If you haven’t been living under a rock over the last year, you have more than probably heard about NFTs.
They are the latest online craze and while the major news outlets are busy explaining how bizarre the NFT space is, others are embracing the new form of digital art.
Individuals who have followed the scene understand that NFTs are being sold and transferred for millions worth of US dollars and many are making a good buck out of these digital art pieces. But what are NFTs? Are they worth investing In?
What Are NFTs?
NFTs are short for Non-Fungible Tokens. NFTs are an electronic representation of a right to own a tangible good or service such as a piece of art, music, movies and even digital real estate.
NFT aren’t bound to just these forms, by right anything that can be considered a collectible can fit the NFT bill.
NFTs are bought and sold on the blockchain, making NFT collectables unique to the extent that they can be easily proven to be real over fakes.
Are NFTs Worth Investing in?
This is THE question that everyone is asking. By right there are several NFTs worth buying but which ones will shoot up in value is hard to predict.
By right one doesn’t necessarily need to purchase an NFT to invest in the idea of NFTs and this could be a safer route.
The idea behind NFTs is to be able to actually own a digital piece of art, music track etc. Let’s take a piece of art as an example since it’s also the most popular form of NFT.
One can easily go on an NFT, screenshot and make numerous copies for an unlimited amount of time. The “same” art you purchased/are going to purchase can be copied so why invest in an NFT right?
Well, even the most prized art pieces in the world can be copied and some to really fine detail.
The difference between NFTs is that one can prove the originality of said NFT with the digital ownership/contract on the blockchain.
Anything on the blockchain ledger cannot be forged/hacked or falsified due to the nature of a blockchain system.
Should You Invest or Not?
Several NFT projects don’t evolve strictly around art, in fact, there are many ongoing projects one can invest in.
The most popular and insanely expensive form of digital art is the Bored Ape Yacht Club, this is an art collection with just 10,000 unique art pieces in production.
If you own one of these apes the value will only soar up in value throughout the years since they are limited to just 10,000 pieces.
As with any collectible physically or digitally, they are only worth as much as people are willing to pay for them.
Whether you should invest in NFTs or not is asking whether or not you believe the art or form of NFT will be worth money in the future or not.
That being said you can also buy an NFT to support the artist while also ensuring 100% ownership of that particular art piece.
Just like Virtual activities can improve teamwork in the workplace, NFTs also have the potential to improve teamwork in the digital space with new projects such as digital real estate and virtual events.
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