Now the European social media alternative is announcing Subs to open an NFT marketplace for their community from July 14th. This would make them the first social network and the first to enable trading of NFTs via a mobile app. According to Subs, you can initially pay with credit card and GiroPay. So with dollars & euros instead of crypto currencies.
The Subs “Originals” NFT marketplace concept is easily accessible even without prior knowledge of cryptocurrencies or blockchain. Artists and creators identify themselves as creators through verification and a short application form. Subs then enables these selected artists to certify their digital media as unique. They do this with a unique, i.e. non-replaceable, cryptographic token. The author and owner are listed and authenticated in the public blockchain. That makes the “original” a tradable good. The Application form for the “Creator” status can now be found online and via their website.
NFT marketplace: support for artists and for the climate
Many wonder what is preventing someone from taking a screenshot of the “original”? The founders explain it is “to be equated with a photo of the Mona Lisa. Doesn’t mean that you then also own the Mona Lisa. The same applies to screenshots of ‘Originals’. Only those who are listed as owners in the public database, i.e. the blockchain, actually own the ‘original’ and can trade with it. ”
Subs is also fair for the environment here. With the launch of the “Original” marketplace, the founders explain that the European social network will become CO2-negative. Anyone who uses subs and creates, buys or sells “originals” will not only support the creative scene in the future, but will also remove CO2 from the environment and counteract the climate crisis.
What are NFTs?
A so-called non-fungible token is an entry on a blockchain that can be used to prove ownership. The token is unique – it cannot be split up or exchanged like crypto currencies.
A token is the digitized form of an asset. If an artist tokens his work, he overwrites all associated rights and obligations on the token. The ownership structure of the work is thus digitally mapped and tradable. The NFT has an individual value and therefore cannot be exchanged one-to-one for another token.
Artists have the option of uploading their works on special platforms and generating an NFT for a fee. This unique signature is stored on the blockchain and can only be found in a single person’s cryptocurrency wallet. Only this person can pass on the signature. The artist is therefore not selling the work of art itself, but only the digital certificate of authenticity.
What is a blockchain?
A blockchain is the digital database behind cryptocurrencies, which is made up of different blocks and stores data content. The data structures of a blockchain are forgery-proof and are used for secure and traceable transactions. Programs in the blockchain are known as smart contracts.
Also read: Banking Crisis 2021 – Why Blockchain is the Opportunity.