NFT: Trend or Hype? Understanding More About Non-Fungible Tokens – Opinions

You may have heard of a new hype in the digital world: NFTs. These non-fungible tokens, translated into non-fungible tokens, are becoming more and more visible on social media. This boom came at a time when many celebrities were investing heavily in getting some kind of NFT. For example, Neymar paid R $ 6 million in NFT from the board’s Epiyat Club collection in early 2022.

As it has become more common, it is necessary to go a little deeper into this subject. After all, is NFT obsession a trend or just another hype of the digital age? I’ll tell you what I think about it.

For starters, what is NFT?

A non-fungible token is a cryptographic token that represents something unique. However, unlike cryptocurrencies such as bitcoins and many other utility tokens, NFTs are not exchangeable.

And what does that mean? One fungible item, like money, can be exchanged for another. A banknote can be exchanged for another of the same value, or even for other people who add the same value. However, NFTs are like unique, specific and individual “works of art”. Therefore, irreparable.

But is that all? No, they are used to create the idea of ​​verifiable digital reduction. Thus, digital property and the possibility of operating assets through various platforms. That is, NFTs are used in a variety of applications that require unique digital items to access, such as cryptographic art, crypto collectibles, and crypto games.

The trend? I do not think!

The idea sounds interesting, but to treat it as a long-term trend? I do not think. And there are some points I would like to point out that we need to pay attention to before we can bet on hype.

Principles for monitoring NFTs

The first point to consider is who is talking about it. However, you should not rely on everything that comes out of someone’s mouth to tell you what to do. The NFT hype has gotten a lot of people talking about it, and with that, everyone is trying to be a little bit more expert.

Another point is that it was rare for those who adopted and created early technology to conquer the market in the long run. That is, anyone who adopts a trend at the right time survives in the long run, along with many other aspects.

Unclear potential NFTs applications

Some argue that NFTs are a new way of creating art. Art is art, and it means that any or all form of expression can have an artistic meaning, if it is the intention of the author. However, we know that the artistic element alone is not enough to justify all this hype.

The other aspect is the issue of access and immunity. There are already millions of other ways and technologies to guarantee exclusive access to those who are willing to pay for it. So, there is nothing new so far.

Another myth that seeks to justify this hype is its use as an official property document. However, in an online scenario it may work, but there is no point in the government trying to justify this ownership.

Finally, a question that includes the topic and I want to make it clear once and for all: NFT has nothing to do with Bitcoin! Cryptocurrency has so much power because it is decentralized, unlike others. Thus, this is why when Bitcoin demonstrates growth potential, other cryptocurrencies are zero in the long run.

NFT? Don’t force it; beware of hypes

Yeah Al that sounds pretty crap to me, Looks like NFT aint for me either. However, that is why you need to be careful. Who are you talking about? What are the interests in trying to create an even bigger hype on this subject?

This does not mean that NFT will not be stable in the long run. But for now, it’s important to understand the raw truth, which probably not everyone is talking about. In other words, don’t force yourself to think that NFTs are the trend that will regulate the market from now on. Always try to understand all aspects of what is emerging, better understand whether it is a long term trend, or a hype of the moment.

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