Wednesday, September 27, 2023
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NFTs: Why are people buying jpegs?

NFTs sell for millions of pesos. This week, NFT artists earned about 4 billion pesos after hosting the sale. Buying collectable NFTs from Bored Ape Yacht Club, one of the most popular NFT collections today, requires spending about 11 million pesos to own the cheapest one, which was once less than 20,000 pesos. there is. In the gaming world, several players in NFT games such as Axie Infinity earn six numbers a month.

The NFT industry is definitely very informative. What does that mean and why do people buy them?

NFT is an abbreviation for Non-Fungible Token. Simply put, an NFT is a digital token that only one person can own, and anyone can see if the token is original and if they actually own it. Tokens can represent digital assets such as photos, videos, or online game items. Basically, exclusive ownership of digital things. If you own an NFT, you own that digital asset exclusively.

For example, the boring ape yacht club NFT is represented by an illustrated digital photo of an ape. It’s difficult at first to understand why people buy digital photos. [or jpegs]Anyone can right-click and save their photos for free, but for those who can buy these NFTs, the three elements of utility, community, and exclusive ownership are appealing.

First, the utility. As for “Photo NFT”, many collections have practical utility. Some NFTs offer owners exclusive events, international flights, clothing and other physical items, and one project also gives them access to Disneyland around the world. With a recently launched collection called Alpha Girl Club supported by Pia Wurtzbach, NFT holders have free access to exclusive events such as mental health apps, psychotherapists, chances to win flights to Japan, and even cooking in Michelin. I can do it. -Starred chef. It’s like an exclusive community membership card that rewards owners. Therefore, what was once worth 20,000 pesos is worth millions of pesos in a few weeks or months. Most of the long-successful “Photo NFT” collections have this kind of real utility that appeals to buyers.

In addition to “Photo NFT”, the technology behind NFTs creates NFT games like Axie Infinity, which is currently the most popular Play-to-Earn NFT game in the world. With Axie Infinity, players can earn cryptocurrencies by playing and easily convert the earned cryptocurrencies to Philippine pesos. The digital character used in this game is NFT. Therefore, players can buy more powerful NFT axes to increase their chances of winning and earning more money.

Second, NFTs are attractive because they create a community. NFTs are usually not sold separately. They tend to be part of the collection, and the owner of the collection’s NFT becomes a member of the exclusive community of other owners. For example, the Bored Ape Yacht Club collection has owners such as Stephen Curry, Jimmy Fallon, and Mark Cuban, so owning an ape from that collection means the ability to build these personalities and networks. Joining an exclusive community means having access to a good network, kind friends, and even more followers.

Finally, exclusive ownership. Since the NFT itself is digital, it cannot actually be used in the physical world unless it is practical in the project. However, some NFTs are really just collectibles, and collectibles such as physical paintings and Funkopop are not useful. They are intended to be original and in most cases they are status symbols or simply enjoyed to be owned by us. Take a look at the physical art collection industry. Originals are certainly more valuable than copies, and NFTs have made it possible to create original and limited digital assets. The world of NFTs has created great potential for artists to earn. Many photographers, painters and digital artists sell 6-7 digit photo NFTs in a matter of months.

NFTs are gradually becoming mainstream, and brands such as Pepsi, Adidas, and even Miss Universe are already making their own. You can make money from NFTs by buying them at a low price and selling them at a high price. This is also known as a “flipping” NFT. There are pros and cons to this reversing culture. If your project doesn’t last long, it often looks like a hot potato game, and you can lose money with expensive NFTs. However, the ethical use of NFTs has great potential, with great utility, community, and artist support, without anyone using it.

It’s a technique that may seem scary from a distance, but the best way to learn is to actually get started. NFTs are as risky as all useful endeavors, and just as there are many in the real world industry, there are certainly many scammers in space, so do a thorough investigation and you It is essential to find someone to help. Get out to enter this industry. FOMO or “Fear of Missing Out” is rampant in this area, so it’s important to research the project and the team behind it before raising funds. Maybe ask: is this project really good, or is it hyped and susceptible to pumps and dumps?

This is also an important consideration as NFTs reside on various blockchains. The most popular NFTs are based on Ethereum, which is expensive and currently has earth-friendly problems. But there are other blockchains like Avalanche. They claim to be cheaper and better for the environment, so they should also be considered.

In concessions, I initially had doubts about the industry, primarily due to short-term flipping and the potentially harmful effects of pumps and dumps, and some blockchain environmental damage. But I did more research and learned about the other side. There are long-term projects that build profitable communities and truly financially support objectives such as mental health and education, and there is a move to improve technology and significantly improve them. environment. In addition, we have seen the lives of good people changing because of the good aspects of the industry. The beauty of this technology is that it determines which practices, projects, and blockchains users will succeed in. The more good people come in, the better the culture will change. Technology will be an eternal force. Each purchase is actually a vote for future NFT types.

As the NFT industry is still in its infancy, there are inevitably many changes, improvements and debates, but understanding the market by learning the technology and culture behind it, whether or not you participate in the industry. can do. Opportunity, and the future of the digital world. Nothing beats doing our own research and making independent decisions based on what we have learned.

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