- Lama Khair
- BBC News Arabic – London
If you are a meta-pioneer and have created your own special personality there, you will definitely need to furnish your new place; To gain the elegance, taste and distinction of your virtual character.
This can be achieved by choosing clothes from famous brands, an elegant office or paintings that complement your taste. They are all virtual goods that you will pay for with real money, but you will never touch them, even if they remain registered in your name in the virtual world. These digital goods are known as .NFT
What is NFT?
It is an acronym for Non Fungible Token, meaning a non-emulative token. It can be said that it is a title deed for virtual products such as. furniture, pieces of art, clothes, or even land and apartments that can be owned with individual data recorded on the blockchain.
Life in Metaverse, you will gain a lot of momentum and demand as expected, as there you can hold business meetings and watch your sports matches and maybe your university will open a branch in that world as well. And just like any video game, you will find clothing options available to everyone, and paid ones, and that includes NFTs.
If you’re a fan of shows in your real world, you’re sure to do the same in your digital life, why not!
Adidas Sports Inc. is one of the companies that launched and sold NFT clothing, worth more than $ 22 million, for use by buyers while they were at Metaverse.
The currencies traded for the purchase and sale of these products will be predominantly digital. Anyone who owns digital currencies can sell any virtual material they like by offering it in digital markets or setting a specific price for it or auctioning it off to achieve the highest value. And you can always resell your things at a much higher price than you bought them and make a profit.
A digital artwork by American artist Mike Winkelmann better known as Beeple has sold as NFT for $ 69 million and is the most expensive NFT sold to date.
NFT in the Arab world
Salam Al-Jawahiri is a young Arab who decided to bring Arabs to this digital holiday and about two months ago created a group called Arabpunkz.
This group consists of 5000 different NFT designs, which are used as profile photos for your personal accounts in the virtual world on various social media (profile photos).
This collection presents the Arab man with Gulf character in terms of clothing. Look at designs that include the white Arabian dress and headband, with different characters in terms of mustache and beard, with other accessories like sunglasses and so on. creative. that mimics the mood of young people.
Arabpunkz quickly became the first and most popular project in a few weeks at Magic Eden (a marketplace on Solana’s virtual platform) and after their success, other projects flooded the stage.
Some of these photos were later resold for more than $ 3,000, even though their starting price was less than $ 20.
Crypto and NFT
Regarding the difference between digital currencies and NFT, the marketing manager for Arabpunk Group, Turki Abdullah, says, “NFT is a digital asset that has unique data and therefore carries different prices for each within the same group, unlike digital currencies. for example. like Bitcoin, Ethereum and others, which always have the same value. ”
Turkey confirms that the number of people joining this community has reached 3700 members from all over the world and is not limited to men, “women have a good presence in this world, but show more of their artistic products than they buy . ”
Arab relations with these digital goods are no longer restricted to digital websites and platforms; As it turned into real events that have presence and audience; The city of Dubai in the UAE hosted on its digital stage at Madinat Jumeirah Resort, an exhibition of the first collection of NFT digital artwork by Arab stylist Rami Al Kadi.
Lebanese designer Rami Kadi explains that he showed off his current fashion collection in Paris, before displaying the same collection but in his NFT digital form on the digital art scene in Dubai.
With its lively atmosphere, color and music, the exhibition combined current Ramy costume designs, which were presented in the center of the stage, which appeared on its walls at the same time, Al’s digital collection of designs -Qadi.
Ramy tells us about the segment he is addressing by saying that “my regular clients who like fashion designs are interested in seeing my products from the digital collection because they trust my brand as a stylist. But we target all groups from women, young people, even the younger generation who like to own pieces of digital art. ”
In terms of prices, Al-Qadi confirmed that each digital design from the group sells at the same price, which is 1025 Ada, and Ada is one of the digital currencies and its value is around 1100 dollars.
You may be surprised to learn that NFTs are not limited to images, graphics or designs. You can sell literally anything, even an idea and a word; Twitter founder Jack Dorsey sold his first NFT tweet for $ 2.9 million, and the buyer became the owner of this tweet!
So it is the obsession with buying and exposing yourself to the lack of what you also own, and not just investing and profiting from resale.
Maybe now we all have a duty to learn more about the details of this world, to be ready when all transactions and daily life become digital.