Are NFTs stupid? | Eat web3
This article will explore the potential of NFTs and try to answer the question if nfts are stupid or not.
Are NFTs stupid? | Eat web3
There have been a lot of arguments concerning NFTs all over the internet, and most people state NFTs are stupid. Therefore, I urge you to give the rest of this article a chance before you give into the idea that NFTs are stupid because these Jpegs might just change the future of humanity as we know it.
Imagine living in a society where you could buy a single digital image, and ownership of that image mysteriously gave you access to a universe of known and unexpected experiences.
Let us begin by explaining the basics. A non-fungible token (NFT) is stored on the blockchain with set data that identifies a digital asset as unique and, therefore, not interchangeable. It is maintained on a blockchain, a type of digital ledger. NFTs can be used to represent things like digital files for audio, video, and other media. Now, the purchaser of the NFT is not the only person who can access any duplicate of the original file. Although anyone can make a copy of these digital goods for their own sake, NFTs are logged on blockchains to give the owner evidence of ownership on the smart contract.
Puzzled and still think nfts are stupid? Let me explain further…
A non-fungible token (NFT) is an exclusive digital asset authorized owners can possess via a smart contract minted onto a blockchain. NFTs come with an immutable smart contract that can grant the owner access to all types of things, like items in the actual world or can unlock experiences. Still, they can all appear to be photos, videos, audio, or other digital files. These digital assets are produced in known quantities, thus giving them scarcity, so the owner understands the uniqueness of their collectible before making a purchase.
It cannot be denied that some people enjoy collecting items. Jay Leno buys luxury cars, John Mayer loves watches, and you might even collect speeding tickets. Regardless of your collecting preferences, the concept of a digital collectible may be unfamiliar to you (unless you know about the gamers collecting skins for your virtual avatar).
Imagine a digital asset that the majority of us would like to obtain. If you use Twitter, you've probably noticed the blue checkmark used to confirm the authenticity of accounts belonging to corporations, celebrities, and other entities. What if Twitter only gave out 10,000 marks to ordinary people like you and me, and you could purchase or win them? Do you need one? Would you happily use that as a flex on your Twitter profile? NFTs are the same idea.
Let's analyze the philosophical contract aspect of the situation right now. What if LA's chicest club only accepted guests who got a blue checkmark? Do you believe that as more people knew about the club's delicious cocktails, gorgeous customers, and limited membership, demand for that simple mark would rise or fall?
I want you to imagine how we'd introduce an NFT to a sports league now that you know the NFT's basic idea and, hopefully, no longer find it ridiculous. Not a duplicate of the NBA Topshot; however a unique item that will benefit the league and the owner of the NFT in the long run, both online and offline.
Let's go deeper...
Imagine you love the Golden State Warriors, and you have the invitation to become a season ticket holder, but there's only one catch: the tickets cost $10,000/yr each. Yet, you can buy an NFT of this for a 1-time purchase of $30,000, giving you access to every home game for the next ten years. Why would this be valuable? The NFT has value because it is scarce and unique; it isn't just a duplicate ticket, but rather a guaranteed way to access the games for an extended period. Plus, the NFT can also grant you other exclusive experiences, such as VIP access and player meet-and-greets.
As more people become interested in owning this NFT, the value has the potential to rise, making it a solid investment in the long run.
Here is the biggest catch: you can resell the NFT whenever you want and get back the money you spent (or even make a profit), while a regular season ticket holder cannot resell their tickets, and poof, the $10,000 you spend a year is gone forever.
The Warriors also benefit from this because they are able to offer a unique and valuable experience to devoted fans, potentially bringing in more revenue.
Airdroping ticket holders other NFTs like in-game moments or other tickets to a small group of fans will also increase buzz and demand for the team, leading to more ticket sales. It's a win-win situation for both the team and devoted fans.
So there you have it: NFTs can grant ownership and access to exclusive digital assets and experiences, making them valuable both as collectibles and investments. As the market for NFTs continues to grow, we may see more innovative uses for them in various industries. Who knows, maybe one day, owning an NFT could give you season tickets to your favorite sports team or VIP access to exclusive events. The possibilities are endless and think twice before you start to wonder "are nfts stupid".
How Do NFTs Function?
