by: Rod Julian Pantajo
First things first, what are NFTs? A non-fungible token (NFT) uses the technology of blockchain to create something that is unique in the digital world. It involves a lot of complex math that a normal person will not be able comprehend. At its simplest form, a blockchain is a digital collection of information about transactions. This is also called a ledger, which is why this word is often used when describing blockchain technology.
When we talk about the potential of NFTs, you can say that it is almost limitless. They are already in use on a wide variety of things all over the internet. With the use of these NFTs, you can say that something is truly part of your property on the internet. Ever since a long time ago, no one else have been able to own a part of the internet but large companies like Google, Microsoft, etc. The emergence of NFTs completely changed it and anyone can own something for the very first time in history!
Many of these NFTs cycling around the internet are auto generated NFTs that are randomly designed by a computer each with unique features that can makes up to thousands of copies. These copies are valued differently with how different combinations of features look good together based on the users’ preferences. Some of these examples include the Online Avatar NFTs like Bored Ape Yacht Club, CryptoPunks, and even Pet Rocks.
People buy these NFTs for investments or for their own personal collection. There are all sorts of NFTs that can be made using the blockchain technology and it is not limited to only Online Avatars. You can buy arts, videos, GIFs, etc. from different sources. NFTs can be valued from hundreds of thousands to millions of dollars worth of crypto.
The world is constantly evolving into a new age where more people start to spend more on stuff online rather than our real life. As more influential people buy these NFTs and more people start to join in with the current trend, they can easily earn a lot from the investments they made before. For now, NFTs are in a phase of developing into a huge market in selling goods that might be a ridiculous thing at first for most people but will eventually become a bigger deal than ever.
Reference:
Yassin N. (Jan. 2, 2022). He Paid $500,000 For An Image. https://youtu.be/JVnIQVhT79A
