What Are NFTs? Mapping the NFT Ecosystem [Infographic]

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As we look towards the next gen­er­a­tion of dig­i­tal con­nec­tion, all news types of con­nec­tiv­i­ty, and util­i­ty, are emerg­ing, which will pro­vide more ways for cre­ators to expand their hori­zons and build direct con­nec­tion with con­sumers, fans, fel­low artists and more.

The biggest longer-term shift in this respect is the meta­verse, which Face­book made a major focus with its cor­po­rate name change back in Octo­ber, spark­ing a whole new push towards this next dig­i­tal plain. Yet, even before Facebook’s announce­ment, the seeds of the next con­nec­tion plat­form were being sown, with a grow­ing num­ber of investors, advi­sors and evan­ge­lists tout­ing the promise of decen­tral­iza­tion, and the oppor­tu­ni­ties that tech­nolo­gies like cryp­tocur­ren­cy, Blockchain-based ledgers and AR/VR will facil­i­tate in the next stage of development.

The most pub­lic-fac­ing ele­ment of this, at least right now, is NFTs, or ‘non-fun­gi­ble tokens’, which can be applied to a broad range of prod­ucts and ser­vices, and but are most notably being linked to dig­i­tal art, and in par­tic­u­lar, dig­i­tal pro­file pic­tures on social net­works (PFPs).

The NFT move­ment has now become a key growth aspect of the broad­er social media space, and while there are many skep­tics, and many ques­tions about the long-term via­bil­i­ty, and val­ue, of these dig­i­tal art works, the growth of NFTs is unde­ni­able, with Twit­ter, Insta­gram and Face­book all explor­ing new ways to direct­ly inte­grate NFT art and own­er­ship into their apps.

If you’re still strug­gling to get your head around the NFT space, this info­graph­ic is for you. The team from Visu­al Cap­i­tal­ist recent­ly teamed up with Next Decen­trum to pro­vide this overview of NFTs and the emerg­ing online art space.

It could pro­vide some valu­able per­spec­tive for your plan­ning, espe­cial­ly giv­en the emer­gence of dig­i­tal con­tracts and ownership.

Overview of NFTs and the new creator ecosystem

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