Evolution of NFT in Association to Mogul Productions
What is NFT?
NFT is an acronym for "Non-Fungible Token" which have been in existence since 2014. The Non-Fungible Token is regarded as digital asset that depicts real-world elements like music, art, in-game items and videos. They are purchased and traded online, often with cryptocurrency. Music, tweets, and memes are all examples of digital goods that have been transformed into NFTs. The NFT technology has been leveraged by artists to sell and fund their creations by casting bigger nets.
NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. Hence, it's a one of a kind digital token which is maintained on digital ledgers to keep track of who owns them as each tokens are linked to the digital assets. This is what distinguishes the Non-Fungible Tokens from others.
How does NFTs differ from Cryptocurrencies?
Basically, NFTs are usually programmed in the same way as cryptocurrencies like Bitcoin or Ethereum, but that’s where the similarities end.
Physical money and cryptocurrencies are both “fungible,” which means they may be traded or exchanged for each other. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain. NFTs are different as the digital signature makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
How does NFTs work?
NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.
Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.
An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:
• Videos and sports highlights
• Virtual avatars and video game skins
• Designer sneakers
Mogul Production NFT Auction
An event was hosted by Mogul Productions, the first ever decentralized film financing industry, scheduled for 27th of May, 2021, where Rob Prior, a Marvel and DC Comics artist set a painting on fire in an NFT Livestream event which resulted in a digital ERC1155 NFT. This newly discovered NFT was auctioned exclusively on the Mogul Platform for 24 hours, where Rob Prior claimed that the "Wolf of Wall Street was the metaphorical inspiration for the artwork."
This wasn’t going to be a one-time deal. Rob Prior also revealed his next two NFT releases during the event, featuring a Marvel-inspired Deadpool and a Star Wars painting of Luke Skywalker. Mogul Productions debuted its platform earlier this year and had around 50,000 members before the NFT Livestream, which saw a significant increase in usage shortly after. According to the event summary, the NFT of Prior’s painting sold for 5,500,000 STARS tokens, or $182,050 USD, making it the first ever NFT sold on Mogul’s platform.
Mogul Productions brings together filmmakers, movie-goers, and funders in one place to ensure that the best films are made. It’s fundamentally generating a movement by giving people power, with NFTs as one of the verticals. The event “signifies the increasing trend of NFTs as they continue to consolidate their transformational value in the entertainment business,” Lisa Sun, the Founder and President of Mogul Productions, said prior to the webcast. This is where we sit back and watch as technology develops and becomes more broadly embraced.
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