They are mysterious, then enticing, and then it’s too late, like most traps.
An NFT is a digital chest of treasure, a status symbol, and a thing that appears to be valuable.
NFTs are intended to represent the one and only, a fragment of non-fungible reality in a world gone digital, much like a Pokemon card, an original Picasso picture, or a frame from a Disney animated film from 1955.
Similar to other traps, they are enigmatic at first and then alluring before it’s too late.
An NFT is a virtual vault of riches, a prestige symbol, and a tangible good.
In a world gone digital, NFTs are intended to represent the one and only instance of non-fungible reality, much like a Pokemon card, an original Picasso picture, or a frame from a Disney animated film from 1955.
They are strange at first, then enticing, and by that point it’s too late, just like most traps.
A digital treasure chest, status symbol, and tangible good are all characteristics of an NFT.
NFTs are intended to be the one and only, a fragment of non-fungible reality in a world gone digital, like a Pokemon card, an original Picasso picture, or a still from a Disney animated film from 1955.
Two things concerning the illustration in art are noteworthy:
1.The practise of possessing precious works of art dates back three thousand years in terms of culture. The majority of individuals are aware that a genuine Rothko is a high-status luxury item.
2.Nearly all works of art are worthless (on a cash basis). Original (and stunning) pieces of art are not sold every day; they are sold at garage sales for dollars instead of millions.
What is an NFT then? It’s a digital token in the same manner as Bitcoin is, but there is only one of it, much like with Honus Wagner. These symbols might allude to different things (such as a basketball shot video, an oil painting, or even this blog post), but none of them actually refer to those things. It’s only a token that was approved to be the one and only one by the maker. (The NBA has already sold over $200 million worth of NFTs featuring video clip highlights).
Thus, the trap
CREATORS might rush to begin minting NFTs in order to be compensated for their work. It’s lately become incredibly simple to’mint’ an NFT, unlike rival digital currencies, which are relatively difficult to create and sell. I could, for instance, turn each of the 8,500 blog entries into a token and trade them for money.
The more energy and time creators invest in pursuing the NFT, the more time they will spend attempting to convey a sense of scarcity and persuading investors that the tokens will appreciate in value. Rather than being developers of digital tokens, they will start to promote them. They hope it will increase in value because that is the only reason someone is likely to purchase one, much like a stock. It doesn’t have any rights or pay dividends like certain stocks do. And unlike real works of art, NFTs typically don’t possess their own aesthetic beauty; rather, they only reflect something that does.