There’s been a lot of buzz surrounding the cryptocurrency world and if you’re anything like myself, you probably thought that it was just too complicated to try and understand or do yourself. Well, it’s actually not as unapproachable as these big tech bros like to make it seem. Let’s start off with the basics: what is an NFT exactly? An NFT, or non-fungible token, is a unique digital token or asset that solely belongs to you. Their value is set by the market as well as how much of a demand there is and they can be bought and sold just like any physical object. They have unique data that make verification of ownership and any future transfers of tokens easy. NFTs can be created on various blockchains like Ethereum or Bitcoin. A blockchain is basically a digital ledger or a recording system that logs information regarding transactions in such a way that it is very difficult or next to impossible to change, hack, or cheat the system. These records are then duplicated and sent to every network of computers on the blockchain. You might have heard of popular NFTs like Bored Ape Yacht Club or Weird Whales, but NFTs can be so much more than just artwork, they can be anything from music, to videos, or even tweets.
So why all the hype? NFTs have an element of rarity and exclusivity that attracts a lot of people to buy into the whole attraction. NFTs are digital assets similar to Bitcoin, except each NFT is distinct. NFTs were designed to stand out since they are digital renderings of other unique things. Each NFT has its own specific value that increases at a separate pace, and no two NFTs may be switched for an equal swap. NFTs are very easily confused with cryptocurrencies however despite their differences both are generated, distributed, and verified via the blockchain. It is now easier than ever for artists to claim ownership of their work. The beauty of NFTs is that their main focus is on preserving and protecting the credibility of the originator. While innumerable amounts of people can still download or screenshot these NFTs for free, it doesn’t matter because these downloads don’t deter the author’s ownership and are merely publicity.
Anyone can make their own NFTs from home. If you’re an aspiring artist or just looking to hop on the bandwagon NFTs don’t have an age limit. In fact, some of the most successful NFTs have been made by Gen Z. Nyla Hayes, a digital artist, has one of the most successful NFT collections at just 12 years old! Her Long Neckie collection portrays a diverse group of women with long necks, an homage to her favorite dinosaur; the Brontosaurus. These 100 women have made her almost $4 million in digital currency and landed her a job as TimePieces’ first artist in residency. So, the moral of the story is that it is totally possible for the average person to make a contribution to the NFT world and people are doing so everyday. So, if you’re thinking about exploring the NFT space, I highly encourage you to get involved and put yourself out there!