What is a(n) NFT?
A NFT or Non-fungible tokens are a way we can represent a unique item as an entry creating a blockchain-based asset.The NFTs could give more power to content creators than ever before as it is powered by the Smart Contract technology that use for the Crypto Currencies
What could NFTs do?
NFTs have the potential to change the world as we know it, along side Block Chain technology, by removing the database of... well everything! out of the hands of the few (where is can be changed without as much scrutiny) to everyone having a copy of the ledger and allowing audit upon mass.
The NFT takes the technology we use to gain the maximum amount of power out of Crypto Currencies and applies it directly to Assets including Music, Pictures and even more realistic objects such as houses (it could replace the land registry for example) or products to help prevent forgery!
How does this all relate to Pictures of Apes selling for a crazy prices?
Haha! So the crazy ape fad is nothing too dissimilar from Pokemon cards 20 years ago. The pictures have unique characteristics some more rare than others and a limited amount "minted" with extra special features.
The actual worth of these is what anyone is willing to buy it for, much like Pokemon cards of today now selling at upwards of $300 dollars for a single card from a back you could buy for £15 twenty years ago..
Will it hold the same effect? Only time will tell!
What is the Future of it all?
The future is very much unclear, there are so many challengers trying to become the new service of the future. At the end of the day it will boil down to who has the most popular technology and following. Much like the VHS story, a lesser product became the defacto standard because it was the first one out there and got the following.But who knows? Elon Musk create Doge coin as a Joke and it has done very well, it would be the ultimate irony if the joke coin created now became the future currency?
All Done!
Hopefully a brief run down of NFTs underlying technology and how they can be used to finger print assets to protect content creators from their works being stolen and reused without permission and royalties.
Maybe you might want to try creating your own NFT! Even for a laugh!