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SINCE the novel coronavirus pandemic there has been an uptick in art sales, via the expansion of digital galleries, primarily in Kingston, with the use of non-fungible tokens (NFTs).An NFT is a digital asset that represents tangible objects like art, music, videos, avatars, and other digital gaming items, as well as designer fashion - among other things. This digitised property is bought and sold virtually using cryptocurrency, like Ethereum. Recently, digital operator Digicel threw its support behind an unveiling in Kingston.Through NFTs, many Jamaicans can have property rights to several assets that carry a unique digital certificate. This digital certificate is used to record the ownership of a person's art, collectibles, or antiques - just to name a few. They then use these personal assets to trade them digitally like stocks.What's interesting to note is that this new and emerging technology on the Blockchain could increase retirement income and personal wealth, while getting more young people to acquire these digital assets as part of their long-term financial plans.But while the hopeful NFT train destined to financial freedom churns with mostly younger investors aboard, tickets are still available to our seniors who want to hop on and learn more about this exciting new venture on the Blockchain tracks. As a senior looking to preserve your artistic creativity, buy or sell heirlooms, brooches, watches, furniture, or just about anything that could bear a price tag, there's a real opportunity for you to turn them into digital assets.Here's a simplified guide to how NFTs work for you:NFTs are monitored on the Blockchain, a public ledger that records transactions relating to cryptocurrency, as opposed to a central bank.Like money, NFTs are 'minted' or created from digital objects that are a representation of a wide range of tangible and intangible things, and this technology allows people to buy or sell their digital assets to large audiences across the globe. This is quite advantageous as it allows artists to directly benefit from royalties or profits derived from their work without having to depend on auctions or formal galleries to display their work for sale.What this means is that rather than being handed the actual canvas to Barrington Watson's acclaimed Mother and Child painting, or the original soundtrack to Koffee's Grammy-winning Toast, buyers will receive a digital file with exclusive ownership rights - the NFT. From this file, which can only have one owner at any given time, you can profit from the sale of the digital asset to the real world. In the world of NFTs, the law of supply and demand does not guide resale value or how much buyers are willing to pay.With all of these emerging trends taking place in the world of digital commerce, Digicel continues to enable more seniors to participate by expanding its LTE mobile and fibre networks. As Blockchain technology develops, seniors can anticipate an expansion in digital assets. Even an auction of themed art and sounds that are distinct to the Digicel brand would be a cool idea!Source: Digicel