Non-fungible tokens a source of income
MBABANE- Move over Bitcoin, welcome Non Fungible Tokens!
Non-fungible tokens (NFTs) are a new way to make money by artists and the public. NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change, thanks to huge sales from a new crypto-audience. NFTs tokens are used to represent ownership of unique items namely; art, collectibles and real estate.
Every NFT is unique to its user name and can only have one official owner. The beauty of the NFTs is that they are digitally unique. ADVANTAGES Every NFT must have one owner whois of public knowledge and easy for anyone to identify. The other advantages of this platform are; Content creators can sell their work anywhere and can access the global market. Creators can retain ownership rights over their own work, and claim resale royalties directly. One can use digital artwork as collateral in a decentralised loan.
Its secured by the Ethereum block chain, which means no one, can modify the record of ownership or copy and paste a new NFT into existence.
In laymen’s terms, Ethereum is a technology that is home to digital money, global payments and applications. According to research done by this publication NFTs and Ethereum, will helpsolve some of the problems that exist on the internet today. As we have moved to the digital space, there is a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership.
Digital items often work in the context of their product. For example you cannot re-sell an iTunes mp3 that you have purchased, nor can you exchange one company’s loyalty points for another platform’s credit even if there is a market for it.
The industry has built a booming digital community which serves as a way for creators to earn money online. The advantage of this platform is that anyone can use it, all you need is internet.
Mandla Luphondvo, who is Head Strategy and Communications at The Central Bank of Eswatini, when reached for comment said “In the past few months, we have briefly interacted with a few artists who have interest in converting their works of art, drawings or paintings that have intrinsic value as determined by the artists. The value of such assets could also be influenced by public perception of the asset, hence some drawings would be more expensive than others, depending on how the artists and their works are perceived by the public.”
‘‘He continued to say “However this is not the space we work as the Central Bank of Eswatini. We encourage Emaswati to conduct extensive research and thoroughly evaluate their risk appetite before investing or transacting in different kinds of assets.”
When reached for comment, the CEO of the National Council of Arts and Culture, Stanley Dlamini said “It is time that artists take advantage of the digital space. The world has moved into a digital age and I believe there is ample opportunity here for our artists to be seen by a worldwide audience.”
When reached for comment, Sisimile Mndzebele known as Hani G said “NFTs are the future, in the digital space, they are going to be another platform to create revenue.
Every company with a digital presence will have to adopt and have NFTs just like they have Facebook or Instagram. Everything is going digital.
Right now a lot of people have not understood the whole concept of it as yet though.”
entertainment space especially events, mainly because most attendees subscribe to just sports and the team was keen to sort out ways to include everyone as best they could. “I am excited to announce the return of the Hipnotik Festival under the new theme ‘FantasyWorld’. The festival this year has a new feel, as we have included a sporting code,” said Nkambule.
This move was done to broaden the entertainment spectrum of the festival. This year’s line-up will see internationally renowned professional golfer, Nobuhle Dlamini and two time Olympic gold medalist, Caster Semenya, participate in the marathon festivities that will be held at the MTN golf range. Sports are ranked top of the entertainment charts and categorised as a type of spectacle. Embedding music and sports will be a different feel for entertainment as both sectors
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flourish in giving high levels of theatrical presentations with a sole purpose, entertaining the audience. Nkosi who will be in charge of the sports section, mentioned that they were in talks with other various sports enthusiasts and professionals to make this experience a success.
The Hipnotik team has promised a bigger and better show, and the line-up will be released in phases. The only hint that was put out by Nkambule for the show was that attendees can expect the best Hip Hop heads in the SADC region, including the kingdom. The return of Hipnotik has kept fun lovers on high alert, as the show was dubbed one of the biggest youth-followed events in the kingdom. It was suddenly cancelled after pushing a six -year livelihood. On their six-year anniversary in 2017, the music gathering featured the best Hip Hop line-up namely; Nasty C, Cassper Nyovest, Nadia Nakai and Anatii.
The venue of this year’s event is yet to be announced but the VIP pre-party of the event will be held at the MTN golf range in Ezulwin on September 2 this year. The pre-party has always been the glue of the show, giving guests the opportunity to mingle with the stars in the finer settings of the event.