How Non-Fungible Tokens (NFTs) is Affecting the Media Market

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How Non-Fungible Tokens (NFTs) is affecting the Media Market
Introduction
The emergence of new technologies and ideas has always attracted fascination, attention, skepticism, and criticism in different measures. In the past, innovative ideas seldom occurred; although there is quite a long list of technological and innovative ideas from the past that still attract fascination to date. In the recent past, where computer and internet technology have been significantly adopted, innovative technologies have been appearing in the market more often than ever, similarly attracting fascination, skepticism and criticism. The labor industry has increasingly applied innovative technologies to increase personal productivity and even attract more innovations and creativity (Dragunov and Shenshinov 2). To name just but a few, some of the fascinating technologies and innovations of the recent past shaping the lives of many people include the invention of computer technologies and the internet, smartphones, blockchain technologies, Artificial Intelligence and Machine learning, computer-aided design, and manufacturing.
Cryptographic technology, the technology closely associated with the emerging cryptocurrencies that have become a common debate across the globe, is viewed as the most revolutionizing technology of the recent past, particularly in the decentralized financial market (Luntovskyy and Guetter 14). The growing attraction of Bitcoin, one of the leading cryptocurrencies, has sparked a lot of excitement, furry, and even intense criticism from some of the world's top economists owing to its volatility and numerous other vices associated with the cryptocurrency. Closely related to cryptocurrency in the innovative technology space is the idea of a Non-fungible Token (NFT), which is slowly switching the attraction from the cryptocurrency perceived to be fungible to non-fungible products in the store of value. The innovative technologies of the recent past sound more fictional than real when compared to the past innovations, with the concept of NFTs creating more confusion than its predecessors in the technology space. The other futuristic technology slowly picking pace and closely related to NFT is metaverse, a technology that creates a virtual 3D space for human interaction. Before delving into the central concept of NFTs, a brief introduction to blockchain technology, the technology powering both the cryptocurrencies and the NFTs, is of the essence.
What is Blockchain?
Blockchain has attracted immense interest in the recent past due to its recognition as one of the most disruptive technologies of the contemporary era. Blockchain came to the limelight in 2008, courtesy of Nakamoto Satoshi (Gadekallu et al. 3). A blockchain collects digital information in the form of blocks and stores it in computers on a network, often referred to as nodes. The links between blocks on different nodes are established with the help of a hash value. Other useful block metadata that are typical characteristics of blockchain include the timestamp and the consensus protocols used in certifying transactions. Unlike traditional databases, blocks have finite storage spaces that, when filled, are li...