NFT: Bringing Back Moments from your Childhood
What comes to mind when you think “Non-Refungible Tokens”? If you’re anything like me then the answer is, “What the heck is a non-fungible token!? Those words do not even make sense in my head, get it out! Get it out!!” while I curl up into the fetal position and wonder why I don’t understand things anymore. Non-Refungible Tokens or NFTs are basically the next steps in tradable media such as baseball or pokemon cards that only exist in digital space. Digital art, quotes, and even moments in time available in packs to purchase at random, some worth a little. some worth a lot thanks to the technology being registered with blockchain and considered “cryptocurrency”. Essentially, NFT converts digital art and collectibles into one-of-a-kind, verifiable objects worth value on the blockchain. There is a limit to the value and rarity of the digital object.
Through NFT trading/selling websites such as OpenSea.io, you can purchase NFT artwork, collectibles, cards, sports moments, virtual worlds, and even domain names going for fractions of pennies to thousands of dollars due to its rarity and content. It sounds neat, right? It does, but what are you buying, a pixelated walrus with a suit and tie art for $0.1 or a video clip of LeBron James slam-dunking for $200,000, and aren’t these things available for free?
The news came out a couple of weeks ago that toy giant, Hasbro is considering this new medium for incorporation with its long-running intellectual properties such as Transformers, G.I. Joe, and other classic franchises. In the future you can buy the NFT clip of the first time Optimus Prime said “Transformers, roll out” from the original cartoon series or the first time Cobra Commander squealed “COBRA!!!” and those moments would be worth something whether you purchased it, on the cheap, in a blind pack or bought it second hand through a sellers website.
Fungible tokens are not new, you have been able to buy the rights to cat photos for years. The seller would then replace the ad and sell it again for a virtually endless inventory of cat photos but NFTs are not unlimited and through blockchain and ethereum are of value set by its rarity and interest. NFT seller site NBA Top Shot sells NBA moments with anything Kobe-related selling for hundreds of thousands of dollars because it can never be replicated. You can get into the thrilling world of NFT salesmanship as well by creating artwork for Mintable.app.
The possibilities are endless with NFT as long as the value keeps up and I want that moment from the Transformers series to claim as my own. The tokens could become the new money in coming years or just the new trend and be worthless in the same amount of time, only the future can answer its fate as a viable collectibles system of pictures and video clips available on your PC and smartphone. Can I hang an NFT piece of art on my wall, or just stare at it on my phone?
Currently, Non-Refungible tokens are making millionaires out of chance and circumstance, but will it be around in ten years? Think of all the trends in the past that were valued at hundreds of dollars, now worth pennies, I’m looking at you, Furby. There is an excited child in me looking forward to collecting the memories of my youth, there is also the cautious old man that researches this topic with a cocked eyebrow wondering “WHY?!” We shall see but until then consider what you think of NFT stuff by browsing these popular seller sites.
And have fun collecting absolutely nothing tangible yet valuable. The future is now! maybe.