The subject of non-fungible tokens (NFTs) confuses many people. If you are yet to grasp what blockchain is and what cryptocurrencies are, NFTs might surely confuse you. Not to worry, though, as, with anything, you can take time to learn. I once did an article where I broke down what NFTs are in the simplest of terms. That was when I was discussing NFTs as the latest crypto craze. I wrote it in May 2021; check it out to get an idea of what NFTs are. In it, I said, “NFTs offer some interesting applications moving forward. NFTs can actually revolutionize any industry”. That has been the case ever since, and today, our discussion is on some of the latest NFT developments in the world.
FIFA Classic World Cup Moments NFTs
The basic idea behind this is that there are original classic clips of memorable moments in soccer history. The clips can be on anything from unforgettable scores, goal or victory celebrations, or saves. FIFA came up with an idea to mint such clips into NFTs. They have since built a huge collection of these NFTs titled FIFA+ Collect. FIFA partnered with Algorand Blockchain to make this happen. This means the NFTs in question will be connected to that blockchain.
The NFTs will be officially launched during the 2022 FIFA World Cup in Qatar. This is undoubtedly a game-changer, given how widely followed soccer is global. Imagine during this upcoming 2022 FIFA World Cup in Qatar, a projected 5 billion people will be watching. Any interested soccer fan will have the opportunity to own and also trade those NFTs.
FIFA World Cup Fan Tokens
These are digital assets that enable someone to access a wide range of services or facilities provided by sporting entities. They provide fans with an opportunity to have a say in the management processes of soccer teams they support. Some of the perks of having such a token are having voting rights, purchasing exclusive merchandise or memorabilia, and exclusive access to VIP events. Essentially these fan tokens are available for purchase on cryptocurrency exchanges. Their value (or price) fluctuates just like cryptocurrencies do on cryptocurrency exchanges.
There a several fan tokens to choose from, e.g. for clubs (such as Manchester United). Then there are those for national teams participating in the 2022 FIFA World Cup in Qatar. Some of the notable ones are Spain National Fan Token (SNFT) and Brazil National Football Team Fan Token (BFT). It should be interesting to see how the prices or values of these tokens will fluctuate during the world cup.
Twitter Allowing NFT Transactions
Just recently, Twitter indicated it would soon allow people to purchase, trade, and display NFTs via tweets. People will be able to display their NFT listings. There will even be an option to click through to facilitate the trade of NFTs. In essence, the new feature will directly link to external NFT platforms from a tweet. This is going to be made possible by Twitter partnering with 4 NFT marketplaces. These are Magic Eden, Rarible, Dapper Labs, and Jump.trade. The new feature is dubbed NFT Tweet Tiles. Currently, the feature is undergoing testing. It is an exciting time because there are also plans by Twitter for cryptocurrency integration. It remains to be seen whether or not all these developments will continue, given Elon Musk’s recent purchase of Twitter.
Instagram To Introduce An NFTs Feature
It seems there is a scramble for the NFTs space amongst social media platforms. It has been reported that Instagram will soon carry a feature for people to mint and trade NFTs on the platform. Being able to mint right on or off Instagram should definitely be a game-changer. Another game-changer is that one will not be charged to post or share an NFT. The thrust is to tap into much bigger audiences, which is characteristic of social media platforms. The integration of Instagram into Facebook will potentially be a competitive advantage. The feature is yet to be fully rolled out as initial test runs are still being done.
Hacking Concerns Still An Issue
Hacking concerns are still a big issue since there have been many cases of NFTs or cryptocurrency being stolen. Recently, Gabriel Leydon, the CEO of a Web3 gaming company called DigiDaigaku was hacked. The hacker hacked his Twitter account and took control of it. The hacker then shared (or tweeted) a malicious link via the account. The link entailed an opportunity to mint a DigiDaigaku NFT for free. Clicking on the link and following through it gave the hacker access to people’s accounts. Ultimately, it made it possible for a hacker to steal their NFTs and cryptocurrency. The hacker stole several NFTs and cryptocurrency worth roughly US$30 000.
So far, Twitter, Instagram, and Reddit have jumped onto the NFTs bandwagon. The soccer fan tokens are projected to go a long way in making NFTs mainstream. Lately, NFTs purchases and sales have generally been on a decline across NFT marketplaces. Maybe these unconventional approaches to the traditional approach of just NFT marketplaces will change things.
