Have you been recently captured in the new craze on NFTs, with the new popularity into NFTs in 2021, lets discuss what they are and how they can be implemented in every day life. First off what is an NFT? A non-fungible token, yes that doesn’t really explain it, a non-fungible token is unique and cannot be replaced with something else, as for something that is fungible like bitcoin for example — you would trade one bitcoin for another and have the same thing, with a NFT if I trade my Crypto Punk for example, for another Crypto Punk it will be a completely different Punk, which brings in a uniqueness to owning your NFT that no one else can have.
Ok but can’t you just copy someone’s image and use it as your own? Yes, you can but you don’t own it. It’s like owning a Piece of real gold, someone can copy a gold bar and paint it gold, that doesn’t make it gold, basically NFTs are a tokenised version of assets.
What Can Nfts be used for?
At this stage, NFTs are being widely used for artists selling art, Avatars for your online personality, Characters/skins for games to give more utility to gamers, with games like Fortnite, and League Of Legends, you buy all these skins in game, which you own but don’t have full ownership over, but if you can create your skins/characters into NFTs now you are able to resell these skins or even loan to a friend, giving you full ownership of the product you bought!
Projects are bringing in real world Fashion and NFTs together, as an example RTFTK Studios allows you to forge their NFT Shoes which you then obtain in person, these items may also link into the metaverse so your Avatar will also wear them, by doing this its creating utility with owning these certain NFTs.
What does the future hold for NFTs
We have so many possibilities, we will see tickets for concerts and events be made into NFTs as you wont be able to sell fake tickets, artists will receive proceeds every time a ticket is resold, so if you work increase in value that will also benefit the artist.
This will also benefit collectible items like sports memorabilia as there are so many fakes roaming around, making these items into NFTs with transaction history which lead back to the creator could really overcome counterfeiting issues.
Highest selling NFTs
Art is not the only thing being sold as NFTs, in recent events avatars as your social personality have had a huge influx in buyers from Bored ape Yacht club to the Crypto Punks being the two biggest sellers at the moment with the highest sale for a BAYC being 769 Ethereum which in todays prices is $2,307,000 whilst the Crypto Punks highest sale is #7804 ($7.57M)Mar 11, 2021
As for the highest selling NFT project at 69million we have —
“Everydays — The First 5000 Days,” by the artist known as Beeple, set a record for a digital artwork in a sale at Christie’s.
There is much more developments that still haven’t been thought of, or may be in the works which will change everything we are used to in the market place by bringing more direct and transparent trading.
Communities that have been built off NFTs. They are becoming bigger and better; everyone is here to help each other and have a common goal at hand, which has given people a lot of leverage to focus towards this as a career. Ultimately leaving their jobs they once hated. Its never to late for a new path if that’s the choice you choose to make.
Watch this space as we can see from past things like the internet and computers, this is here to stay and if you enjoy the ride, it will benefit you in the end.
