What are NFTs and are they even worth trying to understand? These are the best Reddit theories about NFTs, the new cryptocurrency craze.
In the past few months, almost every newspaper, website, or magazine has published an article titled something like this: “what is an NFT?” Short for Non-Fungible Tokens, NFTs have taken the art, music, and social media worlds by storm. NFTs represent unique digital items whose metadata is stored on a blockchain. Here is a complete guide about NFTs and their applications.
These NFTs are used to authenticate a range of digital files, such as images, videos, songs, and even Tweets. Instead of physical art, more and more rich people are transferring their funds into cryptocurrency and then putting down huge amount of money on NFTs. This raises a vital question Redditors are trying to answer: what’s so cool about NFTs and what are the possible theories about their future?
1-The Implications For The Gaming World Could Be Massive
If NFTs takes off, gamers could see how they play, buy, and create worlds altered irrevocably. Game developers and players alike could one day use NFT marketplaces to exchange game-ready digital assets such as weapons.
Not only will these assets add new creative possibilities to gameplay; their status as NFTs will put them on investors’ radars.
2-The Inherent Value of Digital Art Is Very Different From Physical Art
One of the best theories about NFTs looks at the differences between physical art and digital art. Many collectors and investors gain pleasure not just from acquiring expensive pieces, but from being able to physically interact with them by hanging them up or showing them off.
NFT investors don’t interact with the digital files they procure in the same ways. This may prove to be a major deterrent for the NFT community, one that will need a lot of creative app engineering.
3-Most People Won’t Get Any Value Out of NFTs
It seems like the average internet user, even someone who may dabble a bit in cryptocurrency, has nothing to gain from NFTs. Those who expect to quickly upload a file to digital marketplaces like OpenSea and then become millionaires will be very, very disappointed.
Creating and making NFTs needs attention to detail, time, and knowledge of how crypto communities function. Normal people will likely feel overwhelmed, scared, or downright confused by the prospect of getting started.
4-Conversely, Maybe They’re Just A Fad That Will Die Out Like Cryptokitties
On the flip side, not everyone on Reddit believes that NFTs have lasting power. One user even compares them to the Ethereum blockchain game CryptoKitties, which took off rapidly and then fell into obscurity fast a few years ago.
Why the dim outlook for NFTs? Apparently, this form of digital art “ownership” is far too convoluted and unsustainable.
5-NFTs Are Smart Investments
Whether you’re a maker, buyer, or both, some proponents of NFTs think their future is a hopeful one. Since it’s such a new concept, and since cryptocurrency isn’t widely used by average people yet, NFTs are getting a bad reputation way too early in their development.
One Redditor details why it’s important for NFT artists to spend the money authenticating their digital files properly — a process called minting. If more and more burgeoning creatives utilize these online NFT markets to revolutionize how art is shared and experienced, NFTs will become an even hotter marketplace for investors.
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