- Greg Phillips
The ABCs of NFTs
Updated: Aug 9, 2022
The Metaverse. Web3. NFTs. If you’ve been following the tech industry over the past few years, you’ve no doubt heard or read about one, if not all of these emerging technologies. As the title of this week’s blog suggests, we’ll be focusing on the latter — NFTs, or Non-Fungible Tokens, as we dig a bit deeper into what they are, are they for you, and some of the collections Anime Village is planning to drop in 2022.
What they are.
NFTs are a digital assets such as graphic art, GIFs, video content, collectibles, Avatars and music. NFTs are bought and sold with cryptocurrency (i.e., Bitcoin, Ethereum), and are generally one-of-a-kind, or one of a limited run of assets.
Long story short, NFTs are virtual representations of collector items, So, instead of buying that cardboard set of trading cards and sticking them in a drawer, you get a digital file that you engage with on your laptop or smart device.
Believe the hype?
NFTs broke into the marketplace in 2014. According to Skyquest, the NFT market was worth nearly $16 billion (USD) in 2021 and is expected to balloon to $122 billion by 2028.
While the NFT market isn’t slowing down any time soon, buyers should be aware of some of the pitfalls that this emerging marketplace has created, most notably highly inflated costs for products that offer little, if any value and limited or no utility.
There is a risk in purchasing NFTs, mainly because they don’t have much history backing them up to judge performance. Also keep in mind that your NFT purchase is only as valuable as others deem it to be. So, if you’re buying NFTs as an investment, it’s worth considering starting off slow. If you’re a collector on the other hand, then your motives for buying are simply to add to your growing collection, so go for it!
Form meets function.
When it came time for us here at Anime Village to discuss adding NFTs to our product and service mix, we kept coming back to the same idea that our digital collectibles have to look pretty. But they also have to offer value. That value comes in the form of utility. When we say ‘utility,’ we mean that our NFTs will offer practical use, application, or an added value outside of the Metaverse.
Here’s an example. Our first series featuring Shin’ichi Tanso from our upcoming Manga, Adamanto (ashcan dropping at the end of this month!), will show Shi in all manner of different era-inspired outfits. The utility? When you purchase a Shin’ichi NFT that’s wearing medieval armor, you’ll receive an identically equipped Avatar, which will be one-of-a-kind.
Suki, Anime Village’s virtual guide, will also be featured in her very own NFT series, with exclusive Manga offers tied in for added value. For a complete schedule of Anime Village’s planning NFT drops, just check out the schedule below:
· Adamanto Series 1: July 28*
· Suki Series 1: July 28*
· Adamanto Series 2: August 25*
· Suki Series 2: August 26*
· CroMagnum Series 1: Q4 ‘22
· (un)Dead Reckoning Series 1 Q4 ‘22
· Toon & Kigo Series 1: Q4 ‘22
*Release dates are subject to change.
There are tons of ways to add utility to NFTs, and we’re constantly exploring new ways to add worth to our series. If you have any ideas you’d like to share, we welcome the input.
The bar we’re setting with our NFTs focuses on two primary objectives: one, they have to look great. If there’s one thing we know about Anime and Manga aficionados (we are, after all, part of this hallowed group), the shows they watch and books they read all have an amazing aesthetic. That’s why we’ve put so much time and effort to develop the look and feel of our NFTs.
Number two on the priority list is that our NFTs must offer value. Sure, it’s newsworthy when a series like Bored Apes and Beeple’s Ocean Front sell for millions. But we look at NFTs as more than just an investment. They’re cherished collectibles like my Dragon Head or Fantastic Four collections…things we enjoy the ‘you-know-what’ out of and if they just so happen to go up in value, great!
The bottom line.
NFTs are new, exciting and unpredictable. We embrace this new digital medium for many reasons — they allow creators to display their work in all new ways, they add cool utility and added value, and finally, they give you 100% ownership of some rare, exclusive content.
Speaking for ourselves, NFTs allow us to showcase our original IP in some unique ways, which is great for fans and collectors of all kinds. Now what could be better than that?
To keep up-to-date on our NFT releases, be the first to cash in on exclusive deals, and check out other details on Anime Village products and services, make sure to follow us on Twitter and Discord.