Blockchain, blockchain, blockchain, that’s most of the news these days. Well, they’ve always been, to the point that the amount of news has started becoming overwhelming at some point, there’s so much to know about, so much to learn about, and every time something new comes, you’ve just left behind another step on the ladder.
So voilà, another step has been added, okay, let’s cry. Anyhow, on serious notes, let’s not be upset about not knowing; rather, try to understand what it is, NFTs, or Non Fungible Tokens.
What are NFTs?
NFT or Non Fungible Tokens, as the name suggests or may not suggest, mean that they are “not fungible”, which means they can not be traded or replaced with something else. These are virtual or digital assets of various things such as arts, music, videos, etc. Nowadays, digital art as an NFT has been going around being quite popular.
These are unique and new and can be said to be “one of a kind”,, yeah all attractive goodies. You want to exchange an NFT, and you’d get something different, something new.
Anyways, how do these work?
They work like a blockchain system, say how cryptocurrencies work. Many cryptocurrencies can have their version and types of NFTs, while at the moment, Ethereum, a crypto blockchain, also supports NFT blockchain.
Now let’s say someone saw a form of digital art that is originally an NFT and realizes that “oh, I have this too! I have an NFT”, no sorry, you don’t. That may seem pretty straight forward, but that’s the truth. Let’s understand this.
Many NFTs are of the things that already exist, so many people may have a duplicate copy of it or a replicate. This isn’t the best example but let’s understand this, Mona Lisa, the painting may have been replicated many times, but the original painting is just one, a unique one. And that’s exactly how NFTs work.
People may have access to copies of an NFT, but the original is original, unique.
So why do people want to spend thousands and millions of dollars on something that others can easily access?
Well, the answer is simple because that gives them ownership of the original product and, yeah, to bash it in other people’s face.
NFT is the new hype now.
Do you know Zoe Roth? Or should I call the disaster girl meme? Yeah, now you know. Recent news came out announcing how she sold off the original meme as an NFT of $500000. It’s incredible, and minds are blogging how these things can work.
Another recent news revealed Ellen Degeneres from the Famous Ellen’s Show put off an NFT for auction. The entire profit made out of it was donated to World Central Kitchen, aiding to provide food to people in need.
Many of the celebrities bringing out their NFTs are offering multiple benefits along with it, so if one was wondering why to buy an NFT, well, that’s somewhere a certain reason.
But are these worth it?
Depends. NFTs are new concepts and hence don’t have too much to study about and predict their future scope, so saying that buying an NFT is worth it or not might be debatable. It’s a personal choice, personal interests, and largely personal investments.