The speculative nature has led many to believe that NFTs are in a bubble similar to the tulip mania of the 17th century, when prices of tulip bulbs soared because people kept buying them, expecting the value to rise so they could then sell them away for profit. These scams prey on people’s greed and ignorance regarding NFTs and cryptocurrencies, exploiting the highly speculative nature of their prices. There have been numerous rug pull NFT scams, and there is no sign of the scams slowing down. However, the barrier to entry gets more expensive as the game gets more popular, and it is unclear how sustainable it is to make a living through the game. Axie Infinity has given players in those regions opportunities to earn potentially life-changing amounts of money.
Its in-game economy is entirely NFT-based, and playing the game has become a full-time job for many in the Philippines and Venezuela, with people from those two countries making up between 45 to 50% of the player base. Players spend real money to breed and raise Axies, which are each an NFT, and can be used to battle or sold to other players. Still, NFTs have led to job creation, for instance in the case of Axie Infinity, an NFT-based game with a pay-to-play-to-earn model. Ironically, the fact of the matter is that, as of now, most artists are barely making a dime through NFTs. The issue with this is that currently, regulations have not yet caught up with the technology, and there have been cases where people steal art and make them into NFTs. This aims to fairly compensate the original creator for the work after the first sale without having to rely on intermediaries of any sort. For artists, it is clear how this is a huge boon. However, with an NFT, a cut of the profits will go to the one who created it as long as it’s coded into the smart contract. For example, without NFTs, a ticket scalper will keep every dime of profit they get by selling their ticket to someone else. That’s about it, though, unless you count bragging rights as well.īy coding automatic payouts into the smart contracts on the NFTs’ blockchain, artists can be paid royalties on secondary sales. In that case, then what is the point behind NFTs?Īt the most fundamental level, an NFT purchase also grants the buyer some basic rights, such as being able to post the image online, or use it as a profile image. The problem is the treasures are easily replicated, because each time someone right-clicks and saves, copies of the treasures are made. If the digital assets are the treasures, then the NFTs are treasure maps. While memes and jokes about right-clicking and saving an image to “steal” an NFT are already rife on social media, it is a misunderstanding of the technology. The NFT Bay is Huntley’s “educational art project” where he hosts a torrent containing every NFT available through the Ethereum and Solana blockchains. He added, “The image is not stored on the blockchain and the majority of images I’ve seen are hosted on web 2.0 storage.”
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According to Geoffrey Huntley, an Australian software and devops engineer who created The NFT Bay, people who purchase NFT art have to understand that it is, right now, “nothing more than directions on how to access or download an image”. This is because an NFT is not the artwork or the digital asset itself.
However, the technology itself can be applied to digital assets such as in-game assets, music, films, event tickets, and even NBA video highlights. The idea of NFTs is generally associated with digital art, be it generative collections such as CryptoPunks and Bored Ape Yacht Club or singular art pieces such as Everydays: The First 5000 Days. While NFTs can also be applied to physical assets such as real estate, we will be contending with its role in the digital realm, as that is the main thing people are referring to when they talk about NFTs.
These tokens aren’t interchangeable with another, and thus serve as a security blanket. This non-fungibility – industry speak for a unique asset – is what sets NFTs apart from cryptocurrencies like Bitcoins, which also makes use of the blockchain. It works by assigning each block in the chain with a number of transactions, and when a new one occurs, a record of this transaction is added to every participant’s ledger. Interest and buzz surrounding non-fungible tokens ( NFTs) surged in 2021 and it’s hard to ignore its presence, not be curious about something digital, intangible, and inscrutable that gets sold for thousands and even millions.Īn NFT is a unique digital token that serves as proof of ownership stored on a blockchain, a form of digital ledger. Would you spend money to buy nothing? Depending on how you see things, that’s what folks around the world are doing, believing that nothing can reap great rewards.
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