With Facebook’s recent name change to Meta, now’s a great time to keep an ear to the street on what’s happening in the NFT and metaverse world. I recently learned about the NFT Awards, which is pretty cool given I’ve been checking out the space. From the press note:
Enjin, the leading ecosystem for NFTs, today opens nominations for the second annual NFT Awards. Running from today until November 26th, nominations and community voting for the NFT Awards are now open on nftawards.org. The second edition of the program will celebrate the Metaverse, honoring projects that are driving the future of human experiences through NFTs. The awards ceremony will take place on January 12th, 2022 in Decentraland.
If you’re like “wait, what the hell is an NFT?!” Don’t worry. Here’s an example:
You’ve got five NY fitted hats. They all look the exact same, except one was worn by Jay Z at a recent performance. That hat — though it looks exactly like the others — has unique value. The others can be swapped interchangeably since they’re exactly the same. Another example? Art.
Each piece of art is unique. Now let’s say an artist does a limited number of official reprints. Each of those are unique because of the rarity and ability to verify authenticity.
Money is fungible since a dollar is a dollar is a dollar. You don’t care as long as you get correct change. The same thought applies to crypto coins and tokens. You don’t care about each individual unit. You just want the math to add up.
So nonfungible tokens are unique digital assets that are recorded and stored on a blockchain (think public database). Check out this article to learn more about blockchain in simple terms.
Getting back to the NFT Awards, nominees will be determined entirely by community submissions and voting, with the top ten in select categories getting the chance to go before an expert panel that includes folks like 2020 NFT of the Year winner, Micah Johnson and Musician/Co-founder of Royal, 3LAU.
Micah’s conclusion from last year’s experience:
The same year I won NFT of the Year, I was carrying my paintings in the rain to a local bar and carrying them home when none of them sold. NFTs have empowered me to spread my message thanks to the support of collectors who believed in me, and the NFT Awards program is providing a venue to recognize and elevate the work of fellow creators in the NFT community.
Nominations can be submitted on nftawards.org for 10 awards categories, including: Best Avatar; Best Collaboration; Game of the Year; Best Digital Fashion; VR/AR; Best Virtual World; Newcomer Game; Utility; Most Innovative Art; and Project of the Year.
The event will also feature members from all over the crypto verse, including NFT creators and game developers, leading crypto organizations and metaverse projects. This could be a fun way to learn the space if nothing else. You can visit nftawards.org to nominate or vote for the NFT Awards, or get in touch at nftawards.org/contact if you believe you or someone you know fits the criteria for the expert judging panel.
Get Our Newsletter!
Join our free email community to get our newsletter with actionable tips and interesting reads to help you navigate your finances and career.