With the growth in blockchain technology, NFT is another area of investment.
NFTs have exploded in the past few years. Investors and tech-savvy creators are taking advantage of this model to their advantage. Today, other than art and music there are various NFTs that are attracting investments. know more about BitQT by clicking here.
Understanding the concept of NFT
NFT is a digital asset that makes it simple to explain. Now, the NFTs could mean any asset that has real-life value. Commonly seen NFTs include art, music, painting, sculpture, and gaming avatars or videos. All these assets are purchased and sold through the internet. And you need the backing of cryptocurrency. Yes, to make any NFT purchase the payments are generally carried out through cryptos.
NFTs have been in the investment market since 2014. However, the popularity of these tokens grew in the past few years making them lucrative with less risk. Compared to cryptocurrencies, these types of tokens do not come with heavy prices. Since 2017, the token has gained a massive market capitalization of more than $17 billion. NFTs are unique and make a run for the money. Now what makes NFT attractive? Is it the art or the ownership of this art? This is an interesting analogy that drives NFT’s success in the global market. NFT allows users to buy the original item through the digital market. It also contains certain authentication that is built within the system. This authentication serves as proof of ownership of these assets. This digital ownership has a higher value than the asset itself.
Working model of NFTs
Various blockchains support NFTs. but then, most NFTs work on the Ethereum platform and store all transactions on its network. An NFT is generally minted from various tangible and intangible assets.
Understanding Nextname NFT
Now, let us get to understand the topic under discussion. Nextname is a platform that was designed and launched for gaming purposes. The platform supports college athletes and sports events, players, and groups. It allows for the purchase and sale of digital assets through its platform. The assets lead from gaming collections bearing the player’s name, image, and likeness. Through this platform, players and fans gain equal opportunities. It also helps student-athletes to build their brand image globally.
How does it work?
Now that we have understood the general concept, let us take a look at how this platform works.
Nextname makes use of the Flow blockchain technology. Developed by Dapper labs, the blockchain technology mints NFTs for Nextname. A major piece of such tokens goes directly into supporting and helping student-athletes.
The platform was designed and launched in 2021. The Supreme Court bill paved way for the launch of this platform. The ruling allows college athletes to receive compensation directly. The rule also restricts and limits the role of the NCAA in managing athlete compensation. Soon after this rule, NCAA made changes to its policy. College athletes can receive compensation including their name, image, and likeness.
As the first step, Nextname created personalized NFTs for the Illinois student team. The developed NFTs include both individual players and the team to their credit. Fans can collect the NFTs involving individual players or their favorite teams. Additionally, universities also receive a portion of these holdings. But then yes this involves a valid licensing process.
Steve Thayer, co-founder of Nextname agreed that the platform provides transparency. It will also provide an easy way to leverage players’ efforts for the game. The platform has also clarified that the compensation is for already signed players. The platform only works as a bridge between fans and players. Every player in the team is not entitled to such compensation. There is a lengthy license and agreement process. Hence, only players and teams satisfying these are entitled to compensation.
Both founder and his son are alumni of Illinois University. This is yet another interesting factor of Nextname and the NFT. The platform aims to support college athletes fairly across the globe.
Following the current success, the Nextname platform is also under discussion with others. The team is planning to establish its platform for other schools and universities. With this platform in place, athletes gain an immense opportunity to earn for their game.
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