What is an NFT? Here's what I think

By LeftFooted | bitcoinea | 23 Jan 2022


An NFT is essentially just an immutable line of code, it can’t be deleted and it can’t altered. It is registered on a blockchain, a permanent public ledger that anybody can observe but nobody can corrupt. So far, we’ve attached jpeg images to these NFTs and used them as digital art, but you can attach anything to it. Let’s say you wanna buy a Rolex and you wanna make sure it’s legit, you can create an NFT and use it to authenticate it (because nobody would be able to fake it or change it).


As for the examples we’ve seen so far, I guess it’s all about the hype and whatever works for buyers. Kinda like Richard Mille watches. Many want them, many think they’re fugly. The most popular NFTs are these images you shared, the ‘Bored Ape’ project and others are based on futuristic 3D images. That’s about personal taste and hype. So far, NFTs have only been used as ‘veblen’ goods. Conspicuous consumption for the sake of it. Like “hey I’m so wealthy I can buy a digital JPEG for a mill."


Having said that. We should also remember that buyers often fall under one of two categories: celebrities and influencers that buy them to show off and early crypto adopters who buy them because they bought ethereum back when one ETH was maybe 1 dollar or 10 dollars. So now they’re millionaires.


Shameless plug (sorry): I'm creating a collection of NFTs called 'Birds of Belgrade'. Why the name? Because I like birds, especially ducks, and because I live in Belgrade. Somebody already mocked me for the low floor price ($4) but I'm a nobody, so I guess 4 dollars is a good price. I expect to create 4-5 NFTs a week on Crypto.com/NFT until the collection is complete. Go check it out if you want, leave a like, it helps immensely. Cheers.


I've crossposted this article on my blog Bitcoinea and LeoFinance.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


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