NFT - Likely The New Trend

Most people of the world know about Bitcoin and that is about it. But the crypto space is so much more than that. Today if we focus on NFT’s, On March 11th 2020 the NFT craze hit a milestone personally think that would not happen. And my mind was blown, An artist known as “Beeple” created a jpeg. an image selling for 69 million dollars! PHOTO COURTESY OF BEEPLE/CHRISTIE'S

How can a "jpeg" which can be copied with a right click of a mouse and copied infinitely be worth 69 million dollars?

First, what does an NFT stand for? It is a “Non-Fungible Token”. It means that it is “something” that is unique and can not be divided.

This is different than Bitcoin for example which is fungible. If I trade a bitcoin to you, you can break it up into 10 pieces for example. Send 1/10th of a bitcoin to someone else and you still have 9/10th of a bitcoin. That new person could then break up that 1/10th and send it to someone else. The Bitcoins are not “unique”. You can’t tell one Bitcoin over another. They are the “same” in terms of their value and utility. The same thing would be the case with a dollar bill. If I hand you a dollar bill and your friend hands you a different dollar bill you have two of the “same” items.

The NFT is “uniqueness”. Think of an 'NFT' meaning a digital representation of ownership. It gets deeper than that but that is the first concept you want to think about. The fact that now we can have digital representations of the world as a unique item is unthinkable to me. We can verify with 100 percent certainty that an item is unique and it is the REAL original item through the “Blockchain.”

We’ve always had access to digital things like a domain name or jpegs. We however did not control them in the ways that NFT’s do. You can now produce, buy, and trade these digital items (NFT’s) like you would on sites that act much like eBay. It is so crazy in one sense yet simple in another. You really do not need to have any technical know-how to get into NFT’s.

The blockchain is the technology that drives Bitcoin. You may have heard of the Blockchain before and I don’t know everything. So much is changing daily. Bitcoin in my opinion is not necessarily changing the world. The “Blockchain” is.