There are countless hobbies that are being repurposed to fit into the digital age, one such example being the buying and selling of NFT’s. With this in mind, however, what is an NFT? 

NFT stands for Non-Fungible Token. This means an NFT is a unique, digital asset, with only one owner. This could be an image, video, audio file, or any other media stored on a drive. In certain individuals’ minds, NFT’s are the logical evolution of art collecting, but others aren’t so sure. NFT’s are documented on a blockchain just like cryptocurrencies, but NFT’s aren’t crypto. They’re compared to paintings because they are typically one of a kind and unable to be traded for an exact replica. 

Similar to other societal evolutions, people are skeptical. It’s human nature to be reluctant to change, but does our skepticism hold merit? There are many concerns and questions people have about NFT’s. Allow me to answer some.

Couldn’t you just screenshot and copy NFT’s without buying them? 

Yes, but you won’t have ownership of the NFT. Buying the NFT signifies your ownership, but the definition of “owning” an NFT is an incredibly gray area. 

Can you invest in NFTs, like stocks or crypto?

No, although you technically could buy one and wait until you get a good offer to make a profit. NFT’s aren’t meant to be invested in; they’re meant to be collected.

Could I create an NFT and sell it? 

Yes! You can create NFT’s out of anything you’ve made. Plus, everytime your NFT changes hands you get a percentage of the money involved. This could be a way for artists to make a profit out of their work, but it’s considered too experimental to be a viable source of income.

Are NFT’s mainstream? 

No, despite their increasing popularity in the last few months, they aren’t anywhere near the mainstream. 

How have NFT’s been relevant?

NFT’s have been relevant throughout 2021 and are staying relevant into the holiday season.

For example, the popular internet meme “Nyan Cat” was sold as an NFT for roughly $580,000 in February of this year to an anonymous user for charity. Since then, other variations of Nyan Cat have been sold as NFT’s and donations have been made to charity.

Game studio “Ubisoft” unveiled new plans to implement NFT’s into their newest games. It’s called Ubisoft Quartz which puts unique digits on cosmetics. Each cosmetic is completely unique and will be sold as limited editions. People aren’t fond of this idea, however; the trailer containing this announcement became delisted due to the overwhelming negative backlash. 

Do NFT’s impact the future of art, or is it paving the future for our planet?

Since buying and selling NFT’s are getting exponentially more popular, people are boycotting their impact on the environment. 

Online digital art marketplace, Artstation, canceled it’s plans to implement NFT’s due to concerns for the environment. When someone buys an NFT using Ethereum, they’re completely responsible for the carbon offsets created by miners. Some popular NFT’s have created an equivalent of months of electricity usage cumulatively.

What should we do?

Even if NFT’s have been around for almost a year now, it’s still too alien to completely understand what purposes these digital products have. 

In my personal opinion, I believe people should wait and see if NFT’s are a step-up from art, or just another environmental waste.