NFT, an indispensable symbol, became the “blockchain” of 2021.
That’s a word I’d never heard of before, and suddenly it’s everywhere. Whether it’s Twitter CEO Jack Dorsey, at auctions for his first tweet or Kings of Leon selling his latest albums, NFTs are everywhere. But what is NFT?
Some see it as the latest epidemic, a new crypto bubble guaranteed to finally burst, while others believe NFTs could play an important role in the future of digital art.
Not sure which one will be at the moment, but read the thoughts on everything you need to know about NFTs and why it’s worth looking at.
What is NFT?
As mentioned earlier, “NFT” stands for an indispensable symbol, so what does that mean?
If something is exchangeable, that is, not unique, it is a commodity. Dollar bills are exchangeable, and delegates of the same value have the same purpose and purpose. The apples are replaceable, the cornflakes boxes are replaceable, and the PS5 is replaceable.
However, as we’ve seen online, painting the PS5 and adding textures makes it indispensable if the PS5 turns into a work of art.
What is the future of NFTs?
This is where things get tricky. NFTs are a recent fad, with some claiming to eventually emerge, like the GameStonks bubble, leaving behind many winners and losers. However, there are some interesting insights that could mean that NFTs remain.
As an example, a creator may reward the largest fan based on NFT ownership. Future creators can host podcasts or Q & As that only certain NFT owners (or NFTs of a certain number of creators) can participate in.
Then, if you decide to move from a particular artist, you can see the people selling the NFT collection. Think of it as a digital copy that sells an old album. Sellers can regain their investment and new fans can catch up with what happened before.
For resale, you also have the option of textually telling the NFT creator that you will receive a deduction if the NFT is resold. Art generally becomes more valuable over time, which should give artists the opportunity to take advantage of this increase in value.
None of this guarantees that NFTs are just a fad, but they leave a lot of interesting potential and are definitely worth a look.