and that is: rightful ownership. Come visit us at StadioPlus, and join our NFT community!. Chances are that you will find a perfect sporting moment to treasure as digital art.