The most hysterical buzzword around is NFTs – NonFungible Tokens. NFTs came around in being around 2017, and they were literally laughed off. But, with the sale and purchase of the initial NFTs, the entire terrain changed.
A lot of value in the capital markets and the world of riches is based on perceptive value. Perceptive value is the value that we – as humans and members of society – attach to a particular commodity and/or service. When NFTs came into the picture, they attained a lot of social perceptive value. They were seen as classy, an asset of the rich, and a scarce opportunity.
The world of NFTs is still a bit unregulated and bizarre. On one hand, there are cartoons and abstract drawings selling for exorbitant prices while on the other hand, there is actually meaningful content being traded. For example, Jack Dorsey sold his first-ever tweet as an NFT. this tweet, by all means, is a part of history. It marked social discussion and the social media revolution. So, such NFTs are rather beneficial and imitating the concept of the auctions – selling rich crucial items to the ultra-rich. On another side, NFTs of lines, drawings, etc are doing rounds that do not mean much sense.
Future is NFT
No matter what people say about NFTs, it is the future. And, it is here. Mega companies are turning essential goods into NFTs. There are conglomerates working towards building platforms for NFT exchanges. Even closed countries like China are known to be building a reliable platform for NFT and Cryptocurrency.
Let’s see what the future holds for NFTs. So far, it is showing a green bull run with more interest and higher activities.