NFT

                   The world’s recent obsession with NFTs and the internet booming with articles about the Nyan Cat GIF, which got sold for thousands of dollars, confused me. Are we going crazy? Well, kind of. NFTs are here to revolutionize our digital platforms. NFT refers to any data that is irreplaceable and unique that is stored in a digital form. Each item is given a special code that testifies the ownership of the particular data. So NFT stands for Non-Fungible Token. This simply means that a specific asset is one of a kind and cannot be copied. Just like Leonardo’s Mona Lisa with her mysterious smile.

 NFTs can be anything from music videos, paintings, and memes to even exchanging wedding rings! Mind-boggling right? What makes NFTs stand out is the fact that it’s accessible to everyone around the globe and runs on blockchain technology. Uhm….. no wonder blockchain gets our head reeling and throws us to hell. In basic terms, it’s a more advanced way to store data where people around the world keep a track of any update or other change in the data instead of trusting a single organization. Trust issues got to be everywhere, for sure. Cryptocurrencies like Bitcoin, and Litecoin works on this principle where everyone around the globe has access to all the transactions made and are secured through complicated mathematical problems. Faking these data is nearly impossible, and each NFT is assigned to a blockchain. Most NFTs are on Ethereum (a cryptocurrency) blockchain although other cryptocurrencies that support NFTs are in the fray.

 How are NFTs used other than the fact that everyone’s taking a first shot at buying some cool digital stuff? Not to mention, I got all the screenshots and downloads of Beeple's NFTs for free in seconds. Bragging rights and ownership perks top the list. No doubt everyone loves to revel in the eccentricities of the world. As an artist who is super creative and can’t wait to share your work with everyone, NFT is the way to go. Artists can sell their work on NFTs to the highest bidder. As the price increases, art becomes more valuable. The buyer gets the ownership of the art but not copyrights. On the other side, buyers can endorse their favorite artists and make money by selling them later at a higher price. 

Anyone can launch an NFT that is a reliable way to present one’s work on the internet as it is backed by blockchain technology. It’s hassle-free and without the control of external agencies like governments or organizations. NFTs aren’t just about art. Gamers assemble! NFT games are here to stay besides being a global platform for content creators to earn income without any discrepancy. Still can’t process that one can even buy virtual land using NFT!