Here’s Why NFTs Are The Hottest New Trend In Town: The Layman Edition

Francesca M. Nichols Hacker Noon profile picture

Francesca M. Nichols

Best Tech Writer Award Winner

You know, if there’s one thing I do like about the internet, it’s the potential. Nearly everything is possible when the web is involved.  

We’ve seen some strange things come out of the internet that have already proven to be successful. Immediate ideas that come to mind are things like cryptocurrencies and NFT’s.

The NFT is a groovy way to own art but not have to worry about whether it fits on the wall at home. When you consider just how popular digital art is, it’s not hard to connect the dots and figure out the power of an NFT.

NFTs – The Tokens You Probably Shouldn’t Trade

So, hang on a tick; what’s an NFT? How do they work? Where can I get one? Is this the thing with the Doge meme? That’s a lot of questions. Don’t worry, though. I’ll answer all of them because you probably had the same questions. NFTs are new, after all – you’d be forgiven if you didn’t know
precisely what they are. An NFT is a Non-Fungible Token.

Why is it non-fungible? Isn’t that a bad thing? No, no, it’s not. Let me explain.

A non-fungible token is unique. You can’t trade it for something of equivalent value because it isn’t an asset with a fixed value. An example of a fungible asset would be a trading card. You can trade one card for another and another. That’s a fungible asset. An NFT can’t be changed like that.

What makes an NFT a unique entity that can’t be traded is that you’re primarily getting ownership rights to digital media, and in this case, usually art. If your favourite digital creator makes a piece of art that you like, you can buy the ownership rights.

That means you could use it all over the place, like in official thumbnails, on websites, and t-shirts. The only thing to note is that usually, these kinds of things will still be tied to the original owner for copyright purposes, but otherwise, you’ve got free reign.

Most People Are Into NFT’s, and You’d Be Wise to do the Same
The thing to consider about a good NFT is that most people with an understanding of them will start buying them up because they can be
worth quite a bit.

The thing with an NFT, a lot like traditional art, is that they’re a sign of prestige, and people like to collect them. It’s good news if you’re someone who wants to be able to say that you own the original and you’ve got the blockchain entry in your wallet to prove it.

Think of it like this – you might be able to buy a print of a piece of art from someone famous. But the original, the work that spawned all those prints? Only one person can own that.

Even digital art can be turned into a proper painting these days with sites like Canvia. Websites like these specialize in taking NFTs and their associated works and transforming them into canvases as you’d have for a painting.

In this case, it is patented art sense technology that reproduces the digital image into creates a digital print. After validating the NFT credentials on the blockchain By scanning the NFT, it can be recreated exactly as if it was printed on a canvas. These products support all kinds of
digital art NFTs such as video or different types of digital images.

You can hook up a digital crypto wallet to these types of systems and access the service in a trustworthy way. These companies aren’t little indie movements either – they’re big corporations who work with thousands of artists, museums, and galleries.

It’s just a sign that the NFT is expanding beyond just a trend. These companies help to make it a full-fledged industry, with supplementary services and a focus on making sure as many NFTs get committed to canvas as possible.

NFT’s May Well Dominate For Years to Come

The NFT is something with a lot of potential, and truthfully, it might well dominate for the next decade or so. Traditional art might just find that it has a competitor.

Being able to take ownership of digital assets that have
been created by up-and-coming artists really means that people have bragging rights. The world is becoming increasingly digital, so digital art is rapidly gaining popularity, and that means that there is going to be a much more lucrative industry out there.

The thing about an NFT is that it can be a unique asset, and one that people should consider purchasing. As a buyer, it means that you can support the digital creators that you enjoy, and as a creator, it gives you a unique opportunity to market digital art and a place where it may not have had as much influence before.

Ultimately, there is growing potential for the NFT, and we may well start to see it become a very dominant form of asset. I’m particularly interested to see if any of the contemporary art finds its way into NFT form.

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