Some of the licence owners we are talking about are sports clubs, sports leagues, local celebrities (e.g. Artists, Athletes, Musicians, Movie creators). For the NFT platforms we are talking about Marketplaces where NFTs can be bought and sold, Games like Fanzone.io, Blockchains and Crypto Wallets where the actual NFT products can be stored on.

Let’s take a quick look at what are NFTs. It stands for Non Fungible Tokens, but that still doesn’t make sense. Well let’s break it down easier, NFTs are all about the uniqueness of something and in the most cases we see today its digital art. What is meant with uniqueness? When looking at currency for example, if you have one dollar and I exchange it for another one dollar, I still have one dollar nothing has changed when it came down to the actual dollar. Now in the case of the Mona Lisa, there is only one, even though you can copy the painting there will always be just one Mona Lisa. NFTs work the same way, you have a digital artist and he/she creates an art piece and sells it on a marketplace through the blockchain network. The tokens are like digital certificates of ownership and the data from the purchasing of the token is stored on the blockchain and the certificate is then kept in your ownership in your digital wallet.

All of this is giving digital artists the chance to make a name for themselves in a time when we are moving into a digital era and with currencies already moving into the digital realm why not art. But it’s not just art that can be classified as a NFT, it can be a clip from a movie, a part of a song or even a GIF with a part of a song included.

All in all it is a digital asset and when it comes down to the actual purchasing of the asset it’s in the eyes of the beholder, cause that what a normal investment or asset is as well. You buy something or invest in something you believe in and believe will have value in the long term.

Just a little information regarding blockchain. Think of the blockchain network as just a network of data and each block represents a piece of data from the specific digital asset.