Blockchain technology is the backbone of this amazing new concept and is used to operate NFTs. Each NFT has an impact on a variety of applications because of its unique design. A digital asset management system is an excellent solution for digitally representing tangible assets such as real estate and art. NFTs can serve as identity management platforms, cutting out the brokers, and connecting artists and audiences because they are built on the blockchain system that everyone can access. NFTs can cut out the intermediaries.
NFTs were first introduced in 2014 with the crypto-punk revolution, that set the stage for
NFTs to become a major player in the digital world as we know it. Each NFT is unique and cannot be replicated, making them highly valuable in the market. NFTs are bought and sold just like any other commodity through cryptocurrency and can be traded on various online marketplaces such as OpenSea and Rarible.
The NFT fascinates many well-known celebrities, like Shawn Mendes, Jack Dorsey, and Snoop Dogg. NFTs have even made their way into the mainstream and popular culture, with the NBA’s Top Shot, a marketplace for purchasing NFTs of key moments in basketball games, reaching over $230 million in sales just one year after its launch. NFTs have unquestionably earned their place as valuable digital assets, but it is important to note that just like any other commodity, the value of an NFT can fluctuate.
Did you know that?
Jack Dorsey, a co-founder of Twitter, sold his first tweet as an NFT for more than $2.9 million.
Beeple sold his digital artwork, "Everydays: The First 5000 Days," as an NFT for $69 million. Click here to learn more
Now this is something I still cant wrap my head around. NFTs are stupid!
Here is where we get into the subjective side of things. Art is subjective, and some may argue that NFTs are just a fad or a way for the wealthy to flaunt their wealth. However, others argue that NFTs offer more control and ownership to artists over their work, as well as the potential for them to make a profit from it. It's up to individuals to determine the value and worth of NFTs for themselves.
At the end of the day, whether or not you think NFTs are stupid is a personal choice and opinion. But as the market continues to grow and develop, it's definitely worth keeping an eye on.
Just because something is new and unfamiliar doesn't mean it's necessarily stupid. Keep an open mind, and who knows, maybe one day NFTs will become a valuable asset in your own portfolio.
What is Causing NFTs to Gain Popularity?
NFTs have existed since 2015, but their popularity has recently grown for various reasons. The first and probably most apparent development is the passion and ubiquity of cryptocurrencies and the underlying blockchain technology. The second would be technology is one aspect of human interaction that we have become increasingly reliant on during the pandemic, leading to a larger market for digital goods and assets. Finally, there has been a trend towards ownership and individuality in digital spaces, with NFTs providing a unique form of ownership for creators and collectors alike.
Unlike traditional forms of art or collectibles, NFTs offer a level of authenticity and provenance that cannot be replicated. This allows for a level of trust in the market, as well as potential resale value. Additionally, NFTs offer creators the ability to directly profit from their work, without the need for intermediaries or middlemen.
Overall, the combination of these factors has led to a surge in popularity and interest in NFTs. As the market for NFTs continues to grow and develop, it will be important to keep an eye on the potential implications and drawbacks of this technology. As with any form of investment or collecting, it is important to do your research and approach with caution. But for now, the excitement surrounding NFTs shows no signs of slowing down.
If NFTs are stupid: Why Should You Invest In them?
NFTs have proven to be a great investment due to a variety of factors such as:
- The growing popularity and interest in blockchain technology
- The convenience and authenticity of digital ownership
- The potential for creators to directly profit from their work.
- The potential resale value of rare and unique NFTs
- Airdrops and other helpful market incentives
However, as with any form of investment, it is important to do your research and approach with caution. That being said, investing in NFTs could potentially offer a unique opportunity for growth and profitability in a rapidly evolving market. Keep an open mind and stay informed, and NFTs may just surprise you.
Note: This is just a hypothetical response and should not be taken as financial advice. Please consult a professional before making any investment decisions.
So, where can I buy these NFTs?
Here are the leading marketplaces of NFTS in 2022 given below. Go and explore them for yourself.
Conclusion
So there you have it, a brief overview of NFTs and their potential value as an investment. As with any form of investing, it's important to do your own research and approach cautiously. But with the growing popularity and potential for profitability, NFTs may be worth keeping an eye on.
This exercise was designed to persuade people to stop questioning if NFTs are stupid and not view them as a Monkey JPEG and start viewing them as community-building assets with the potential to increase in value over time for both NFT owners and founders.
We hope this article has given you a better understanding of NFTs and their potential value as an investment. Happy collecting!
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