What is NFT (Type/Categories of Cryptocurrency)
Definition/Example
- NFT or Non-Fungible Token is a cryptographic asset that only exist in a blockchain and it function similarly like a cryptocurrency.
- Most NFT is built on the Ethereum blockchain. The asset that it represents can be digital arts, memes, GIFs, in-game items and more.
- Some examples of NFT is Bored Ape Yatch Club and Pudgy Panda.
Usage
- The main usage of NFT is it represents asset such as memes, digital arts, GIFs, and more in a blockchain.
- Think of NFT as a Pokemon card or Mona Lisa art. In other ways, think of it as a collectable things but it’s only available on the blockchain.
- The difference between NFT and real art is the ownership of NFT can be spread to a lot of people, while most real art can only have one people or entity as their owners.
- So NFT ownership principles is it’s basically like you have a portion of ownership of certain NFT when you buy it. So, no one really own it as a whole.
Pros and Cons
Pros:-
- It can help a lot of digital artist to promote their art. The problem with most of real digital artist nowadays is it’s hard to promote their work to a variety of people. So via the usage of NFT most of them can promote their art to a bigger audience especially from a blockchain user.
- It also create a different environment for gamers in using an in-game item. Usually most in-game item cannot be trade for real money but with the use of NFT as an in-game item, gamers can grind as hard of possible to get a certain NFT from a game an trade it for money thus creating a more play to earn environment for gamer.
Cons:-
- NFT can become overly saturated. With more people getting their attention towards NFT, it can become an overly competitive platforms for digital artist. It can also become unfair for real digital artist when they need to fight off the competition from digital artist that fully use AI to make their so called art.
- NFT can also become a place for a stupid and nonsense art. What I mean by this is a digital art that don’t even need skills to be made. Take for example a dot or blue and red lines on a white background. This is what most modern art nowadays looks like and NFT can also be filled with this shit too.
Other/Conculsion
- I think most of NFT is just a bunch of scam because most of NFT nowadays can be made by AI and you just need to hype it up enough to made people buy it.
- I just the same like most modern art nowadays. I once saw this art were people just put a duck tape on a banana and just stick it on the wall. They then call it as an art and people just believe it. I just think of it as a bunch of nonsense and I think most people will agree.
- Don’t take me wrong, there are a lot of genuine digital artist that create original NFT that deserve a lot of praise for their work . But what I don’t really like is people who fully use AI to create NFT and labelling it as ‘original digital art’. That’s what I call as a scam.
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