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What are NFTs and are they really worth the millions?

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What are NFTs and are…

NEW What are NFTs and are they really worth the millions

What is an NFT?

NFT stands for Non-fungible Token, meaning an NFT is a non-exchangeable token. This means, unlike currency which can exchange a £20 note for two £10 notes without losing or gaining any value- they are equal and interchangeable. An NFT, however, is a one-off and cannot be changed or adjusted. For example, if an NFT was a painting, there may be copies but only the original NFT painting holds the value. A copy’s value is not interchangeable with the value of the original as the copy would be worth less.¹

How do NFTs work?

NFTs only exist digitally, usually as one of a kind, and are frequently bought and sold online with cryptocurrency, with only one owner at a time.² So if NFTs can’t be exchanged, why do they hold value? Well, their value lies in their uniqueness. People interested in digital assets are willing to spend huge sums for these unique digital assets with digital signatures of authenticity, to be the owner of an NFT on the basis that there cannot be more than one original version.³

Is an NFT and cryptocurrency different?

Although NFTs are generally traded in cryptocurrency, they’re not the same thing. NFTs are non-fungible (non-exchangeable) and cryptocurrency is fungible, meaning that you can trade cryptocurrency for cryptocurrency in an exchange, such as you can exchange the £20 note for two £10 notes. Examples of cryptocurrencies are Bitcoin, Bitcoin Cash and Ethereum.⁴

Where NFTs and cryptocurrencies are similar is in their storage digital records on a blockchain. This proves authenticity as it can be retraceable and non-replicable on the same blockchain. “A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end”⁵ This is why an NFT can carry its proof of ownership.

How can you sell an NFT?

To sell an NFT, you first have to purchase some cryptocurrency (such as Ethereum) which opens an online wallet. You can then connect your wallet to an NFT marketplace (such as Rarible, OpenSea and Zora) to take the payment from selling your NFT!⁶

Are NFTs worth it?

NFTs are exploding in popularity, but that doesn’t necessarily mean they’re safe. NFTs can arguably just have a copy made of them- yes, the copy does not the same value of the original- but, for the sake of viewing the work on the NFT, the image is the same whether it is the original or not which questions the value of the NFT.

However, there a few things that NFTs may be able to be used for! For example, event tickets. As the NFT would have the unique identifier, if an exchange was made of the ticket, there would be a note of it and therefor removes the chance of reselling or counterfeit tickets!¹

References:

¹FutureLearn. (2021). What are NFTs, and how do they work?. Available: https://www.futurelearn.com/info/blog/what-are-nfts-how-they-work. Last accessed 24th Sep 2021.

²Robyn Conti, John Schmidt. (2021). What You Need To Know About Non-Fungible Tokens (NFTs). Available: https://www.forbes.com/advisor/investing/nft-non-fungible-token/. Last accessed 24th Sep 2021.

³Uniqly_io. (2021). Why do NFTs have value?. Available: https://medium.com/uniqly-io/why-do-nfts-have-value-9fd57d3ea8d4. Last accessed 24th Sep 2021.

⁴NFT News Insider. (2021). NFT vs Cryptocurrency: Are They the Same Thing?. Available: https://nftnewsinsider.com/nft-vs-cryptocurrency-are-they-the-same-thing/. Last accessed 24th Sep 2021.

⁵IBM. (Anon). What is blockchain technology? . Available: https://www.ibm.com/topics/what-is-blockchain. Last accessed 24th Sep 2021.

⁶Kapwing Resources. (2021). How to Create and Sell Your First NFT. Available: https://www.kapwing.com/resources/how-to-create-and-sell-nft-crypto-art/#:~:text=How%20do%20I%20make%20an%20NFT%3F%201%20Make,about%20as%20simple%20…%203%20Wait%20for%20Bids. Last accessed 24th Sep 2021.

By Lili 15th October 2021

Author: Lili

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