NFT showcase

Take a look at this video showcasing some of the most popular NFTs.

So, what exactly are NFTs?

Non-fungible tokens, or NFTs, are pieces of digital content linked to a blockchain, the digital database containing cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those cryptocurrencies are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill. For example, you can trade a bitcoin for the same bitcoin, but each individual NFT is unique. To invest in NFTs is to invest in something special, and one-of-a-kind to whoever owns it. An NFT is like a digital trading card, where there can be anything from one to fifty or hundreds of numbered copies of the same artwork. But of course, the number you own of that artwork, even though several other people own literally the same thing, is technically “unique”.

That sounds pretty confusing; what exactly does that mean for what one actually buys and owns?

NFTs appear to come in many forms; whether that be digital artwork, photos, videos, audios, and other types of digital files. NFTs are designed to give you something that can’t be copied, which is ownership of the work, but not in the way one might think. The artist can still retain the copyright and reproduction rights, just like with physical artwork. You essentially just own the uniquely produced receipt saying you bought the original version of said item. As, of course, this is the internet and anyone can download, save, or repost any type of digital content.

Oh… that’s it? So, what’s the point?

Owning an NFT is basically equivalent to digital bragging rights for collectors and investors alike! Not only that, but those bragging rights take an unbelievably massive amount of energy to produce, so it must be worth the while. That’s all there really is to it, honestly! Incredible, right? Why invest in art properly when you can be the special, one and only owner of a one-of-a-kind list of ones and zeros. Each NFT is so obviously special and unique, as you can see within the examples all throughout this website.

Wait, what was that about the massive energy production?

NFTs are so special and unique, so of course they would require a lot of energy to produce! That being said, most NFTs are tied to cryptocurrencies that generate a lot of greenhouse gas emissions. Numbers vary, but creating NFTs on the blockchain uses somewhere between weeks, months, and even years of an average EU or US citizen’s energy consumption.

Who would pay hundreds to thousands to millons of dollars for what’s essentially just a digital trading card that expels an unnecessarily hurtful amount of energy to produce?

People with money to invest in a new and shiny trend, obviously! You could say NFTs are an evolution of fine art collecting, just in the digital sense for the new age. Except, unlike owning physical artwork or simply commissioning a digital artist for any artwork of your choosing, you can be a part of this exclusive club of new terminology and adding fuel to the raging fire that is the already devastating climate crisis. Who cares about the negative impact they have on the environment when that’s the future generation’s problem, am I right? Live in the now and get that clout; invest in NFTs today!