Three Reasons why NFTs are Here to Stay
I sat down on Thanksgiving morning and turned on the world famous Macy’s Day Parade. As I watched Baby Yoda soar through the air, I suddenly couldn't believe my ears. The hosts of the parade began talking about an NFT project that fans of the parade could possibly end up purchasing. This was exciting news for plenty of people who support the transition to decentralization, myself included.
- NFT is short for “Non Fungible Token”
- Understanding the technology behind crypto is critical to making smarter investment decisions. Become a blockchain ninja today!
“But NFTs Make No Sense”
Plenty of people who heard this news probably performed a quick Google search only to be confronted with a perplexing concept. Why would I pay so much money for something, when I can just screenshot it for free? The answer is not quite as straightforward. Imagine NFTs as a piece of paper, a piece of paper can be used to draw pictures, or store information as writing. There are also a million other uses for a piece of paper. Right now NFTs are a metaphorical piece of paper, and the only thing people have used them for so far is artwork. This is not to say NFTs will find broader and more practical applications in the future.
What Crypto and NFTs Have in Common
Money and artwork do not come up in the same conversation often, unless we are at an art sale of course! However when it comes to Cryptocurrencies and NFTs, they both operate on the exact same technology… a little something called blockchain. This technology has taken the world by storm, and it continues to influence new fields as time progresses.
The Future of NFTs
Many Blockchain experts hope that NFTs will position themselves in the gaming industry, allowing certain game elements to be shared between games. It is also possible that we could see NFTs become the norm for things like concert tickets. Many blockchain experts express a high level of confidence around the credibility of NFTs. In fact many celebrities have already purchased NFTs of their own. Big names such as Logan Paul and Shawn Mendes have both become proud owners of NFTs. It is very likely this trend will continue in the future.
One More Thing
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