“NFTs are basically just digital pictures that anyone can copy/paste right?”
Yea you can.
Like anything you find on the web.
But you just don’t own it.
It is no different from taking a picture of Michael Jordan’s house and saying its yours.
Its not.
You have a picture of the house.
The house still belongs to Jordan and he OWNS it.
For an NFT, the ownership is reflected on the blockchain.
What are they actually used for?
Actually, plenty.
Think of it more as a means to an end.
NFTs itself, are naturally not that “useful” inherently, as they are digital assets.
Perhaps they are more useful in games as power-ups and magical weapons.
But in real life, they can serve as a powerful means to an end if used wisely.
Locally, let me point to a more relevant example.
“NTUC and Blockchain Association Singapore Aim to Raise $250K for Lower-Income Members Through Digital Charity Auction”
I went to check out the auction and so many have already been sold!
If you don’t know about NFTs or blockchain.
Just know that they are basically limited edition digital artwork that are put onto the blockchain so its immutable and verifiable.
But isn’t is fascinating to see society putting all that together for a good cause?
A few underlying thoughts swirled at the back of my brain after seeing all these.
The first is that we can no longer just ignore tech trends that are bubbling under.
We use to say bitcoin was a fraud, cryptocurrencies are scams and NFTs are worthless.
But now we know, we can also be wrong.
What determines if a trend stays its course and becomes something manifestly important or dies a quick death as quickly as a fad?
Well, the people I guess.
The people creates the demand and maketh the market.
The market is what sustains the trend.
So don’t be too quick to dismiss anything just because you don’t understand it enough.
Now it is proven that established organisations are willing to try new things.
They have chosen to raise charity via an NFT auction online.
That will never happen just a decade ago.
But with the proliferation of tech and social media, it caught their attention.
I am awed by the fact that NTUC is open to such ideas and willing to jump on the NFT train so quickly.
That requires guts and risk-taking appetitive that many don’t have.
Respect.
What is more amazing is the people who actually bidded for and won the digital artwork!
The Hidden Princess — “Protectors of the Soul” NFT was sold for SGD $50,000!
So in case anyone has any doubt whether people will actually buy NFTs, here is your validation!
Of course there are people already buying NFTs globally, but locally, it is refreshing to see its adoption rising.
Check out Part 3, where I will discuss about the inherent value of NFTs, if any. =)
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