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The Soho Loft is a digital marketing agency that connects your brand and content with the right audience. Apart from brand and content marketing, NFT marketing, esports management, and other services, we’ll get our global media brand working for you!
Branded Entertainment Promotion | NFT Collectibles Marketing | Digital Content Production | Content Marketing | Social Media Marketing | Family Offices and Investor Outreach | Esports Management | Events Management
Associate your brand with the renowned names entertainment media and enhance your brand’s visibility to a global audience.Tell Me More
Our team will help you navigate the NFT market from buying and selling NFTs to conceptualizing your own digital collectibles.Tell Me More
Engage your audience with great digital content that sets your brand apart from the crowd. We are here to help you.Tell Me More
Let our team help you create and tailor content that fits your brand image and market your content to your target audience.Tell Me More
Harness the advantage of social media in marketing your brand image and content across different platforms.Tell Me More
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The Soho Loft Media Group Esports Management division works in collaboration with esports players, teams, brands, agencies, associations, and organizations to create and manage media content to advance the growth of the esports industry.Tell Me More
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You will find here the answers to the most popular questions about NFTs, NFT Market Making, and NFT Marketing.
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NFT stands for non-fungible token. It can be described as a cryptographic token that exists on a blockchain which defines an asset uniquely.
“Fungible” means something is able to replace another identical item–it is mutually interchangeable. A bitcoin is fungible–when you trade one bitcoin for another, it’s essentially the same asset. Not so with NFT– it is coded with metadata and a unique identifier that no other token can replicate. This gives NFT the attributes of scarcity and originality; and therefore more valuable.
NFTs can represent a digital asset such as an art, collectibles, audio, video, and other forms of creative work. It can also track real-world assets, such as a car or a house and prove ownership and authenticity over said assets. Blockchain acts as the decentralized ledger that tracks the ownership and transaction history of each unique NFT much like a provenance in traditional art.
Surprisingly, NFTs are not new. Colored coins which appeared as early as 2012 are speculated to have laid the groundwork for NFTs. Then came the trading of Rare Pepes on Ethereum and after this the first-ever Non-Fungible Token was released named Crypto Punks. In 2017, NFTs moved into the mainstream when CryptoKitties was released on the Ethereum Blockchain. It went viral immediately and it’s said to have generated an investment of $12.5 million.
Non-fungible tokens have unique attributes; they are usually linked to a specific asset. They can be used to prove the ownership of digital items like game skins right through to the ownership of physical assets.
There are certain elements that add value to NFTs:
a. Rarity or Scarcity – although NFT developers can make an infinite number of tokens, they’re kept limited purposefully to maintain their value.
b. Indivisibility – unlike bitcoin, NFTs can’t be split. For example, if you don’t have enough money to buy a full bitcoin, you can split it into smaller denominations, and buy only 1/10 of it. NFTs let you buy the complete cost of a digital item or buy no item at all.
c. Uniqueness – NFT points to a metadata file that defines an asset and sets it apart from other assets.
d. Non-interoperableness – Since NFTs follow the standard ERC-721 (a template or format for writing codes that other developers agree to follow), they’re considered to be non-interoperable which means the information stored in them can’t be exchanged or used in any manner.
a. Trustworthy- The complete data of NFT is stored securely in blockchain which means the tokens can never be removed, destroyed, or replicated no matter what. You can trust the system without having to trust any individual contributor.
b. Easily transferable– they can be sold or purchased on special marketplaces.
c. Market efficiency- a digital asset such as an NFT when compared to a physical one, streamline processes and removes intermediaries. NFTs representing digital artwork allows its artist, for instance, to connect directly with their audiences and removes the need for agents.
d. Ownership rights
The blockchain acts as the decentralized ledger that tracks the ownership and transaction history of each NFT, which is coded to have a unique ID and other metadata that no other token can replicate. This process gives NFTs the attributes of originality and scarcity that makes them so attractive when coupled with digital media.
NFTs are coded with software code (called smart contracts) that governs aspects like verifying the ownership and managing the transferability of the NFTs. Like any software application, NFTs can be further programmed beyond the basics of ownership and transferability to also include a variety of other applications and functionality, including those linking the NFT to some other digital asset.
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