In this world right now, you don’t own anything. Even the money you have isn’t your own. You can’t prove the certification of ownership of the 100 Rupee Note that you have in your pocket. Maybe you’re a Tech Geek, Bitcoin Trader, or perhaps you don’t really know what exactly is a non-fungible token is. In any case this blog is for you!
Okay, let’s start from the basics. What is an NFT? What does NFT stand for?
Non-fungible token.
Did that ring a bell?
That doesn’t make any sense.
If you’ve been living in the digital world for a while, you must have heard about “Non- Fungible Token” or “NFT”. We have tons of digital stuff, we’ve just never really owned it. When you ask someone about non-fungible tokens begin by explaining what is fungibility, which is described as “able to replace or be replaced by another identical item”. This might complicate things on your end. To get a better understanding of what might be considered as a non-fungible asset, think about all the stuff that you have. The bed you’re sitting in, your laptop, anything you could go and sell on OLX. All of these fall under the category of non-fungible asset.
ALSO READ: What are NFTs? Non-Fungible Tokens Explained
So, what about fungible assets, A currency is a perfect example of fungible asset. Hundred rupee note is always a hundred rupee note no matter the serial number on the specific Hundred Rupee note, whether its a hundred rupee deposited in your bank account. The ability to replace a hundred-rupee note with another hundred-rupee note(or five twenties) is what makes currency fungible. You already have a lot of digital stuff. But to what extent do you “own” these digital items?
It’s a special type of cryptographic token which represents your ownership over Blockchain Network.
So, what does non-fungible token has to do anything with GIF?
NFTs can be anything digital (such as painting, GIF, or even your brain downloaded and turned into an AI), but a lot of the traders and designers are using the tech to sell and buy digital art.
People are buying drawings, digital GIFs, Tweets?
TBH no one can stop you, but that’s not really what I mean. A lot of conversation is going around the world about NFTs as a form of art, but only with digital art.
Will this become like an art collection?
In general, some people are hoping for digital art to be an art form worthy of collection. Like Sine estate paid almost a 2.5million dollars for the first tweet of Jack Dorse on the Twitter platform.
Fact: you can copy digital art as many times as you want, including the files that have included an NFT. They are designed to give their user something that can’t be copied: the artist can retain the copyright and reproduction rights, similar to physical artworks.
So, What’s the point?
It all depends on whether you’re a seller or a buyer.
If you’re an artist or seller.
You might be interested in NFTs because it provides you a way to sell your artwork at a price that they deserve. If you have cool digital artwork, what are you gonna do? Sell it to someone? No way.
Also, NFTs have a feature that you can enable that will pay you a specific amount of money every time your NFT is sold, assuring the if your work gets popular, you’ll see some of the benefits.
If you’re a buyer
One of the major benefits of buying art is it will financially support artists, and that’s true. They provide you with basic usage rights, you can set it as your Display image or post the image online. You also gain some bracing rights, with the support of blockchain entry to back them up.
If you’re a collector
NFTs can work as a belief asset like any other, where user can collect it and store in hope that the worth of the artwork goes up one day, so you can sell it and make a lot of money.
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