What Is The Hype With NFTs?
An NFT is any form of art, literature, or content that is made and uploaded onto the blockchain. Learn more about NFTs here.
There have been many different forms of expression throughout the ages like art, music, and literature just to name a few. Most have been credited to their owners; for example, The Mona Lisa to Leonardo Da Vinci, Macbeth to William Shakespeare, and Symphony No. 5 to Beethoven.
These were created after the artists spent many days and nights making sure the final product was nothing short of perfect. Cue the digital age where content is being created unlike it has ever been before. This content finds its way onto the internet, which makes it available for billions of people connected to it.
While the internet has made it easier to have the world see your work, it has also made it easier for it to be stolen and then benefited from without giving credit to the actual artist. Enters NFTs, also known as non-fungible tokens. The word fungible means mutually interchangeable, so non-fungible tokens would mean digital assets that cannot be exchanged without consent.
What Is A NFT?
An NFT is any form of art, literature, or content that is made and uploaded onto the blockchain. The blockchain is an infrastructure that keeps track of each and every detail of what is on it. An owner of an NFT will have his proof of ownership documented on the blockchain, often the Ethereum blockchain, so that their content cannot be stolen from them and monetized without their consent.
The hype that has recently emerged around NFTs stems from the fact that it is a revolutionary way for different people to ensure their assets are safe and secure. Yes, you can store the media on your phone, but the original creator will have their own documented on the blockchain. It means that at any point should someone try to unjustly benefit from someone else’s work, they could get caught.
NFTs have proven to be the hottest trend over the past couple of years with notable collections like CryptoPunks, Bored Ape Yacht Club, and The Sandbox. These digital ‘tokens’ have gained interest from celebrities like NBA superstar Steph Curry, billionaire Mark Cuban, and even brands like Adidas.
The Bored Ape #2087 NFT was sold for 769 Eth worth $2.3 million, making it the most expensive one in the collection. There are several other NFTs that have also sold for the same type of money.
More NFT Pros
Owning them doesn’t only mean you have a picture of art. Certain NFTs are known to offer their owners exclusive access to some of the most prestigious gatherings in the world. Different NFT owners can use their NFTs to gain access to exclusive parties and get special gifts.
They also have bragging rights in a world dominated by social media. While there is still much speculation about how NFTs actually work and if they are just a scam, the hype and acceptance for NFTs are still extremely high, making it something very interesting for the future. It has given artists a way to be able to protect their hard work like never before.