In this ever-changing world, it seems like every day there is a new “big thing” to learn about, and the best one can attempt to do is keep up with the breakneck pace at which they come into and fall out of the spotlight. One such phenomenon which has made substantial waves on the Internet and around the world is NFTs. Some may be asking: “What is an NFT?” To put it simply, I have no idea. So with that in mind, let’s go on a journey together to discover what NFTs are and why they are a good thing which has and would never have any downsides at all.
First, NFT stands for non-fungible token. This is already starting off on the right foot, as “non-fungible” is a very fun word. This is essentially to say that each NFT is unique and has no equivalent. Traditional currency, such as Canadian dollars, is fungible, as one can exchange one dollar for another dollar and have exactly the same thing as they already did. While “unique” probably would have done just fine, the decision to go with a word as fresh and seemingly made-up as “non-fungible” is admirable and an early win for NFTs.
More specifically, NFTs are often art such as photos or videos, but really they can be anything at all so long as it is stored digitally. These are stored as extra information on Ethereum coins, thus differentiating them from regular coins. (I have no idea what I just wrote; hopefully it makes sense). Ethereum is a cryptocurrency, not to be confused with Bitcoin or Tether or Binance Coin or Cardano or Dogecoin or XRP or USD Coin (because that’s a thing, apparently) or Uniswap or Litecoin, and that’s only the ones with market caps above ten billion dollars. Essentially, extra information to an Ethereum coin; this information is the NFT. It is unique non-fungible because only that specific coin contains the info that makes up the NFT. While it is possible for anyone to download the image, video or whatever else that makes up the NFT, only the person who owns the coin can have the “original.” Understand? Me neither.
With this in mind, it is clear that NFTs are strictly positive, I think; (just don’t look up “Ethereum climate change” or anything along those lines, I’m sure there’s nothing that big anyways). First and foremost, they provide a platform for online artists to sell their art and, in doing so, support themselves. For many, this is a much-needed opportunity as it can be difficult to find a market for digital art, let alone truly lucrative opportunities.
Speaking of new opportunities, NFTs also present new chances for wealthy people to make sure everyone knows they are wealthy by spending thousands or even millions not only on works of genuine and worthwhile art, but also such artifacts as the Logan Paul Pokémon card (very rare!). For too long, ultra-rich connoisseurs have been relegated to the traditional, antiquated realm of physical art. It’s great to finally see the wealthiest people in the world integrate into such a traditionally accessible medium as the Internet, and make it their own. At last, the self-indulgent vapidity of art trading has found a home where its proponents can reach a larger audience.
One example of this occurred on May 22nd, 2021, when the legendary YouTube video “Charlie Bit my Finger” was taken down and sold as an NFT to the highest bidder for $760,999. This highest bidder was Saudi Arabian music studio 3F Music, who beat out prospective owners mememaster and angrypepe in a day-long auction. Interestingly, 3F Music has also purchased other old Internet memes such as “Disaster girl” and “The overly attached girlfriend.” While it may appear at first glance as though the owner of the company had been in a coma since 2012 and bought the NFTs immediately upon waking up, 3F Music has also purchased all kinds of other NFTs ranging from albums, to magazine covers, to a New York Times column. Here it can be seen how NFTs provide exciting opportunities for companies to show off their wealth and be in the public eye for almost a whole day before fading back into the background, taking with them a beloved piece of content.
All in all, it is abundantly clear that NFTs make only positive contributions to the world. In fact, to show support for the NFT community, the Iron Warrior will be selling this article as an NFT to the highest bidder. Bets start at $100,000, and the auction will last a week. Get in on this, 3F Music!
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