What is NFT?
“Non-fungible” basically indicates it’s one-of-a-kind and can’t be substituted with anything else. A bitcoin, for example, is fungible, meaning you can exchange one for another and get precisely the identical thing. A one-of-a-kind trade card, on the other hand, cannot be duplicated. You’d get something altogether different if you swapped it for a different card.
How do NFTs work?
Most NFTs are, at a high level, part of the Ethereum blockchain. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but its blockchain also enables these NFTs, which store additional information that allows them to function differently from, say, an ETH coin. It’s worth mentioning that various blockchains can use NFTs in their own ways.
How unique is NFT in reality?
You can make as many copies of a digital file as you like, including the art that comes with an NFT. NFTs, on the other hand, are designed to give you something you can’t get anywhere else: ownership of the work. To put it another way, anyone can have a Monet print in terms of tangible art collecting. However, the original can only be owned by one person.
How does an NFT benefit an artist?
NFTs may appeal to you since they allow you to sell work that would otherwise be difficult to sell. Otherwise, even if you had a great idea for digital artwork, you won’t be able to make any money from it. NFTs, on the other hand, have altered the game.
Additionally, NFTs have a function that enables you to earn a percentage every time the NFT changes hands or is sold, ensuring that if your work becomes extremely famous and its value skyrockets, you will reap part of the benefits.
How does an NFT benefit a buyer?
One of the most obvious advantages of purchasing art is that it allows you to financially support artists you enjoy, and this is also true with NFTs. When you buy an NFT, you usually get some basic usage rights, such as the ability to publish the image online or make it your profile photo. There are also the bragging rights of owning the work, which are backed up by a blockchain entry.
Why are NFTs so costly?
That is, in part, what makes NFTs so unwieldy. Some people treat them as if they’re the future of fine art collecting, but “the super rich’s playground” seems more apt, and others treat them as if they’re Pokémon cards because they’re accessible to anyone but largely obtained by the incredibly rich. Logan Paul just sold some NFTs linked to a million-dollar box of an actual gaming card for up to $20,000 –
He sold NFT video clips, which are essentially excerpts from a video you can watch on YouTube whenever you want. He also offered Logan Paul Pokémon cards as NFTs.
The youth’s opinion on NFTs
We, at NFT Jet, are curious about what the future generation is up to, and it appears that some of them have been working and playing around with NFTs. “FEWOCiOUS”, an 18-year-old with a weird username, claims to have made over $17 million from his NFT drops, though obviously not all have been as successful. The New York Times spoke with a few kids involved in the NFC industry, and several claimed they used NFTs to earn some extra cash or get used to working on a project with a group.