SOCIAL

The Basics of NFTs [Infographic]

Published

1 year ago

October 4, 2021

If you use social media, basically at all, you would have definitely noted the rising interest in NFTs, or ‘non-fungible tokens’, as a vehicle for buying and selling digital artworks. Aligned with the broader push on cryptocurrency, NFTs have become the latest tech trend, with people paying thousands, even millions, to own exclusive pieces of digital art, which many are then putting on display on their social profiles.

It’s become a form of in-crowd credibility, even prestige, in some respects. But for those on the outside looking in, it can be difficult to wrap your head around how NFTs actually work, and how they apply to the broader digital connection space.

As a basic definition, ‘non-fungible’ means unique, a token that can’t be interchanged for something else. There is only one of each NFT being sold, which then provides digital artists with a new way to both sell their work, and track subsequent usage.

With NFTs, which are bought and sold via blockchain, the actual ownership of each piece is trackable for the first time, which changes the game for use, and re-use, and brings digital art more into line with classic art trading.

And with Instagram, Facebook, TikTok and Twitter all looking at how to lean into this trend, you can expect to see a lot more on the NFT front spilling into your social media streams. As such, it’s probably worth upping your knowledge, which is what this overview from the team at Expensivity is for.

The below infographic outlines the basics of NFTs, which helps to pain a clearer picture of how they work, and what they mean in the fast-evolving digital eco-sphere.

Maybe it’ll lead to you investing in your first digital piece.

Overview of NFTs and how the process works

Socialmediatoday.com

SOCIAL

Elon Musk in row with Zelensky over Russia ‘peace plan’

Published

3 hours ago

October 4, 2022

Entireweb News Bot

Billionaire Elon Musk has tweeted that he was buying English football club Manchester United, without providing any details as to whether he was serious or not

Billionaire Elon Musk. — © AFP/File Attila KISBENEDEK

US billionaire Elon Musk was embroiled in a social media spat with Ukrainian officials including President Volodymyr Zelensky on Monday over his ideas on ending Russia’s invasion.

Musk sparked the controversy on Twitter by proposing a peace deal involving re-running under UN supervision annexation referendums in Moscow-occupied Ukrainian regions, acknowledging Russian sovereignty over the Crimean peninsula and giving Ukraine a neutral status.

The Tesla and SpaceX founder created a poll to let his more than 107 million followers vote on the idea.

Zelensky responded with a Twitter poll of his own, asking: “Which @elonmusk do you like more?” with the options “One who supports Ukraine” and “One who supports Russia”.

Kyiv’s ambassador to Germany Andriy Melnyk replied bluntly: “My very diplomatic response (to Musk) is to get lost.”

Ukrainian presidential aide Mykhaylo Podolyak suggested a “better peace plan” under which Ukraine took back its territories including Crimea, Russia was demilitarised and denuclearised and “war criminals” faced an international tribunal.

Musk later said Moscow could announce a full mobilisation, leading to a “full war” where “death on both sides will be devastating” given Russia’s far larger population.

“Victory for Ukraine is unlikely in total war. If you care about the people of Ukraine, seek peace,” he wrote on Twitter.

Russian President Vladimir Putin has called on Ukraine to cease hostilities and negotiate after ordering a partial mobilisation to bolster his forces and threatening to use nuclear weapons.

Zelensky has said he will never negotiate with Russia as long as Putin remained its leader.

Source link