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Technology has not have sped up the pace of the world but has also led to the creation of ideas that seem beyond most minds to comprehend. NFTs are one of those creations. In this article, Mik Cosentino breaks down the concept for us and shares 3 reasons why you must seriously consider it.
A non-fungible token or NFT is a unique entity. It’s unique not because it’s new or as a collective. Every non-fungible token is unique in itself, which means it can’t be replaced by something else. Mik Cosentino adds, “Compare that to a bitcoin. One bitcoin can be exchanged for another, and in the end, you’d have traded the exact thing. Not NFT. An NFT is a one-of-a-kind trading card.” NFTs are a part of the Ethereum Blockchain. But isn’t Ethereum a cryptocurrency, like bitcoin? And we just saw how different they could be. How can one platform support such diverse entities? Mik Cosentino offers an explanation, “NFTs can store extra information. This makes sense for Ethereum to have them on and create a portfolio which is diverse and appealing to the rising interest in them.”
If you got the gist, it’s time to move on to the three reasons that Mik Cosentino believes make NFTs worth your while.
Digital Art Expansion
All of us, of a certain age, had a go at drawing when we got our first computer. Some of us might still have them stacked somewhere. Mik Cosentino says, “Those pieces of art which you considered a time-pass can now help you earn in the digital art marketplace. NFTs can be about anything and have managed to generate a lot of buzz around digital.”
Being unique, Mik Cosentino believes, makes NFTs “scarce. This hypes their value and appeals to investors, buyers and sellers. Last year, with the total value of NFT transactions hitting $250 million and sure gave people something to think about.”
It’s new, and it’s scarce, but that doesn’t mean it doesn’t have a huge audience. Mik Cosentino adds, “The internet, virtual reality, and the digital realm are the domain of the younger generation, and they love to go for the hottest deal in town. Right now, that deal is NFT.”It’s a good time to understand NFTs. As Mik Cosentino puts it, “they are here to stay.”