Should I Own NFTs-2
These days lots of people are investing in cryptocurrency daily and the number has been observed to increase exponentially compared to when crypto started newly between 2009-2011. Today more people are buying coins or altcoins for their children with the hope of ur making them into crypto billionaires in the nearest future. Recently an entirely different market has emerged pulling a huge crowd with it's alarming but oddly satisfying prices. Non fungible tokens as they are called are digital assets that can take very unique forms depending on their creator. Non fungible means they have only one unit and cannot be broken into smaller units to be resold like Cryptozoon or POSI but sold always as an entire unit.
Interestingly NFTs have existed long before contrary to many who think they only came into existence recently due to their increasing value. The most popular example being Crypto Punks created by Matt Hall and John Wat Kinson years ago but recently selling for millions on the Ethereum blockchain. Another interesting example is Mike Beeple Winkelmanns "The Everydays: The first 5000days" which sold at Christie's Auction House for $69.3 million according to the Decrypt.Mike Beeple is also known today as a pioneer in the NFt space.
In my previous article I outlined the onions i.e cons of owning NFTs and why you should stay away because the blockchain has always been for the iron hearted. In this part I would be explaining the pros of the NFt space and reasons why you might considering owning or creating a few NFT pieces. First is their ever increasing value. With the attention it has received pieces that went for $30-50 now go for over $1000 and even more meaning investing in NFTs might make you a blockchain millionaire or billionaire even faster depending on what you call faster. People who bought NFTs at very low prices years ago especially the popular ones have been receiving offers worth millions or dollars. This means that in a couple of years these prices might as well go for billions. A good example is Crypto Punk #3100 which was bought by a collector for $2127 in 2017 but recently sold for $7.5 million in March this year. Yesterday on a crypto group I belong to, a tweet was shared about a Raremall NFT piece that sold for $270k and containing only the word "test".
Secondly since NFts can be created by anyone you will always have it's copyrights as the creator no matter how many pieces you sell. This means no one is allowed to create the same piece without your permission or approval, thereby providing better protection unlike physical art that can be stolen, duplicated or lost. The authenticity will always be yours no matter how you sell them without having to worry about it being altered or destroyed.
Another interesting feature is it's ability to include smart contracts meaning they can carry instructions of certian conditions that can be determined by it creator. For example exclusive rights to a percentage of the profits no matter how many times it is sold or resold in the future.
By comparing both parts of this article you should be able to gain understanding and guidance on owning NFTs and although it is hard to ascertain the use of NFTs in the future the buzz doesn't seem to be stopping anytime soon.