NFT's and RACING: Lexit takes it to the track
Updated: Feb 14, 2022
NFT’s what all the RAVE??
We thought this was worth explaining because we're going to be talking a lot more about this in the coming years. We're taking you to South Beach to meet Amir Kaltak and Katia Zaitsev with a
company called Lexit. They know how to break it all down as you can see in the web video show.
Let's break this down. What makes an NFT art valuable?
NFTs are valuable because they verify the authenticity of a non-fungible asset. This makes these assets unique and one of a kind. Picasso's paintings are non-fungible. While anyone can make copies of his paintings, the original painting remains irreplaceable and unique.
Amir explains that the NFT is a way for young athletes, drivers and creatives can invest in themselves and more. Katia explains how teams can elevate their opportunities with NFT's and become less reliant on sponsors alone. They both shared that the Lexit model could be a game changer on several fronts.
To be clear, NFT’s are Non-fungible tokens. Now let's take a look at what that means:
Fungible means it can be exchanged or substituted; it holds the same value it's interchangeable. There are plenty of things in our society that would qualify for being interchangeable. Think about it.
Examples: cash, gold, casino chips, Bitcoin, even frequent flier points,
I lend you $20 cash; you return two $10 bills: different but the same total value. They’re fungible
NFTs are non-fungible
They’re assets that can't be substituted - one of a kind
They have unique attributes that make it different from paintings or tickets the the game
Crypto kitty took off on the Ethereum blockchain in 2017. CryptoKitties is a blockchain game on Ethereum developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure. The kitty, seen below has become a symbol of success for NFT's.
NFTs are non-fungible tokens; a digital certificate stored on a secure distributed database called a blockchain. NFTs are digital assets publicly verifiable intellectual property authenticated on a blockchain
For creators - like me and so many others that own Intellectual Property Rights (IPR) like art, music, Film/videos, Patents of technical inventions can create a profile and submit a listing for an NFT, collect NFT’s follow. Today, creators and have the ability to build their own NFT identity
NFT photography is on the rise? Why? Amir explains that the crypto and blockchain industry is becoming more mainstream. As society is becoming more digital and with augmented reality becoming more popular, the sky just may be the limit. experts note that society is trending towards wanting to get further away from physical reality, and NFTs coincide with that.
Also, the likes of Gary Vee are talking about the huge potential of NFT photography.
The NFT space will continue to grow in the coming years with some popular use cases being digital art virtual land gaming collectibles finance and much more