13 Jan NFT: what’s all the hype?
In our modern age, everything around is evolving into things the older generation would find either weird or fascinating. Computers and cell phones evolved into touch screens with hundreds of Megabytes inside, cars are now charged instead of fueled. But the top of the story is: artificial money. Nowadays, people are interested in dealing with unphysical money because let’s just say it, who still wants to carry around green papers and cards when you simply can make riches in a matter of seconds using virtual money.
One of the latest phenomenons going viral now is NFT. You may wonder what NFT is. Well each letter stands for “non-fungible tokens”. The adverb fungible means they can be replaced or exchanged with another identical of the same value just like a dollar bill. You can exchange a one dollar bill to another one dollar bill but with a different code. But NFTs on the other hand, are “non-fungible” which means, they are unique and cannot be interchangeable: no 2 NFTs are the same.
What using/dealing with NFT provides?
“Ownership”. That’s the main one-word definition for NFT. It is basically a digital asset that links ownership to digital items. In more depth, they are considered as modern-day collectibles: bought and sold online and show a digital proof of ownership of any given item.
So why are people going crazy for NFTs?
Let’s answer this question through three points of views:
First, artists such as painters, digital art creators, musicians etc… Are the most interested in NFT because it opens a way to sell work that there might not be a market for.
Secondly, buyers. They would not only buy art to financially support artists they like, but also get themselves the basic right like posting the image on social media without bei9ng sued cause eventually the digital item is officially owned by the individual who bought it online with NFT.
And lastly, collectors, who buy and hope that the value of it will increase one day so they can sell it for a profit.
I mean, to compare it to traditional art collectors, there are endless copies of the “Mona Lisa” yet there is only one original. That’s where NFT helps designate the ownership of the original piece.
In sum, people nowadays found one of the easiest yet challenging and nerve racking ways of making a lot of money. It requires a good instinct on what to pick and buy and patience to when would be the right time to resell it and benefit from the profit they received. And not only that, it’s the thought on where and how shall use the product bought and not intended to be sold again.