NFTS and why is
about it in 2021?
Firstly what are NFTs!!
NFTs (non-fungible tokens ) NFTs are digital assets that are verifiable public intellectual property listed on the Ethereum Blockchain. Wait a minute, it is public??!, If anyone can have it on their computers, why then do I need to buy it.
Well, the idea of owning a piece of digital property is what is driving the rage of NFTs because it is the first time anyone can lay claim of ownership to a digital asset ranging from cards, prints, publications, videos, paintings, and even virtual land. These items are unique and scarce once they are minted as NFTs. It’s like owning a picture of the Mona Lisa, you own a copy but that is not the original, you do not have ownership or rights to the painting. That is exactly how it is with NFTs, you can have access to download the same image or video someone just paid thousands of dollars for on your computer but you do not have the rights and certificate of ownership to the NFT. The owner has a right to sell, display and use the NFT as they deem fit.
Collectors and speculators have spent over $200 million in the past month on a variety of NFTs
NFTs are either physical or purely digital. The digital ones are non-fungible tokens while the physical NTFS are fungible tokens, but wait a minute, what is the “TOKEN”?.
The “TOKEN ” refers to a digital certificate that is publicly recorded on the Ethereum Blockchain which is secure and evenly distributed.
But why is everyone crazy about NFTs in 2021
Mike Winkelmann, an American digital artist known professionally as Beeple, recently sold his collage of images from the “everyday” series for a whopping $69,400,000!
Making it the 4th most expensive art piece sold by a living artist. This sale catapulted the NFT scene to astronomical heights and attention. Collectors and speculators have spent over $200 million in the past month on a variety of NFTs
The first emoji -every day: Beeple
Lots of people want in on this very juicy piece of cake. With many viewing this as a new chapter in art history while a lot more are also skeptical about the rush.
Many artists are fed up with posting their works on social platforms with just views, likes, and comments with little or no financial compensation for their hard work and efforts. Most artists view this as a new chapter in art history where you can create, sell and still receive royalties anytime your work is resold.
This opens up great financial opportunities for artists who may not be able to get their works displayed in famous galleries to get fairly compensated.
Their works as NFTs reach bigger audiences who not just appreciates their work but have the purchasing power to own it as an asset.
Digital art has been undervalued for so long. NFTs create the needed scarcity necessary to make it a financially valuable asset.
Who can create an NFT?
Well, anyone can create an NFT!!
Whether you are an author, musical artist, producer, digital artist, or even a filmmaker, you can create an NFT and put it up for sale. Platforms like opensea.io, Ribble.com, and makersplace.com have seen an increase in creators who want to put up their works for sale.
Celebrities and big institutions are getting a slice of the cake too. The NBA has made over $300 million selling NFT based highlights since last year’s October.
Crypto whales are the biggest buyers. These investors and whales also stand to gain more financially by hyping anything crypto-related. Well, for technology enthusiasts, the worldwide craze for NFTs is a sign from the heavens that cryptocurrency and Blockchain will change the world drastically as we know it. From financial systems to the way we view money.