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What are NFTs and should you buy them?
Hello everyone and welcome to a fresh new episode of the Cognixia podcast. Every week, we come together to discuss something new from the world of emerging digital technologies and strive to inspire our listeners to learn something new and take the next big leap in their careers by ramping up their skills and knowledge.
About two years back, an artist named Beeple sold an NFT-based artwork for a whopping $69 million. In 2021, $69 million was equivalent to an unimaginable INR 5.2 billion. That was two years ago, and the world has gone around twice since. Since then, NFTs have shaken up the world of art, tech, and so many other subcultures. Interestingly, the journey has been quite a rollercoaster. Artists and collectors have built fortunes on the back of NFTs, a horde of brands have plunged into the space, marketing gimmicks galore, the metaverse has risen and gotten somewhat lost in the corridors of tech fads but keeps showing up here and there once in a while, and the space has become so happening.
However, in recent times, NFTs have lost their shine a bit. Their momentum has dropped, the sales of NFTs have cratered considerably and the crypto market has seen an unignorable loss of value. Will the communities that got created during the early days of the NFTs still be maintained? Will those crazy growth days come back or was it just a fad that has now fizzled out? One thing we can say for sure is that the situation is somewhat complicated and things are not as easy as they might seem. But we don’t intend to scare you off, so let us begin simply by first trying to understand what are NFTs.
Some people called “N. F. T.”, some call it “nefts”. NFT stands for non-fungible token. Non-fungible is an attribute of the token implying that the token is unique and cannot be replaced by something else. To give you an example, a bitcoin is a fungible token, you can trade one bitcoin for another, and it will still be the same thing, right? However, NFTs are one-of-a-kind. If you traded an NFT for another NFT, you will have a different NFT in your possession and not the same one you originally had because each NFT is different, which means, it is non-fungible. So, to put it in one line, an NFT is an irreplaceable, unique token. Now, how do the NFTs function?
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By CognixiaHello everyone and welcome to a fresh new episode of the Cognixia podcast. Every week, we come together to discuss something new from the world of emerging digital technologies and strive to inspire our listeners to learn something new and take the next big leap in their careers by ramping up their skills and knowledge.
About two years back, an artist named Beeple sold an NFT-based artwork for a whopping $69 million. In 2021, $69 million was equivalent to an unimaginable INR 5.2 billion. That was two years ago, and the world has gone around twice since. Since then, NFTs have shaken up the world of art, tech, and so many other subcultures. Interestingly, the journey has been quite a rollercoaster. Artists and collectors have built fortunes on the back of NFTs, a horde of brands have plunged into the space, marketing gimmicks galore, the metaverse has risen and gotten somewhat lost in the corridors of tech fads but keeps showing up here and there once in a while, and the space has become so happening.
However, in recent times, NFTs have lost their shine a bit. Their momentum has dropped, the sales of NFTs have cratered considerably and the crypto market has seen an unignorable loss of value. Will the communities that got created during the early days of the NFTs still be maintained? Will those crazy growth days come back or was it just a fad that has now fizzled out? One thing we can say for sure is that the situation is somewhat complicated and things are not as easy as they might seem. But we don’t intend to scare you off, so let us begin simply by first trying to understand what are NFTs.
Some people called “N. F. T.”, some call it “nefts”. NFT stands for non-fungible token. Non-fungible is an attribute of the token implying that the token is unique and cannot be replaced by something else. To give you an example, a bitcoin is a fungible token, you can trade one bitcoin for another, and it will still be the same thing, right? However, NFTs are one-of-a-kind. If you traded an NFT for another NFT, you will have a different NFT in your possession and not the same one you originally had because each NFT is different, which means, it is non-fungible. So, to put it in one line, an NFT is an irreplaceable, unique token. Now, how do the NFTs function?