WTH are NFTs?

NFT (Non-fungible token) is a huge opportunity for artists because it is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. NFTs have value for the very same reason that any other piece of art or collectible has value because of rarity and people want it. If you’re worried if the creator will be able to make more of it, you don’t need to worry because the creator cannot step in and make more coins for the very same reason of bitcoins nature of 21 million supply coins, no one can step in and create more of them because it’s on the blockchain, and once it launches, the rules cannot be reversed or altered.

Technically the creator could make more editions of that same token. However. if they do that, there will be slight variations of the token itself whether that’s the stock symbol that would change or the launch date which would be all provable and verifiable on the blockchain even though the artwork itself could be 100% identical. To put it simply, you can create 99.9% like the original but it will never be exactly the same.

Not only NFT’s can be applied in crypto arts, but it can be also applied in digital collectibles and online gaming. This technology is groundbreaking because it provides artificial scarcity in the digital domain, as well as digital ownership of your purchase.

The important question that we need to ask is it worth it buying and investing our money into or is it only the creators that are benefiting from selling their tokens. The answer to this is, it depends on what you will purchase. If you’re going to purchase an expensive NFT product, you have to make sure that the product that you will purchase is from someone who is famous, a world wild icon, or a brand. The bigger the better and the safer your investment will be. Just imagine Supreme launching their very first digital sticker, and you’re the very first person on the planet to own it, imagine the return after several years from now when NFTs became mainstream and everyone wants to get in. If you want to get deeper into NFTs and curious about industries that are set to explode any time soon, I highly recommend doing your own research since there are many industries with high potentials that might be in your interest.

To give you an example of a famous NFT-artwork creator, you can look up “Beeple”. He is a graphic designer from Charleston, SC, USA who does a variety of digital artwork including short films, Creative Commons VJ loops, everydays and VR / AR work.

If you manage to read until here, I would like to congratulate you because you’re already on the front doorstep ready to explore this innovation and possible potential to make loads of cash in the future.

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