It’s not new that people are always creating new things and finding new ways to make money. From streaming to creating new assets that can be sold for a good amount of money, you can turn your passion for gaming into a career, and these are always a response to a need for buyers.
Now, is it always like that? Let’s take a look at NFTs, and let’s discuss whether we need them.
What are NFTs?
Non-Fungible Tokens (also known as Non-Fungible Tokens or NFTs) are a new class of digital assets that are stored and managed within a blockchain.
Unlike cryptocurrencies, NFTs are digital assets that are unique, irreplaceable, and non-exchangeable, which allows them to be assigned a physical or digital representation. To consider the significance of these digital assets, we must first understand the significance of NFTs. To understand the significance of NFTs, one must first understand what the term “fungible” implies.
If you and I exchange a 50-dollar bill, it is worth exactly the same. That is a fungible instrument. Now we go with the non-expendable. Unlike banknotes, it is something that is different and that, if I exchange it for you, I will not find anything exactly the same.
Hence, a blockchain is an ideal environment for NFTs. A chain of blocks is a type of technology that allows you to keep a record of all transactions and traceability of those who have owned this chain of blocks.
Cryptocurrencies are fungible because if you have Bitcoins and exchange them with somebody, they are exactly the same, which is not the case with the NFT.
Why not NFTs make you a millionaire?
Being unique, irreplaceable, and non-exchangeable files, NFTs simply cannot be copied. It’s like the Mona Lisa. We can all have a Mona Lisa painting in our house. Today, there are computers that can make a copy for you to a high level of perfection. But we all know that there is an original Mona Lisa and that is the concept behind NFT.
Of course, with art, there is always a bet. What’s worth cents today could be valued at a million dollars in twenty years. If you are looking for a safer way of gambling, you can always look for the best online casino guide to find great jackpots and play your favourite games. You will find classics and new ways to win. This is definitely more conservative and even more affordable to make an extra income. You can play on any of your existing devices and from anywhere in the world with internet access from a list of reliable and safe websites, each with benefits and cons underlined for easier decision-making.
Digital art started to make waves in the sixties, but what has underpinned the immense interest in recent years are NFTs. As we know, a work of art created from technology—an illustration, a photo, or a video—could be duplicated an infinite number of times: the copy was indistinguishable from the original, but with the advent of NFTs, authenticity is certified.
For some time, NFTs have been available for purchase on specialized sites such as the Nifty Gateway or Maker’s Place.
Precisely, Marker’s Place, together with Christie’s, the famous London auction house, sold a purely digital work of art entitled “Everyday”: The First 5000 Days” by digital artist Beeple for just 69 million dollars.
Beeple, also known as Mike Winkelmann, has 2.1 million followers on Instagram and has collaborated with artists like Katy Perry and Justin Bieber and brands like Nike and Louis Vuitton.
Banksy’s Morons, which illustrates an auction in which an exorbitant sum of money is paid for a canvas that reads, “I can’t believe you idiots actually buy this shit,” was burned earlier this month by a group of enthusiasts so that the NFT became the only way to acquire the work.
“We do this because if we have the NFT and the physical work, the value continues to fall on the physical work.” But if we remove the physical piece, we would ensure that, thanks to blockchain technology, no one would alter the piece and that it is the only piece that would exist in the world, “said the person who appears in the clip and remains anonymous.
Chris Torres, the creator of Nyan Cat, a cat with a pop-tart body and a rainbow tail, sold the original GIF for $600,000.
As always with art, some may find it useless and others a passion. Digital art is still in a state where not many find it valuable given the intangible nature of these products.
Nowadays, NFTs are nothing but controversial, as it is said that they will ruin video games. Companies like Ubisoft, Capcom, and SEGA are proposing NFTs to increase their already high-profit margins on games.
As long as they don’t ruin the experience for those who love video games and make these assets into collectible items for those who may be into such things, we don’t have any complaints.