NFT is currently taking the world of digital artwork and collectables. It is a one-of-a-kind trading card; it is distinctive and can not be replaced with something else because they have unique properties. It is a token that can represent possession of special items.
You can use it to represent collectables, real estate, music, films, video games, wearables, etc. Like physical art, artists can sell their work while retaining the copyright and controlling the secondary sale. NFTs are found helpful in the education sector today.
While managing scholar records and credits, its use has reduced the possibility of falsification. It can securely verify educational credentials and can substitute for diplomas and certificates. Thanks to huge sales to a wide crypto-audience, artists can now easily offer their work for sale.
Non-fungible Token in Education: What Does the Future Hold?
The design of NFTs represents a significant adjustment in files’ originality and ownership. According to OpenSea, the largest online market, “the blockchain provides a coordinating layer for online assets, granting users possession and management permissions.” Its use was mainly for media work, but now its use has far reached everything digital. Scholars that know about cryptocurrency and even college student investing in stocks are already into it. Its presence can now be felt in gaming, music, and education. You might be curious about what role it plays in the coming days of our education and how its presence and implementation contribute to education?
The Fundamental about NFTs
These blockchain-held crypto coins are also regarded as non-fungible tokens and represent a distinctive physical or digital asset. Cryptocurrency blockchains guarantee its safety; you can trade using Ethereum, Wax, Solana, etc. This implies that they are tied to the ebb and flood of cryptocurrency values.
The method of manufacturing this crypto coin is called ”minting”. This is the conversion of an online file into a blockchain-based NFT. A crypto-wallet compatible with Ethereum Blockchain must be set up first before the process of minting. The authenticity and right of possession of the piece will be established once a unique identifier is assigned to the NFT.
How are NFTs Being Used in Education?
NFTs will become the main point of attraction in schools. Students’ interest keeps increasing every day. Many are curious about what it is, its significance in the coming times, and what they can generate from it. Schools like Duke University give credentials in the form of NFTs for their Master of Engineering in Financial Technology degree in a remote learning environment.
Also, some top universities have experimented with novel applications of crypto coins. Since using the token, the possibility of falsifying certificates has greatly reduced. It helps to manage student records, study progress, and preserve data.
Moreover, its application goes beyond what you might think. It is also used in accrediting authorship to the owner of content or works. Most scholars’ works and projects’ copyright are not protected after spending time producing the original content. It now gives credit to the authors, enabling the achievement to be known and recognized.
Teachers also benefit from this; they can use it to verify their work. In 2021, a language tutor platform, Preply, registered three NFTs in OpenSea. The top three English, French, and Spanish professors that enriched their pupil experience after completing 11,000 hours of classes that year were contacted to claim it through their cryptocurrency wallet.
Offering this reward to the tutors was an incredible act, not the first of its kind. Aaron Horn, a freelance writer at PapersOwl who is also a financial expert specializing in the cryptocurrency market, said; “Startups are supposed to specialize, but OpenSea’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, gaming or even education.”
NFTBOOKS is a technology company that promotes NFTs for academic works such as magazines, ebooks, journals, etc. The project is a direct link between authors and readers by becoming a marketing instrument.
Authors can offer their books for sale and earn passive income. This means the author makes money anytime the book is read. Having a mission to help scholars, the project also provides pupils with easy access to study materials.
This has become a trending topic in conversations regarding trends in technology. The first was launched in 2017 and is now being used at an increasing rate and value daily. Its value increased from $340 million to $14 billion a year. It is used in any work area, and education is not left out.
Students’ interest in this token has increased compared to its first installation. “What does it mean for the time to come and education?” is the popular question being asked. With its use and benefit increment every day, students brainstorm what they could create and what they can get out of it.