Written by Oscar, 2021 Cohort
I’ve recently scrolled through Instagram and found out a lot of people mentioned a topic called NFT and posted a lot of “Bored Apes” with different styles.
What is NFT?
It stands for “non-fungible token” which means a digital asset that belongs to you and only you, it can be exchanged with an equivalent item. It can be artwork, images, music, video, or even tweets. They are digital items that can be purchased or sold using the technology called ‘blockchain technology’. Some items have sold for millions, including pieces by a digital artist named Beeple, who earned $69.3 million.
Why are NFTs so popular?
This blockchain performs like cryptocurrency, such as bitcoin. The NFT is also represented as a nifty, any digital item bought and sold online. The NFTs are usually bought with cryptocurrency, the blockchain keeps a record of transactions, this is why it is very attractive to everyone and fun to play with creating digital artwork or products to sell online. It clearly has high potential.
What is the risk of NFTs?
There are a lot of risks in the digital world. For example, there are hackers who could copy an NFT token or unsuspecting people can end up buying a fake NFT, which practically has no value.
Bottom line
This token may look very attractive to most people since in the digital world it is getting more and more popular, but I think, before taking any action, it is better to do a lot of research before proceeding. Since NFTs could sell a lot of digital products, I hope in the future I have opportunities to create digital work and publish them on the market.
