You may have heard of one of the new hypes in the digital world: NFTs. Non-Fungible Tokens, translated into Non-Fungible Token, have appeared more and more in the media. The break-up comes after many celebrities invested too much to acquire some form of NFT. Neymar, for example, paid R $ 6 million in NFT from the Bored Ape Yacht Club collection in early 2022.
As this has become more common, it is important to understand a little more on the topic. After all, is the NFT craze a model or just another hype of the digital age? I’ll tell you what I think about it.
For starters, what is NFT?
A non-fungible token is a cryptographic token that represents something unique. However, unlike cryptocurrencies such as Bitcoin and many other electronic devices, NFTs do not convert.
And what does it mean? A fungible substance, such as silver, can be exchanged for another. One bank account can be exchanged for another at the same rate, or even for another in addition to the original price. However, NFTs seem like a unique, unique and personal “work of art”. Therefore, irreplaceable.
But is that all? No, they were used to create the concept of inadequate digital evidence. Thus, based on digital tools and the ability to work on devices from multiple platforms. That is, NFTs have been used by a variety of applications that require specialized digital devices for access, such as cryptographic art, crypto-collectibles, and crypto games.
The way? I think not!
The idea sounds interesting, but treat it as a long-term trend? I do not think so. And there are some points I like to point out if we need to be careful before gambling on hype.
Principles governing NFTs
The first step is to understand who is talking about it. After all, you should never rely on anything that comes out of someone’s mouth to talk about what you need to do. The NFT hype has made a lot of people want to talk about it, and with that, everyone is trying to be an expert.
Another point is that it is rare for people to acquire and develop technology early to win the market in the long run. That is, who accepts the difference of a good time, surviving in the long run, among many other things.
Demystifying the usability of NFTs
Some argue that NFTs are a new way of drawing. Drawing is drawing, and that means that one or all of the expressions can be drawn, if the author intended. However, we know that art alone is not enough to prove all this hype.
The other is the issue of entry and isolation. There are millions of other ways and technologies to guarantee access to people who are willing to pay for it. So, now there is nothing new.
Another legend that tries to highlight this hype concerns its use as a membership document. However, in this case online will work, but try to make sure the membership for the government is the same as nothing.
Finally, a question related to content and I want to clarify once and for all: NFT has nothing to do with Bitcoin! Cryptocurrency is very powerful because it is decentralized, unlike others. So, this is why when Bitcoin shows potential growth, other cryptos look like zero in the long run.
NFT? Do not force too much… beware of hypes
Yes, it is true that NFT is rising now, and we know it because everyone is talking all the time. However, this is why you need to be careful. After all, who are you talking about? What is the interest in trying to generate a bigger hype on the subject?
This is not to say that the NFT will not be integrated for a long time. But for now, it’s important to understand the raw truth, which is probably not all about. In other words, do not overdo it in thinking that NFTs are the standard that will govern the business from now on. Always seek to understand every aspect of what is happening, better understanding if it is a long-term thought, or a hype of the moment.