NFTs: As Unique As You
To understand NFTs, let’s relate it to humanity.
Humans and NFTs have something in common — they represent something. Just like how NFTs can represent in-game contents and real-world assets (such as artwork, real estate, collectibles, and even personal identity), we represent something to others — a friend, a partner, a sibling, a son or a daughter, a parent; you name it.
Acknowledging what we represent is one thing, but being aware of the way we represent it is another thing, and there is something we can learn from NFTs in the way we represent ourselves — it is shown in its three distinct characteristics.
Three Distinct Characteristics of NFTs
Non-fungibility: each NFT is a cryptographic token that represents something unique or non-fungible, meaning it’s not interchangeable with another NFT.
The metadata inside each NFT exists as a permanent, unalterable record on the blockchain. This record describes what the token represents, similar to a certificate of authenticity, as well as the token’s ownership history and transaction record (title).
Like an NFT, you are non-fungible; THERE’S ONLY ONE YOU — there’s uniqueness in everything you are, everything you’ve been through and will go through that contributes to who you are now and who you are becoming. In contrast, many cryptocurrencies, such as bitcoin (BTC), ether (ETH), and other utility tokens, are fungible and therefore are not unique in this sense.
Are we living our lives as a genuine NFT, or are we trying to be a cryptocurrency, a duplicate of another?
Rarity: The scarcity of each NFT is a crucial component of what makes them desirable. For instance, in the CryptoKitties game, users collect and breed digital cats that are each embodied by a designated NFT. Some of these CryptoKitties are considered rare collectibles, which consequently increases their asking price among collectors who value their provable scarcity. In 2018, a CryptoKitty named Dragon sold for 600 ETH, which was the equivalent of $170K at the time.
To us, humans, one of the factors that make us rare is our scarcity. Everyone has a scarcity of their own; we can’t have it all. The only thing that can make our scarcity contribute to the desirability of our rarity is the abundance of contentment in our hearts. As we learn to operate in our unique design and operate in what we currently have with a grateful heart, we can bring more value to those around us.
Indivisibility: Cryptocurrencies like bitcoin are divisible into smaller units, given their fungibility and intended use as a medium of exchange. In contrast, most NFTs must be bought, sold, and held as a whole unit and are therefore indivisible. To be an NFT as a human being is to live in integrity, to be whole; that even though we are faced with different situations, our way of representing ourselves is based on the unique and essential nature that remains unchanged within us.
Like how NFTs can represent in-game content that enables players to capture the utility and value of in-game purchases and asset acquisitions, we can enable the people around us to realize the utility of what they have and capture the value of their lives by letting them experience the goodness how we uniquely represent who we are to them.
Written by: Aprielle G. Villafuerte
References: Cryptopedia, 2022 | YouTube
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MetaGaming Guild (MGG) is one of the world’s fastest growing GameFi guilds who’s on a mission to make game finance fairer for the masses.
MGG buys the best Non-Fungible Tokens (NFTs) from gaming startups and rents them out to a community of players through the scholarship program. With this, MGG scholars can access games without upfront costs, access early stage game tokens like VCs, and deploy their NFTs to automated yield.
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