Explaining The NFTs

To understand what NFTs are about, we have to take several things into account. It is a store of value that we cannot touch and, therefore, has a special relationship with bitcoins or the rest of digital currencies that we cannot have with us. These assets that exist only in digital versions can be bought and sold, although only a unique and exclusive version cannot be reproduced. File copies are much simpler than, for example, real pictures, making it more difficult to identify them.

However, NFTs are usually accompanied by a certificate of authenticity that proves that we have the original version and cannot be reproduced again. In this case, collecting and the virtues of having a unique element are different from cryptocurrencies. We went from encountering real coins and tangible art to using digital art and digital currencies. These two mechanisms can lead us to know a world that is too futuristic for some but that, nevertheless, is already a reality.

Virtual Art Of The 21st Century

Although the representations of the NFTs are many, the most common and easy to understand is through an artistic image, which reminds us more of reality. In this case, it would only be present on the screen of the computer, mobile phone or the place where we store it, although it would still be art.

The variety of expressions allows us to find NTFS in the video, audio or other digital mechanisms that we do not have to feel through our fingers. This investment system is reminiscent in many cases of what happens with gold or other precious metals. People give value at the end of the day, and therefore a digital file where there is only a drawing made in Photoshop and simple can also be a unique work of art.

What Makes NFTs Different From Cryptocurrencies

In this case, the main difference is in indivisibility. If we are interested in buying bitcoin, we do not have to get one. Being something digital, it can be divided into millions of portions, and there is no limit to it. This time we cannot do it since the representation and power of the NFT is unique and is recorded in a digital certificate of ownership, such as a house or a flat.

But these, in turn, can have minor points of interest for the artist, ensuring that if the work is sold again in the future, a part of those profits will go back to them. This does coincide with cryptocurrencies because it is new, and as times progress, we will know more about what it means to us as real human beings.

A Precarious Purchase

The value of these NFTs has started to skyrocket, and we have already seen the sale of digital works worth over $ 6 million. However, this price does not assure us that it will cost the same or more in a few years. We have to be aware of the significant risk we run when buying a piece for a minimum and maximum value. There is not yet a broad market that decides what costs the most and what costs the least.

For now, the nicknames of those who have developed the works are often the only element to represent. This has caused renowned singers to sell their art in digital format and the CEO of Twitter himself, who sold his first Tweet for more than two million dollars. As they have done, we could sell our publications and digital creations. Even this article could be a good NFT. However, it is most likely that most of the NFTs that go on sale shortly are worth nothing and do not appreciate over time either.

Also Read: What Is A Digital Trafficker And What Are Its Functions

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Although digitization is a cross-cutting process for the entire company, the key to its successful implementation is that it is led by managers capable of defining strategies and action plans adapted to the digital economy, say The Valley experts.

Therefore, to face the new challenges that the pandemic has brought, such as implementing new business models or changes in organizations, it is essential to have leaders who master new technologies and think more analytically.

The digital world, characterized in part by its constant evolution and rapid advance, further highlights the need for continuous training of professionals to keep up with all trends, they explain from the company.

Requirements Of A Good Digital Leader

The Valley experts have identified the following skills and knowledge that managers must have to lead a digital world. These are:

• Analytical Mind To Base Decisions On Results: Making important decisions is one of all managers’ and leaders’ primary responsibilities, regardless of their type of company or sector. Therefore, thinking analytically is an essential skill of managers to evaluate each situation objectively and neutrally, taking into account all the influencing factors and making decisions based on actual data that allow solving problems, achieving objectives. And improve results.
• Strategic Ability To Lead Projects: Much of the success of a manager lies in his ability to lead teams. More and more talk about the differences between a boss and a leader, and that is that professionals prefer to have leaders to learn from and who inspire and motivate them, rather than authoritarian bosses who simply direct. Thus, lead projects’ ability takes into account factors such as the management of each person’s time, teamwork, follow-up, and trust.
• Mastery Of Innovative Work Methodologies To Face Changes: In the digital age, work must be as efficient as possible. There are various work methodologies such as Design Thinking, Lean, or Agile. Managers must know how to implement and integrate into their work processes to create innovative products, improve business strategies and boost the business, especially those who work in the digital field.
• Management Capacity To Launch New Business Models: Today it is essential that companies integrate new business models into their strategies to remain competitive in the digital economy and offer consumers response to their demands and habits. For example, a company that sells products or services must have online sales channels such as eCommerce or a marketplace. In this sense, continuous training is positioned as the key. Managers can be aware of the various business models that exist and can implement and manage them successfully in their companies.
• Know-How To Cope With New Technologies: Any manager who wants to be successful in the digital economy must-have digital skills and technological knowledge. And it is not worth knowing how to use technological devices. To stand out, you must be familiar with new technologies such as IoT, Blockchain, or Artificial Intelligence to apply them in business strategies and take advantage of all their benefits and advantages.
• Soft Skills, As Demanded As Hard Skills: Beyond analytical or management capacity or strategic business vision, managers must have soft skills to be successful professionals and good leaders. Therefore, skills such as creativity, time management, collaboration, empathy, the ability to motivate and recognize the effort of others or to adapt to different situations in such a volatile environment are essential.

Also Read: How Is Electronic Commerce OR Ecommerce Evolving

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