NFT’s or non-fungible tokens have become quite the sensation all around the globe. It both confuses and excites people. How is it possible that something you cannot physically touch, could hold such a high monetary value? You can learn more about this new and mysterious concept from the latest nft market update website malaysia. What is it? Why do people pay big bucks for it? Can anybody make NFT’s? It seems like everything from gifs to virtual fashion can be considered an NFT, but what exactly makes them so valuable that people are willing to pay upwards of six figures for them?
What are NFT’s?
Non-fungible tokens are akin to the trading cards people used to go crazy over. They’re kind of like cryptocurrency but the difference between NFT’s and bitcoin is that the former is one of a kind while the latter are all the same. Being one of a kind causes each NFT to have different values. When an NFT is sold, the sale is recorded on blockchain. This makes it much easier to find the individual owners.
Right now, the hot debate is on ‘screenshotters’. These people just screenshot NFT’s instead of blowing through hundreds of thousands of dollars on a picture of an ape. Conflicts of ownership arise over this issue because ‘screenshotters’ feel that they have as much ownership over their ‘stolen’ NFT’s as the actual purchaser. Ironically, neither party really owns anything physical. The only difference is that the person who bought the NFT has the legal right to sell it if they choose to do so while the ‘screenshotter’ has basically nothing. The copyrights are a whole different issue entirely. That lies with the creator of the NFT and it will stay with him even if he sells the token to someone else. No matter what, snapping a screenshot does not make anyone the true owner of a piece of work, whether it is an NFT or just a regular image of a sunset from Google.
Are there different kinds of NFT’s?
Of course there are. The ape is the first thing most people think of when NFT’s are mentioned. However, there are quite a few varieties of NFT’s in the world.
Memes used to be something to laugh at on Facebook and Instagram, now it has become a way for people to make a living. It is not just people who design random memes who make big bucks. The Bad Luck Brian and Disaster Girl memes depict their creators and can go for tens to hundreds of thousands of dollars.
This is thought to be the most practised type of non-fungible tokens. It sells rather well and is a good outlet for artists to profit from their hard work and gain some recognition. A lot of pricey NFT’s are artworks and this includes video art too. They can even sell for millions of dollars.
VIDEO GAME CONTENT
Video game companies do not sell the actual games as NFT’s, rather certain elements of the game such as an article of clothing or skins. They sell regular versions that can be bought for cheap and then a limited edition version that only one person can purchase. These are exclusive and are only created once in a while.
People buy clothes to wear and showcase them to the public. Only the richest people buy limited edition collectibles for the purpose of displaying them. In both instances, the clothes are physical pieces that you can touch, hold and feel. How about virtual fashion? There are people who buy digital clothing, jewellery and handbags simply because they can. It might seem like a pointless and wasteful purchase, but to each his own.
The Culture of NFT’s
People who own NFT’s are viewed as celebrities or VIP’s. It is almost as if they are members of a very exclusive and private club. It is true that there are different viewpoints when it comes to the purchase of these tokens. Some see them as a colossal waste of money. Non-fungible tokens are akin to cryptocurrency, the value can go up and come down at the drop of a hat. A neutral observer who has no prior knowledge of NFT’s might scratch their head in bewilderment if he heard that someone paid tens of thousands of dollars for some digital picture.
On the flip side, those who have a deep knowledge of the topic could see it as a stable backup plan. Owning a high priced NFT that they can sell at a moment’s notice should the need arise seems like a good idea. People view it as a good investment for the future while some just like that feeling of exclusivity that comes with owning something that nobody else does. Some people just do it to support their favourite creators. It feels good to know that not only do you own something that was made by an artist you admire but in doing so, you are supporting their creativity.
NFT’s used to be something that only a select few knew about but that culture is slowly evolving. Many people are coming around to spending their hard earned wages on these little images. It is not far-fetched to think that in the future, non-fungible tokens could be used as currency or a bartering tool. People who feel that it is a good and worthwhile investment can find out more information about this commodity from the latest nft market update website malaysia.
The NFT sector is only just starting out but it will continue to gain traction in today’s society. More and more people are starting to see the value in NFT investments and are preparing to join this exclusive group. Who knows, maybe this sector could create more job opportunities and generate more revenue that could improve the economy in a major way? That might seem like a ridiculous notion now but let’s not forget that bitcoin was also once mocked as a pipe dream.