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Friday, March 29, 2024

What is the Impact of NFTs on the World?

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Non-fungible tokens, or NFTs, are a new trend, so it is necessary to understand them properly. Let’s start from the basics. It changes the whole world in various ways.

Fungible: When we replace goods with other goods, it is known as fungible. It is more clear that the $20 bill is replaced with an alternative $20 product.

Non-Fungible: It means that we aren’t able to replace one product with another. When the $20 bill is signed by Beyonce, but it has no other copy. It is not possible to replace it with another $20 bill.

Non-Fungible Tokens: It will be a token if you digitize and list your $20 bill signed by Williams in the NFT marketplace. It is a digital version for NFT with a bill of $ 10 bill. The top personalities or artists digitize their physical arts. It converts into NFTs for more buyers.

When there is a physical auction, people arrive to see products and bid on their favorite art pieces. After this, they will take this product into their collection. It is also the same in digital auctions.

Buyers will visit the NFT market and buy their favorite products using cryptocurrency. It also owns digital rights to its favorite art piece.

It is also good that all transactions in the blockchain are saved and recorded. The ownership remains the same until the owner decides to change. The meaning of marketplaces is websites. 

It is necessary to know about NFTs because it leaves an impact on the real world. Metagood is one company that has been pioneering the use of NFTs in the real world. The CEO of Metagood is Danny Yang, the COO is Amanda Terry and Bill Tai is chairman of the company. Its prime focus is to assign communities for positive collective action.

OnChainMonkey

Metagood also launched OnChainMonkey (OCM) in September 2021 with the Genesis collection. The members of these communities also do charity with the OCM Genesis collection #6410.

Roham Ghaergozlou, CEO & founder of Dapper Labs made the highest bid of 12.5 ETH. The donation helps needy children in the school to get an internet connection.

Climate Awareness

OnChainMonkey is working on the climate chain programs. Last year, in October it launched “Monkey Signal” and shone at different locations in San Francisco and Los Angeles. It also helps to raise awareness of the climate change programs as a global problem.

Afghan problem

Metagood assisted Steve McCurry, Bonnie McCurry, and Future Brilliance in the escape of Sharbat Gula and her family from Afghanistan. It is a historic event that took place November 2021. Metagood handled the whole expense.

COVID Relief

When the whole world was facing a pandemic, Metagood helped Hollywood’s Sean Penn’s organization to receive help for their first NFT sale. The entire amount went to the COVID relief fund. Similarly Leonardo DiCaprio and Marc Anthony also used NFT’s to help charity.

Charity Tournaments

In December 2021, Metagood sponsored the Axie Infinity charity tournament. They also participated in it with their e-sports team. The funds raised at the event helped Typhoon Rai/Odette to rebuild homes in the Philippines.

Ukraine Relief

Metagood created the OCM Earth collection in March 2022. It produced 1000 NFTs that are easily sold at the price of 0.1 ETH each. These funds help humanitarian and charity works in Ukraine.

A company that exclusively focuses on NFTs and shows you can make a positive impact on the world. It doesn’t matter what field of work you are working in. In the category of Impact Investing, Metagood was awarded Fast Company World Changing Idea 2022. 

 

Learn more about Metagood here: (https://www.metagood.com/)

 

Find OnChainMonkey on Twitter (https://twitter.com/OnChainMonkey)

Find OnChainMonkey on Instagram (https://www.instagram.com/onchainmonkey/)

Find OnChainMonkey on YouTube (https://www.youtube.com/c/OnChainMonkey)

Join OnChainMonkey’s discord here: https://discord.com/invite/ocm

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