WHAT IS AN NFT?
I will take a stab in the dark, and guess that by now, you heard of this thing called NFT. They are basically everywhere and there is this huge hype about them. »But what on Earth are NFTs?!? « you may ask. Well, let’s start at the beginning; NFT stands for a non-fungible token, which is a unit of data on the blockchain (you probably know what that is, right?), and each one of them can represent a unique digital item such as art, audio, video, video game items and other things that are considered creative work.
So, as such NFTs are not interchangeable, which makes them different than all the other cryptocurrencies, because as a currency alone they are useless but they are very useful for other reasons. What reasons? Well, let’s look at digital art for example. A digital piece of art called “Everydays-The First 5000” created by Mike Winkelmann aka Beeple was sold for eye-watering $69 million at an auction a couple of weeks ago. $69 MILLION! Crazy right?
After all, it’s just a collage of 5,000 images right? Well, but then again, Mona Lisa is just a painting of a painfully average-looking woman with a weak smile and by some calculations, it’s supposedly worth 850 million dollars! Is she really worth that kind of money? I’m going to leave that one up to you folks.
And that’s the thing; art’s value can only be determined by the market and not by anyone’s personal opinion, which is exactly how digital artworks as well. If somebody is prepared to pay $69 million for a JPEG, so be it. It is the ultimate flex in the digital world, being the owner of a digital art worth millions of dollars through an NFT. Welcome to the 21st-century kids.
Now that we went through NFTs 101, you should know that the NFT industry is booming and is hotter than Kim Kardashian in her prime. Thousands of artists and businesses are selling their art and other forms of creative work through NFTs, and the best thing about it is, NFTs can be resold, most of them are rising up in value and you can also trade them with other members of the NFT community through different platforms and auctions.
It’s kind of like trading Pokemon cards, but better. Once you are an owner of a digital piece of art, nobody can take it away from you because it is written on the digital ledger also known as the blockchain…that sounds familiar, right? If you know what I am talking about, then you also know that the blockchain cannot be erased and its data is here to stay forever.
If you don’t know what I am talking about, you just might be living under a rock and in that case you might have to brush up on your Google skills because that’s a whole another ball game to go through and we will leave that one for another day.
For now, you just need to know that NFT is all the rage at the moment, and if I were to make a guess, it just might be the future of all kinds of creative work. It is an opportunity for talented artists to be seen and be able to show their art to the world. No matter if you are an artist or a project creator, or if you are just looking to beef up your digital wallet, keep in mind, that there is a bright future for the NFT industry and we are very excited to be bringing the hottest news, artists, and projects directly to your screen, so hang around and fasten your seat belt, it’s going to be a moon ride!