When NFTs burst into the zeitgeist less than two years ago, there was a double dose of confusion. First there was, ‘WTF is an NFT??’ Then there was, ‘someone paid HOW MUCH for a little blocky jpg of a cartoon face???’
This is important to remember — an NFT is not the thing that the owner owns. It is merely a record of ownership of that thing. A jpg or digital animation or e-book or mp4 file that lives somewhere else, maybe on a server in the cloud. Or perhaps even something physical, like that old piano in the basement.
There are, by one recent measurement, over 80 million NFT-tethered works of digital art available on NFT marketplaces, but as you can imagine, almost all of them lie sadly neglected, and the majority of the few that do trade fetch less than $200. The halcyon days when a 13-year-old can sell his scribble for $60K are gone .
NFT prices and activity have collapsed spectacularly over the last few weeks, some by over 60%. Also, a 74% drop in interest via Google searches over the past month. This has led to no small amount of glee and a great deal of doomsaying from the peanut gallery. I do not agree. Everything in this economy has crashed, so no surprise there. It will recover. .
One of the fundamental capabilities of the non-fungible token is that it can be transferred from one owner to another, either when a sale is made or under some other condition, like a donation. But what if someone wanted to tether an NFT incontrovertibly to a particular human individual, in other words have it be? For example, some form of digital identity document, or an entrance ticket for some event reserved for one unique person only?NFT.
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