NFTs

    

    In the beautiful world of blockchain there is a use for this technology that is getting more and more popular. This use is in NFTs. This stands for non fungible token. Non fungible means that it can't be replaced by something else because it wouldn't have the same value. For example the US dollar is fungible. This is because if I took one dollar and traded it for another dollar there would be no difference in the dollar I traded vs the one I got back. The value would be the same. In contrast a baseball card is non fungible. You can't trade a baseball card for another baseball card because it will not have the same value. It could be a completely different baseball card, condition of the card, edition of the card and etc. An NFT is built on a blockchain that way once an NFT is created it can be traced back to the creator so you know you are getting way you payed for. 

    I know it is a hard concept to understand but let me try to explain. The collectible world is worth billions of dollars. A baseball card is really just a piece of paper. There are certain Pokemon cards or sports cards that are worth thousands if not millions of dollars when in reality all it is is a piece of paper. The only reason it has value is because of the emotional connection that people build with these certain sports, shows, movies, etc. Now imagine if the New York Yankees said instead of printing out new baseball cards we are going to create a certain amount of NFTs of players every year and they will go on sale online just like baseball cards would. The only difference is you wouldn't get a physical card instead you would get access to a code that connects to your digital art wallet and you would have a piece of art that is connected directly back to the Yankees. This would make it easier to sell, buy, display, and collect. This is literally what is happening right now in the collectible world and art world.

    Everything in this world is literally going online as I write this. Even Facebook announced they are changing Facebook to I believe Metaverse. Metaverse is literally going to be a virtual reality world where you can walk around and do activities with friends from social media and so much more. This type of environment will only add to the NFT fuel where you can show off your collectibles in a virtual world. Imagine people being able to go to for example Mike Tysons house in a virtual world and being able to see all the collectibles he owns without having to worry about people stealing your art work or collectibles. This technology is going to change art and collectibles forever.

Reference

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

Comments

  1. UnknownOctober 31, 2021 at 6:59 PM

    Hi Sergio,

    NFTs seem interesting, I don't know if I would ever personally "buy" into it. But you explained it well and gave some relatable stories/comparisons. As things start to move more and more online maybe this will be the best way to handle things. Facebook is wild.

    - Shawn

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