Are NFTs Worth It?

What are NFTs? Are they just a fad, or do they represent the future of digital content ownership?


Marcus Spiske on Unsplash

NFTs, or non fungible tokens, are controversial, digital items that have recently come to both popularity and criticism.

NFTs. Non-Fungible Tokens. A product that has taken the world by storm the past two years. Everyone around the world seems to be talking about them, whether it would be positively or negatively. But with all the talk about them, a lot of people are wondering what exactly are NFTs, how to get them, and whether they is actually worth it. These questions are to be answered in this article.

To start with, a non-fungible token is a digital item that has unique properties of not being interchanged with anything else. Now, on the surface, that is hard to understand. So think of it this way. You have a $10 bill, but you can’t exchange it with anything else. You can only exchange it with the same $10 bill. Essentially meaning that unless you somehow have the same $10 bill, then you can’t say that this NFT is interchangeable with anything else. It is one of a kind and you can not find anything like it.

An NFT functions like that but it is an online file that has a different image code every time. This in theory makes it unique to all the other NFTs. Despite this however, people say that most NFTs are about the same thing and it takes almost no effort to replicate the image that one particular NFT has as long as you have the right assets. This is shown clearly through the more popular NFTs such as the Bored Ape NFTs and the Lazy Lion NFT. Most of these images are shown to be just the same stock image of the respective animal they have with an added accessory added on. Sometimes the color and expression would be changed but the basic shape of the image would be the same.

While not all NFTs are quite as cut and clean as the above, these are the most popular type of NFT images. Less popular NFTs often have images of images made by artists, pictures of everyday objects, or in some cases, memes. The Bored Ape and Lazy Lion NFTs however seem to be the most popular due to them being a “sign” that the person owning it also supports NFTs and is a “NFT-Bro”.

NFTs also seem to have no protection against someone copying the digital image online and claiming it to be their own. Even if one pays for it, another can just screenshot it and go about their day. The only difference is that one has proof that they owned it along with the image, the other does not. The surprising thing is that often people did that to anger NFT-Bros to make a point on how easy it is to just claim ownership without a receipt.

Still, even with these results, NFTs have made over $2.4 billion in the first 6 months of 2021. This sales price only went higher and higher as time went on, with 2022 having the expected growth of NFTs reaching $3 billion.

Some economists, however, believe that NFTs are a bubble and will fade out quickly. They claim that NFTs will soon fall out of style and will quickly lose income as time goes on. Economists point out that while there are a few artists that make big money selling NFTs, it is likely that not many people will make the same amount they would do.

The popularity of NFTs have also gone down, with it going down into infamy with how it negatively affects the environment. There have also been several scams that involved NFTs with the biggest one being Cryptoland, a self-proclaimed Crypto paradise for everyone who loves Crypto. It was quickly shut down and brought to infamy after several concerning Twitter Replies and false advertising.

NFTs are present in our lives and opinions about them are mixed. NFTs aren’t going away anytime soon and it is good to know what exactly they are. This article was made in hopes that your some of your questions were answered about NFTs.