Non-Fungible Tokens launch to be an industry game changer,

A new blockchain technology has been launched in Kenya and is set to revolutionise the local copyright and e-ticketing industry.

The Non-Fungible Token (NFT), which essentially means a non-replaceable digital asset that uses the blockchain to document the ownership of items such as music, images and videos is expected to weed out the fakes in the market.

Following the launch, digital arts like gaming can now be owned by just one person, verified on an open ledger technology earning them funds on every sale and resale due to the underlying smart contract.

Jimi Cohen the president of We Make Impact says that looking to the future, all concert tickets will be sold as NFTs because they are much harder to sell as fakes, since it is verified on the blockchain.

“The launch will have a great impact on the economy, art and the gaming sector among others key areas of life. As for the art sector, typically artists have really been struggling to support themselves and make a living through their art. Though now artists are thriving by selling their art digitally across the world, with no shipping fees,” said Cohen.

He adds that Though the NFT community of changemakers the uptake of NFT has been growing since December, for the first time in human history, digital art will now be just as valuable, if not more valuable than physical art.Loading…

“As far as the gaming sector is concerned, there is a total transformation as people bring their NFT game characters into Metaverse games like Sandbox, where properties both physically and virtually are selling as NFTs,”

This technology makes it possible for creators of NFTs to receive royalties every time a token is re-sold, depending on contract details.
Globally the NFT market experienced its best year in 2021, generating over $23 billion in trading volume.

Game NFTs have amassed over $4.5 billion in trading volume, accounting for 20% of the total NFT sales in 2021.