Well, NFT is a blockchain and we all know that.
So WHAT IS A BLOCKCHAIN?
According to a prominent commerce website http://www.euromoney.com , Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. … Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
Well, that might have blown your mind a bit. But here, we’re talking about NFTS. Simply, Art, music, digital art. everything collectible.
NFTS stand for ‘NON FUNGIBLE TOKENS‘. I.e. tokens that cannot be replaced unlike ‘BITCOIN‘, where you can change your bitcoin to buy another BITCOIN. Or the popular DOGECOIN cryptocurrency which really started as a ‘joke’! And I think you all must be aware of it. It got the trend when the CEO of TESLA, ELON MUSK deemed it to be a better transactional system as compared to BITCOIN.
Well, that doesn’t make it any clearer. We’re talking about NTFS. And a non-fungible token is popularly something which can be replaced to get something totally different from what we currently own. Like CRYPTOPUNK #7523 for BEEPLE’s HUMAN ONE which was recently sold at an auction for $28.9 million.
The bullishness around NFTS is increasing everyday. Trending on Twitter, instagram, even your private whatsapp group chats. Where every curious guy can be seen asking ‘What is NFT’?
Well, the hype can be very unreal sometimes. Or can just come out as a trend and leave from the exit door because people forget it. That’s not the case here. Here, we are talking about a future. Where web 3 seems to uphold equity and end capitalism on its way up. And a revolution for the whole world with the 3-d integrated platform called The METAVERSE. Companies are trying to set up a virtual platform where we are gonna live our second lives. Our ‘DIGITAL LIVES’. Trust me I know how crazy it sounds. But yes, we’re moving very fast and the designers and the brains working behind this don’t seem to stop.
Well, at a very high level, we can say that NFTS are a part of the ETHEREUM blockchain. Basically, denoted as ETH coins.
WHAT PEOPLE SELL?
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art. People are calling it the evolution of fine art collecting, only with digital art.
I must really feel like brainstorming you right now. But wait, do you know a Tweet was popularly sold at $3 million as an NFT?
And I totally get what you must be thinking! Can’t we just screenshot NFTs? Why wasting my money on something I can anyway still keep!
But no. That wouldn’t be counted as owning it. Plus, the flex around owing it! Heh, it’s massive and original. Not every person can own it. Of course, keep a copy!
Well, the problem most people have for owning a NFT is that it isn’t physical and you can’t feel it, just like you can feel the real life owned things like merchandises, cars, or real piece of traditional art but here COMES the metaverse which allows you to feel digitally.
Well, think about the artist who gets paid for this stuff. Beeple has been creating one piece of digital art for a decade and most of them are for sale. Some are available for millions. Well, who wouldn’t wanna be a billionaire like BEEPLE! And if you’re an artist what are you waiting for….!? The show is set ready for your play.
Well, if you’re just a collector. Don’t worry, you’re making the right choice because the prices would go up one day!
THE BAYC
According to a detailed article by academy.shrimpy.io, Bored Ape Yacht Club is a limited NFT avatar project built on Ethereum. Only 10,000 Bored Apes exist, making them extremely scarce. Besides being rare and cool-looking, each Bored Ape NFT token doubles as membership to an exclusive online hangout called the swamp club.
Some suggest that they might even become iconic art pieces representing the mainstream emergence of the metaverse.
Are all NFTS unique?
According to the verge, In the boring, technical sense that every NFT is a unique token on the blockchain. But while it could be like a van Gogh, where there’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork.
Well, NFTS are nearly everywhere. Just out of the crypto-space but yeah! We can say it’s mainstream. Not like THE MATRIX or STAR WARS but yeah, MARVEL recently launched its NFT so it seems like a pretty serious business for the metaverse fans.
Wanna sell something as an NFT? What are you waiting for! The show is up for you. Anything you own. A piece of art, doodle, stickers, poetry. Ahh! The list is endless. There’s nothing you can’t be in the metaverse!
Is the world ready for this?
Of course! what else can be bigger than this? When we’re talking about the future we also talk about predictions. And popular theories suggest this thing can predict how the future would be.
Would everything be decentralized? Are we going digital? Can we really earn? Are NFT jobs real jobs? There’s still a lot left to answer.
We’re in for a massive change and it’s a revolution that’s starting soon. Might sound weird, but the first questions around the Internet used to be the same. But we see, how things have changed. It’s usually when we don’t know about something we’re so eager to predict what is going to happen. But it’s worth giving things a try. Who knows you might end up earning a million dollars!
Soumyable 