NFT, and does it make any sense

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Yes, yes, NFT’s and buying them has become somewhat of a trend lately: practically everybody’s heard of them. But what does the abbreviation “NFT” exactly mean and why are people so hyped up about it?

The insane Bored Ape Yacht Club NFT collection explained - CNET

Firstly, let’s make the terminology clear. NFT means non-fungible token. Or, in human words, a “one of the kind” token. It means that there is only one kind of every NFT and it can’t be traded for any other NFT. As an example, Bitcoin is a fungible token, because you can trade it for another Bitcoin and it will have the same value.

Theoretically, any digital piece of information can be NFT – articles, web pages, etc. But the most popular type of NFT is images, like the monkey above.

You might ask a pretty obvious question: why on Earth would I pay money for a picture (and, for reference, some of them are being sold for thousands of dollars) when I can just download it for free?? And that is a very good question. You see, a picture can, in fact, be copied as many times as you want, but there is one aspect that cannot be copied – the right of ownership. People pay huge money just to become the rightful owner of the image.

NFT is the future: Five most expensive digital artworks sold so far

Now, do I think this is crazy? Completely. But many people consider buying NFT’s an analogy of art collection and, to some extent, it is understandable. Maybe someday I will understand the whole meaning of this (or will have enough money to buy pictures from the Internet).

5 thoughts on “NFT, and does it make any sense

  1. 46327 says:

    Ah, the NFTs. I never get tired of the subject. Truth be told, at this point it’s just a charming chaos.

  2. 46362 says:

    I don’t care what anyone says about it being the future of art because for me NFTs are, literally, all about ego and money. I can’t understand why anyone would pay such money for an ownership of a digital picture.

  3. 46329 says:

    Yeah NFTs, some are great, most of them are memes. But wait for the metaverse to be more popular, it may change NFTs into useful collectibles in the metaverse.

  4. Iga Zielińska says:

    No matter how many times I read about it I just can’t understand what is so great about the NFTs. I feel like many people who buy this are not even sure why they want it or how they are going to use it

  5. 46278 says:

    Nice explanation of complicated topic like this. I’d like to add that monkeys like that monkey on the first picture are giving passage to a local club of such monkey-NFT holders. So there is another way to use NFT

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