Why is everybody talking about NFTs (and why should you care)

Why is everybody talking about NFTs (and why should you care)

In today’s world, there are very few activities that haven’t found their digital substitute. The time for art has come as well: NFTs make it possible to purchase and own digital artefacts (a painting, an image, a song, a gif…). But how does this whole NFTs thing work, and why should you care?

NFTs are digital assets that contain identifying information recorded in smart contracts. It’s this information that makes each NFT unique, and as such, they cannot be directly replaced by another token. They cannot be swapped like for like, as no two NFTs are alike. Think of dollar bills as fungible data — a one dollar bill has the same value as another one dollar bill. But with NFTs, each one is unique and can’t be traded interchangeably. You can think of NFTs as essentially a one-of-a-kind digital receipt that verifies that what you purchased is an original and that you are the legit owner.

Currently, NFTs are creating a buzz over their disruption of the art world as people pay millions of dollars for digital art pieces like Beeple’s ‘Everydays: The First of 5000 Days’, which sold for over $69 million.

While select artists have been getting recent attention over large payouts, NFTs have the potential to be beneficial for the entire digital art landscape. With the implementation of NFTs, there is a clearer pathway for digital artists to sell directly to buyers and be easily compensated. There is another game changer involved: the artist receives a royalty fee every time the art is re-sold, which makes the whole thing completely different from a traditional way to buy and sell stuff.

Aside from just art, prominent figures have been playing their hand in the NFT scene too. Twitter founder Jack Dorsey recently sold his first ever tweet for more than $2.9 million and Elon Musk was offered, but turned down, over $1 million for one of his tweets.

And if you’re thinking what I was thinking, which is, ‘’Can’t you just take a screenshot if you want digital art?,” you’re apparently missing the point. Part of the allure of NFTs as an art platform is that when you make a purchase, you can display the token showing that you own it. So, making a screenshot does not actually work.

If you want to dive into the world of NFTs (and you should, before everybody else does), you must first create a wallet and decide what to buy. Here are some practical links to take the step:

ccvault.io - the ranking of promising NFTs projects on Cardano

https://ccwallet.io/ - create your wallet in just a few seconds

If you need further assistance or have questions regarding NFTs, don’t hesitate to join our discord and get help from our amazing community: link.