Skip to content

Exclusive NFT Design

A Brief Introduction to NFTs

An NFT is a URI link (a persistent static identifier) to a digital asset that has been woven into a public blockchain like Ethereum. It proves ownership of the asset, which can be anything from digital art collections to virtual clothing and furniture to an avatar for the metaverse.

NFTs are traded through cryptocurrency transactions. However, unlike cryptocurrency coins which are “fungible” or freely interchangeable, NFTs denote unique tokens with their own distinct identities. Uniqueness (for individual NFTs in a collection) and scarcity (for the underlying digital assets) inform valuations.

Major Players in the NFT World

Understanding the needs of players in the field can help designers identify opportunities and connect with those seeking UX and UI talent.

Digital artists and artist collective projects create digital assets and offer them for sale or auction on NFT platforms. Some artists create specific pieces to mint, and others develop a system for combining art assets to generate numerous collectibles. The Omnimorphs group is an example of this latter approach, as are some of the Bored Ape Yacht Club projects.

Corporate brands may offer branded NFTs for marketing purposes or the direct sale of 3D assets in the metaverse. They occupy a similar role to digital artists and collective projects but with a different intention. For global brands, NFTs are most often a means of marketing real-world products and services, and not their raison d’etre. However, some brands are making major investments in NFTs and related metaverse deployments. Examples include Nike, Louis Vuitton, Molson Coors, and Honda.

NFT marketplaces combine digital asset management with sale and auction functionality. They engage with the blockchains that store NFT transactions and the cryptocurrency wallets used to purchase them, collecting fees from transactions. Marketplaces like OpenSea verify the authenticity of NFTs (confirmed with a blue checkmark), offering reliability to buyers and sellers.