Total: R49.90
NFTs-Explained
One new asset you might have seen exploding onto the market is the NFT or Non-Fungible Token.
From music and art to everyday items like toilet paper, these digital assets are “selling like 17th Century exotic Dutch tulips,” say Forbes writers Robyn Conti and John Schmidt.
The question is: are they worth the money (or the hype)?
Some experts feel they are “a bubble poised to pop,” while others believe NFTs are going to change investing forever. In this special report, we’ll take a close look at what NFTs are, how they can help your business and so much more.
Let’s begin!
Product Description
NFTs Explained
What exactly is an NFT?
It’s a digital asset that represents some real-world object like music, art, in-game items, or videos. NFTs are bought and sold online, often with cryptocurrency, and are usually encoded with the same underlying software as many cryptos.
NFTs are becoming well-known now, though they’ve been around since 2014, because they’re an increasingly popular way to buy and sell digital artwork.
Conti and Schmidt report that “a staggering $174 million has been spent on NFTs since November 2017.”
NFTs are usually either one of a kind, or one of a very limited run, so they have unique identifying codes. Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing editor of Yellow Umbrella Ventures says they “essentially … create digital scarcity.” This contrasts with most digital creations, which are almost always practically infinite in supply.
So, cutting off the supply of a given asset should raise its value (assuming it’s actually in demand at that moment).
Many NFTs, especially nowadays, have been digital works that already exist in some form elsewhere (like securitized versions of digital artwork that’s already out on Instagram).
Why are people willing to spend so much money on something they could screenshot or download elsewhere?
“Because,” say Conti and Schmidt, “an NFT allows the buyer to own the original item.”
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| Weight | 0.001 kg |
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| Dimensions | 0.01 × 0.001 × 0.001 cm |
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